My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to.
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answered on Apr 11, 2023
You will need to protest the 30-day letter's proposed adjustments. Generally, a taxpayer who can show "reasonable cause" has a good chance of securing penalty relief. Fully informed advice from a competent tax advisor is a solid ground for showing reasonable cause and obtaining such... Read more »
My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to.
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answered on Apr 10, 2023
Your will need to protest the 30 day letter's proposed adjustments. Generally, a taxpayer who can show "reasonable cause" has a good chance of securing a penalty abatement. Fully informed advice from a competent advisor is a soldi ground for seeking such an abatement. Remember,... Read more »
answered on Apr 11, 2023
Having an LLC in a Trust is a bad idea for starters, now all the assets in Trust are also exposed to any liability that arises related to the LLC. Also, renting your home to Your LLC is also a terrible idea, now your home and LLC and entire trust are exposed to potential liability and you may have... Read more »
I am filing a quit claim deed so that I can relinquish my rights to my home with my future ex wife. Will there be taxes involved?
answered on Mar 29, 2023
No transfer tax is due on a deed between spouses or former spouses pursuant to a dissolution of marriage when the real property is transferred following the divorce and the property was their marital home or an interest therein at the time of divorce. If you are referring to Federal income tax... Read more »
My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to. Am I liable for this penalty?
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answered on Mar 23, 2023
More facts would be needed to fully answer the question, such as whether the accountant exercised any judgment or performed any analysis regarding the business deductions. Usually, taxpayers are eligible for relief when they rely on actual advice from a tax advisor, i.e. professional judgment or... Read more »
If the HOA knew of the misrepresentations, intentional fraud, right? If they didn't know, negligence fraud, right? And any related parties aware and benefiting from said misrepresentations are conspirators, no?
answered on Mar 4, 2023
Generally, no, but that answer could change depending on the misrepresentations. If any of the misrepresentations conflict with the language in the HOA documents, which are public record, the HOA would not be liable because owners are deemed to have read the HOA documents whether they actually... Read more »
Your property taxes for residential holme thats paid for in fl.
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answered on Mar 4, 2023
The Florida Supreme Court is the highest court in the state and primarily handles appeals of cases from lower courts. The Court's jurisdiction does not typically extend to issues related to property titles or tax assessments, which are generally handled at the local level.
If you are... Read more »
The US Constitution said that we are not taxed. In Article 1 Section 2 Clause 3. We get taxed daily. Why and how do we make it stop?
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answered on Feb 26, 2023
It's important to clarify that the US Constitution does not say that individuals are not taxed. In fact, the US Constitution authorizes the federal government to collect taxes in order to carry out its responsibilities and functions.
Article 1, Section 2, Clause 3 of the US... Read more »
In 1924 nothing actually changed after the Indian Citizenship Act. The Indians were still treated as foreigners. They are called Black not which makes them look like Africans.
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answered on Feb 26, 2023
The 1924 Indian Citizenship Act was an important milestone in the history of the United States, as it granted citizenship to all Native Americans born in the United States, regardless of their tribal affiliation. The act was intended to rectify the legal and political status of Native Americans,... Read more »
Is it safe to give Stripe your Social security Number? In order for me to create an account with Stripe, I need to give it the last four digits of my ssn.
Back story I'm a minor wanting to start a business in Florida where you pick up dog poop from peoples' yards. I created a... Read more »
answered on Jan 20, 2023
Florida doesn't have income taxes. The U.S. government does. I suggest you go to irs.gov, download a form 1040, and the instructions for that form. After reviewing those documents, you should have a better idea of how income tax works.
And no, if you make no money at all, you... Read more »
answered on Jan 5, 2023
My experience with filing Articles of Organization via e-fax is it becoming effective the next business day. I have never had to wait 8 weeks. When you file the Articles of Organization specify an effective date 5 business days before the filing date. See Section 605.0702 of the Florida Statutes.
