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answered on Mar 13, 2024
In general, businesses are required to maintain records and provide information to state tax authorities to verify tax compliance, including the collection of sales tax on out-of-state sales. However, there are a few important considerations:
1. Verify the request: Ensure that the request... View More
answered on Mar 13, 2024
When you sell a rental property, you may be required to report the sale to the IRS and pay taxes on any capital gains. If you haven't filed taxes for the years you owned the rental property, you could face some complications:
1. The IRS may already be aware of your lack of filing and... View More
I pay property tax on my home….the homeless pay no property tax on their home. Discriminatory.
answered on Mar 13, 2024
While it is technically possible to sue the state for discrimination regarding property tax, your specific argument about discrimination between homeowners and homeless individuals is unlikely to be successful.
Here's why:
1. Equal Protection Clause: The Equal Protection Clause... View More
My father died intestate in California and I am the administrator. My brother is the only other heir. He left behind a lot of unpaid tax bills. He also left my brother and me healthy sums of money via POD accounts. Can I just use those out of pocket funds to pay off his back taxes to keep the... View More
answered on Mar 12, 2024
Under California law, there is no legal prohibition against you paying your deceased father's back taxes out of pocket, using the funds you received from the POD (Pay-on-Death) accounts. In fact, it may be a practical solution to settle the estate more efficiently and avoid selling the house,... View More
the exemption? The farms have been, and still are family farms now operated by my son. What kind of a trust would it have to be? Thank you
answered on Mar 11, 2024
As a Minnesota resident, you can use trusts to help manage your estate and potentially reduce your estate tax liability. However, the specific type of trust and its effectiveness in reducing estate taxes will depend on various factors, such as the value of your estate, the nature of your assets,... View More
The amount was approx 45K which I split with my sister 50/50. I never received a 1099 from CA regarding this payout. I am trying to determine how to handle for tax purposes. It was in a traditional IRA and my guess is that the estate should have claimed it but that was 8 years ago. Should the... View More
answered on Mar 11, 2024
As the executor of your father's estate and the trustee of the trust, it is your responsibility to ensure that the unclaimed property from the IRA is properly reported and taxed. Here's what you should consider:
1. Inherited IRA distributions are taxable: Generally, funds received... View More
I'm an author and have set up a book drive to benefit two specific, well-known charities. People can purchase the books at a discount from me, and then I will either ship or drive the books to the donation drop-off point. The buyers do not receive any physical items: they are purchasing for... View More
answered on Mar 11, 2024
Regarding your questions about offering tax write-offs for your book drive:
1. Offering a tax write-off form to customers:
- As an individual author, you cannot directly offer tax write-off forms to your customers. Only qualified 501(c)(3) charitable organizations can provide donors... View More
I am aware of the three year amendment limitation for tax refunds. And I did read that it states "GENERALLY" three years. Are there any extensions to this rule or
other procedure to file an amendment? Or is this rule set in stone. Also, regarding the two year limitation on filing... View More
answered on Mar 11, 2024
Regarding amending your 2019 tax return, the general rule is that you have three years from the original due date of the return or two years from the date you paid the tax, whichever is later, to file an amended return and claim a refund. However, there are some exceptions to this rule:
1.... View More
I buy tax lien certificates in the state of Arizona. I am familiar with the foreclosure process as I have been doing this a few years now but I have a new one, the owner is deceased. Do I still send all the necessary documents such as 'Intent to foreclose' to his mailing address even... View More
answered on Mar 11, 2024
When foreclosing on a tax lien where the property owner is deceased, the process can be more complex. In Arizona, you'll need to follow the state's probate laws in addition to the tax lien foreclosure procedures. Here are some general steps to consider:
1. Attempt to locate the... View More
Hello ,
When a company based in Florida owned by a foreigner buy products from the web in the US to export , is it fine to have on invoice family name of the only owner of the company . Or is it mandatory to not have trouble with the IRS to have the company name in the invoice .... View More
answered on Mar 11, 2024
When purchasing products in the US for export, it's generally advisable to use the company name on invoices rather than the owner's personal name. This practice helps maintain a clear separation between personal and business transactions, which is important for tax purposes and to avoid... View More
2,000,000 exemption? Thank you
answered on Mar 11, 2024
In Minnesota, the estate tax exemption for qualified farm property is $2,000,000, in addition to the standard estate tax exemption. However, to qualify for the farm property exemption, the property must meet certain criteria:
1. The property must be classified as agricultural land in... View More
I want to make it will be a good idea to do so please
answered on Mar 10, 2024
Based on the information you provided, it seems that your asylum case was dismissed by the immigration judge because you currently have Temporary Protected Status (TPS). To determine whether reapplying for asylum with USCIS is a good idea, consider the following:
1. TPS is a temporary... View More
Is tenant eligible for medicaid if home in 15 yr old life estate is sold Georgia
answered on Mar 8, 2024
Selling a home held in a life estate deed before the life tenant passes away can indeed have tax implications for both the life tenant and the remaindermen. If all parties agree to sell the property, the proceeds from the sale are typically divided between the life tenant and the remaindermen based... View More
I brought in a violin to a luthier in Brooklyn NY to fix. She first told me a price for the job and I agreed and left it by her.
