Tax Law Questions & Answers by State
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Tax Law Questions & Answers
Q: I don't know what to do about 2 different letters I got from the IRS after being audit?
Michelle D. Wynn's answer
You should respond to the March 26th letter and provide the information again. Even though the inquiries are being handled by the same department at the IRS, it is quite likely that they have not associated the two years in their system and if you do not respond to the March 26th letter, they will likely disallow the EIC for that year and send you a notice that would require you to petition Tax Court to get the matter resolved.
You should respond to the March 26th letter and provide the information again. Even though the inquiries are being handled by the same department at the IRS, it is quite likely that they have not associated the two years in their system and if you do not respond to the March 26th letter, they will likely disallow the EIC for that year and send you a notice that would require you to petition Tax Court to get the matter resolved.
Q: Foreign register needed????
Terrence H Thorgaard's answer
You would need to research each of those states. I suggest you goggle it, using a phrase something like "doing business in _____".
You would need to research each of those states. I suggest you goggle it, using a phrase something like "doing business in _____".
Q: How can we sell our deceased grandmother's property if there is a judgement against it? There was no will.
1 Answer
| Asked
in
Estate Planning, Family Law, Real Estate Law and Tax Law
for
Texas
on
Answered on Apr 22, 2018
Answered on Apr 22, 2018
Terry Lynn Garrett's answer
Because you do not know the heirs, you cannot file Affidavits of Heirship in the deed records. Instead you or the judgment creditor must hire a local probate attorney to file an Application for Determination of Heirship and Letters of Independent Administration for each estate.
Because you do not know the heirs, you cannot file Affidavits of Heirship in the deed records. Instead you or the judgment creditor must hire a local probate attorney to file an Application for Determination of Heirship and Letters of Independent Administration for each estate.
Q: Unfilled Taxes for 2013 & 2014. IRS filled “substitutes for return”, and sent me notice of deficiency for 46,000$.
David S. Greenberg's answer
The Notice of Deficiency will set forth the deadline for filing a timely petition with the US Tax Court.
Filing such a petition is the best approach to insure that you are adequately protecting yourself.
The filing of the petition will generate a settlement conference with the IRS Appeals Division, at which you can present your supporting documentation for all pertinent deductions.
Legal representation for the Tax Court filing is recommended.
The Notice of Deficiency will set forth the deadline for filing a timely petition with the US Tax Court.
Filing such a petition is the best approach to insure that you are adequately protecting yourself.
The filing of the petition will generate a settlement conference with the IRS Appeals Division, at which you can present your supporting documentation for all pertinent deductions.
Legal representation for the Tax Court filing is recommended.
Q: Can you define what the IRS looks for with regard to a doctor's certification of chronic illness
Frank Huerta Jr's answer
I would suggest you ask the doctor to modify the notes or write a specific note regarding the need for supervised care. It is unlikely the IRS will want to examine patient medical records. In most cases, correspondence from the treating Physician will suffice.
I would suggest you ask the doctor to modify the notes or write a specific note regarding the need for supervised care. It is unlikely the IRS will want to examine patient medical records. In most cases, correspondence from the treating Physician will suffice.
Q: I was out of town on tax day and forgot to file on time. What should I do now?
Frank Huerta Jr's answer
If you owe taxes, file as soon as possible. If you are entitled to a refund you can file within 3 years of the due date, but I would still recommend you file as soon as possible.
If you owe taxes, file as soon as possible. If you are entitled to a refund you can file within 3 years of the due date, but I would still recommend you file as soon as possible.
Q: I had approximately $2,000 in wage garnishments from the Franchise Tax Board in 2015 to help pay down an alleged owed
David S. Greenberg's answer
In general, a taxpayer can file a claim for refund the later of:
Four years after the original return due date.
Four years after the date of a timely filed return.
One year from the date of overpayment.
In general, a taxpayer can file a claim for refund the later of:
Four years after the original return due date.
Four years after the date of a timely filed return.
One year from the date of overpayment.
Q: IRS deemed "uncollectable", only income SSDI, will never be able to pay as never able to work, NYS: unrelated
Michelle D. Wynn's answer
Try calling the NYS Office of the Taxpayer Rights Advocate. They may be able to assist you with this. https://www.tax.ny.gov/tra/default.htm
Try calling the NYS Office of the Taxpayer Rights Advocate. They may be able to assist you with this. https://www.tax.ny.gov/tra/default.htm
Q: How can I resolve my back taxes with the IRS?
Michelle D. Wynn's answer
You can do either an Offer in Compromise for your liability for 2014, 2015, 2016, and 2017 or an installment agreement for your separate liabilities (or one joint installment agreement for both your joint and separate liabilities), based on your financial situation. There are some special procedures involved in filing an Offer in Compromise under these circumstances and it is important to make sure you actually qualify before submitting an Offer. I highly recommend seeking professional...
You can do either an Offer in Compromise for your liability for 2014, 2015, 2016, and 2017 or an installment agreement for your separate liabilities (or one joint installment agreement for both your joint and separate liabilities), based on your financial situation. There are some special procedures involved in filing an Offer in Compromise under these circumstances and it is important to make sure you actually qualify before submitting an Offer. I highly recommend seeking professional...
Q: If I own an investment company IBC in Belize under a nominee director and shareholder, am I a CFC? (View details)
1 Answer
| Asked
in
Business Formation, Business Law and Tax Law
for
Florida
on
Answered on Apr 18, 2018
Answered on Apr 18, 2018
Andy Wayne Williamson's answer
This is way too complicated a situation to be answered via this type of forum. You need to hire a tax attorney or accountant to review this situation and give you specific advice.