This lawyer collected over 7 hundred dollars of tax money from both myself and the seller at the closing 15 July 2022 and as of 28 Nov. 2022 he still has not given the tax money to the Pinellas County government. Both my realtor and myself have tried for the past month to get him to pay the 2021... Read more »
answered on Nov 30, 2022
If you believe the lawyer is mishandling funds entrusted to him, contact the Florida Bar Association. It is helpful to have written documentation of your requests to the attorney to turn over the funds as well as any responses from the attorney.
answered on Nov 20, 2022
If you lacked earnings, then the USCIS may take an average of the annual income. However, if the petitioner remains unemployed during 2022, then the Service has been known to require a joint sponsor in some situations.
If this matter is an issue, then you ought to consider hiring an... Read more »
Hi, I have a question I have a quitclaim deed that says my property address and the names of myself and my wife hereby remise, release and forever quitclaims all interest (100%) to myself and my wife.
Then it says Life estate without liability for waste, and with full power and authority... Read more »
answered on Oct 13, 2022
The remainderman probably is vested now, just not in possession. If so, then his basis should have been computed at the execution of the Deed. It would have been a small percentage of the value computed in accordance with the Treasury Regulations. Contact a competent FL attorney to determine... Read more »
We would like to take on clients to split the funds that the program makes from the buys/sells, but we want to be sure we do it the right way, legally and for tax reasons. We are researching resources to make sure we do this properly.
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answered on Oct 31, 2022
You might be considered a financial institution for purposes of US regulations. Since this app would have an online presence and an international reach, you'd need to ask this question in every jurisdiction where you process payments. it is likely you'll need more than one type of lawyer... Read more »
Since his name was on it he said it doesn't have to go through probate so you wrote me a check for over $50,000. Should I cash this check or make him give me multiple checks so the banks don't tell the IRS even though it's inheritance. He wrote inheritance on the check but everything... Read more »
answered on Sep 19, 2022
I am sorry for your loss on the passing of your mother, please accept my condolences. Be glad that you go the check at all and that your brother did what your mom wanted (cash it or deposit it asap), legally your brother had zero obligation to give you even a penny of that money if his name was on... Read more »
Will I have to pay early withdrawal fees?
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answered on Sep 2, 2022
Yes, there is an early withdrawal penalty unless you are very close to retirement then you should consult with an accountant because in certain situations you would not have to pay the penalty. And if you use it toward first time home buying, there is an exception to the penalty.
Good luck.
or when those under whom the possessor claims meet these criteria, the property actually possessed is held adversely if the person claiming adverse possession: A, B, & C not having possessed property for 7 years but did A,B, & C. In C it states: Has subsequently paid, subject to s.... Read more »
answered on Aug 4, 2022
If I understand correctly, you are asking whether the adverse possessor, after complying with the tax requirements of Florida Statute 95.18 (1) (a)-(c), must still continuously possess the "property under a claim of title exclusive of any other right" for 7 years. Yes.
my neighbor has a 2-story house. Ground floor was configured as a separate apartment for elderly parents. They died. Now neighbor rents out the ground floor for a fee ($3,000/month). Neighbor has no permit. Neighbor pays no taxes on the income. Is this legal in a single family dwelling?... Read more »
answered on Jul 16, 2022
Ask your local code enforcement office. "Single family" being on the tax rolls is irrelevant. What matters is what your local code provides (city code if you are in an incorporated municipality, county code if you are not). Regarding the issue of no permit, not sure if you mean no... Read more »
my neighbor has a 2-story house. Ground floor was configured as a separate apartment for elderly parents. They died. Now neighbor rents out the ground floor for a fee ($3,000/month). Neighbor has no permit. Neighbor pays no taxes on the income. Is this legal in a single family dwelling?... Read more »
answered on Jul 15, 2022
This is analogous to renting out rooms. Unless your neighbor is doing short-term rentals there are no permits required. I'm not sure how you know whether or not your neighbor pays taxes on the income. If it is a short-term rental there are taxes but if it is not a short-term rental the... Read more »
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