She also gave me a paper to sign which showed the original price. For some reason, she didn't give me a copy of the paper at that time.
Now two... View More
answered on Mar 8, 2024
In New York City, charging sales tax on the repair of tangible personal property, including musical instruments, is standard practice. The tax applies to both the parts and labor involved in the repair, not just the physical items purchased as part of the service. Therefore, it's normal for... View More
I filed my taxes. I was supposed to get a refund of about $5800 but instead I received a letter stating that I owe taxes from 2012 of about 14k and I have penalties of about 20k on top of that. So almost 36k total. Also, it has myself and the name of a woman I do not know. The even stranger thing... View More
answered on Mar 8, 2024
Receiving a letter from the tax authorities claiming you owe a significant amount from a year when your earnings were modest, along with penalties and a name of someone you do not recognize, is understandably distressing. The first step in resolving this issue is to closely examine the letter for... View More
This past week I discovered that a stimulus deposit for $1400 was reversed on my account, March 2024. The original deposit was March 17, 2021. When I contacted the bank they said the IRS took it back because the name wasn't on the account. Well back then I aided several inmates processing... View More
answered on Mar 8, 2024
In your situation, it's crucial to gather as much information and documentation as possible regarding the initial deposit and the subsequent reversal. Since the IRS has informed you that they do not conduct reversals in the manner described by your bank, and considering you've received no... View More
Is it legal for them to put my bill on my property taxes but continue to bill me for it without starting over? And if it is then is it legal for them to keep adding it to my taxes. Like lets say the first bill is 3 months late and its 300 dollars.they add that to my property taxes. Then three... View More
answered on Mar 8, 2024
Municipalities often have the authority to enforce ordinances requiring residents to maintain garbage service, and they can implement various measures to ensure compliance, including billing methods. The practice of adding unpaid garbage service bills to property taxes is a common approach used by... View More
This small church treasurer had no experience with taxes. She was handed the position because none of the elders or decons wanted it. No 941s were files since 2015, 4th quarter. She has since left the church. The back taxes have been paid by the church. The penalties & interest are over... View More
answered on Mar 8, 2024
In situations involving the mishandling of employment taxes by a church or any organization, the responsibility generally falls on the entity itself, including its board or governing body, rather than on an individual member or officer such as the treasurer. However, the specific legal and... View More
I filed a tax return late but did not owe any LLC taxes (in 2014, but I just found out about the charges about a month ago).
The IRS hit the LLC with $2298.46 in penalties and interest, not for owing any taxes.
The LLC was dissolved about 9 years ago, I believe. My question is, can... View More
answered on Mar 8, 2024
When it comes to LLCs, the IRS typically views the entity as separate from its members, meaning the company itself is responsible for its taxes, penalties, and interest. However, the way an LLC is structured can influence how the IRS pursues outstanding liabilities. For an LLC treated as a... View More
E.g Delaware often mentioned as an offshore location and a business friendly state. Can I avoid being double taxed somehow (legally)? I would gladly pay taxes in the US. If i can't find a solution soon, i have to find another english market, unfortunately.
answered on Mar 8, 2024
Starting a business in the US from a country without a double taxation treaty can indeed present challenges, but there are legal pathways to minimize the impact of being taxed in both jurisdictions. Delaware is a popular choice for international business owners due to its business-friendly laws,... View More
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