This is way too complicated a situation to be answered via this type of forum. You need to hire a tax attorney or accountant to review this situation and give you specific advice.
Q: Does my ex-need to put down our daughter's information in his taxes even though I supported her all year and
Randi Sirlin's answer
Family Law Attorneys are really not authorized to provide tax advice. My advice would be to contact the IRS. You can find their phone number at IRS.gov.
If I was you and I had already claimed your daughter on your tax return, you supported her and did not receive child support from him, I would probably let him figure it out with the IRS. But again, please give the IRS a call.
If you need more information, you should contact an experienced family law attorney.
Hope...
Family Law Attorneys are really not authorized to provide tax advice. My advice would be to contact the IRS. You can find their phone number at IRS.gov.
If I was you and I had already claimed your daughter on your tax return, you supported her and did not receive child support from him, I would probably let him figure it out with the IRS. But again, please give the IRS a call.
If you need more information, you should contact an experienced family law attorney.
Hope...
Q: Why can my LLC’s liquor/beer License be revoked due to unpaid state taxes by LLC I bought the business from?
Timothy Denison's answer
Liquor licenses are a highly regulated area by government. When you purchased the LLC you should have been made aware of the back taxes owed. You probably have a cause of action against the sellers for failing to disclose that information.
Liquor licenses are a highly regulated area by government. When you purchased the LLC you should have been made aware of the back taxes owed. You probably have a cause of action against the sellers for failing to disclose that information.
Q: IRA and taxe consequences to beneficiaries
Richard Samuel Price's answer
That was a big mistake for the decedent to not name beneficiaries for the account. The 3 sons should ask for the statements to verify the distributions. The executor should be filing a Form 1041 with a Form K-1 to each of the 3 sons to show them what their share of income and expenses would be.
That was a big mistake for the decedent to not name beneficiaries for the account. The 3 sons should ask for the statements to verify the distributions. The executor should be filing a Form 1041 with a Form K-1 to each of the 3 sons to show them what their share of income and expenses would be.
Q: What are some LLC to LLC Real estate Recordation and Transfer Tax loopholes / exemptions in the state of Maryland?
Cedulie Renee Laumann's answer
Generally, there is no "LLC to LLC" exemption.
However, Maryland law enumerates about 26 or so different situations exempt from transfer/recordation tax, some of which may potentially apply when an LLC is involved. Each one is heavily fact dependent. You can find these in the Annotated Code, Tax Property article, sections 12 & 13 or consult with a real estate lawyer.
Generally, there is no "LLC to LLC" exemption.
However, Maryland law enumerates about 26 or so different situations exempt from transfer/recordation tax, some of which may potentially apply when an LLC is involved. Each one is heavily fact dependent. You can find these in the Annotated Code, Tax Property article, sections 12 & 13 or consult with a real estate lawyer.
Q: Is it true that there is no federal tax on the sale of a personal residence lived in for more than 2 years?
Frank Huerta Jr's answer
The Internal Revenue Code allows a 250000 exclusion (500000 for married filing jointly) of gain from the sale of your primary residence if you lived there for at least 2 of the 5 years prior to selling it.
State tax entities may vary the amount of the exclusion.
The Internal Revenue Code allows a 250000 exclusion (500000 for married filing jointly) of gain from the sale of your primary residence if you lived there for at least 2 of the 5 years prior to selling it.
State tax entities may vary the amount of the exclusion.
Q: my question is I went to file my taxes and found out someone had claimed me as a dependent and don’t know what to do
Linda Simmons Campbell's answer
If the person that claimed you had the right to take you as a dependent as either a qualifying child or relative then there is nothing you can do. They do not need your permission to claim you. If you believe that someone claimed you that did not have the right to claim you, then you can file a paper return.
If the person that claimed you had the right to take you as a dependent as either a qualifying child or relative then there is nothing you can do. They do not need your permission to claim you. If you believe that someone claimed you that did not have the right to claim you, then you can file a paper return.
Q: If a loan was taken out for me under someone else's name and cosigned by another third party, Do i have a leg oblig topy
1 Answer
| Asked
in
Contracts, Family Law, Tax Law and Collections
for
New York
on
Answered on Apr 14, 2018
Answered on Apr 14, 2018
Michael David Siegel's answer
While your aunt and/or mom could sue you as the beneficiary of the loan, the bank cannot sue if you did not sign the note.
While your aunt and/or mom could sue you as the beneficiary of the loan, the bank cannot sue if you did not sign the note.
Q: why did i get a 1099_misc. I'm not sure I should have been issued one and cant complete my taxes until I have an answer.
Linda Simmons Campbell's answer
It is impossible to say for sure without seeing the document but if you received a car allowance it is generally taxable.
It is impossible to say for sure without seeing the document but if you received a car allowance it is generally taxable.
Q: I received a notice from the IRS notice CP2000 for tax year 2016, charged off debt totaling $18,000 can I file an ammend
David S. Greenberg's answer
The IRS treats cancelled debt as income in the year in which the debt was cancelled. The CP2000 that you've received sets forth the IRS intention to assess additional tax on that basis.
It's important to note that if you were insolvent [total debts exceeded total assets] on the date the debt was cancelled, the amount of additional tax can be reduced or eliminated based upon the extent of the insolvency.
You can file an amended return with an attached Form 982, which describes...
The IRS treats cancelled debt as income in the year in which the debt was cancelled. The CP2000 that you've received sets forth the IRS intention to assess additional tax on that basis.
It's important to note that if you were insolvent [total debts exceeded total assets] on the date the debt was cancelled, the amount of additional tax can be reduced or eliminated based upon the extent of the insolvency.
You can file an amended return with an attached Form 982, which describes...
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