Get free answers to your Tax Law legal questions from lawyers in your area.
Your current state is Ohio
The taxes were assessed by Delaware for failure to file annual tax returns and reports. The assessed taxes are owed by a failed start-up.
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answered on Aug 27, 2024
No, shareholders are not liable. Not really.
One of the benefits of corporate structure is the limitation of thÿe company's lability. A shareholder will only be "liable" for corporate income tax up the amount of their investment in the company. That invested part represents... View More 
Just formed my LLC and want it to be the holding company and an S corp what do I need to file and in what order?
answered on Sep 6, 2024
I mostly concur with the earlier answer provided to your question above. Here is my response with a few more notes
1) Use Your LLC as a Holding Company: Structuring your LLC to act as a holding company simply involves using it to own other businesses or assets. You don’t need to file... View More
It is an empty lot of land, 0.5 acres, entirely wooded and overgrown with no servitudes, buildings, or other property besides the land itself. Any attempt to check who the original owner might be comes up short, since it is in the name of an estate rather than a person. The last record for the... View More
answered on Aug 8, 2024
The adjudiciated property process is similar not not completelyt identical throughout the state---I would recommend that you contact a property lawyer in your area-----or contact the parish attorney's office in the parish you purchased the adjudicated property----ask to sit down and discuss... View More
My father runs a cleaning (franchise) business that is under my name, but I am not actively involved and I do not receive proceeds. It opened in late 2017 and didn't see any revenue until 2018 when it first acquired contracts. I'm looking to transfer ownership to my father for the... View More
answered on Jul 26, 2024
You can transfer 100% of your interest in the business to your father. You will be legally responsible for all taxes incurred by the business prior to the effective date of your transfer of your ownership interest.
my Brother sister and I inherited a house from our dad who passed away. He did not live in that house as his primary residence. We are selling the house. It is in escrow. Do we have to pay California tax on the sales price?
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answered on Jul 26, 2024
When you sell an inherited house in California, the key factor for tax purposes is the stepped-up basis. The stepped-up basis is the property's fair market value at the date of your father's death. This value is used to determine the gain or loss when you sell the house.
If the... View More
If assets in my will shall pass to a minor and I have named a guardian in the will, must the guardian be approved and monitored by the court?
On the other hand, if the assets are passed to a trustee (whom is also named), must the trustee be approved and monitored by the court?
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answered on Jul 24, 2024
If you've named a guardian in your will for a minor beneficiary, the court typically needs to approve this guardian to ensure they are fit to take on the responsibility. The court's approval process involves verifying the guardian's suitability and may include ongoing oversight to... View More
I want to avoid capital gain taxes as much as possible.
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answered on Jul 23, 2024
Using money from the sale of property to pay down your mortgage can be a wise move, but it requires careful consideration of your overall financial situation. Paying down your mortgage can reduce your monthly expenses and the amount of interest you pay over time. However, it's important to... View More
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More
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answered on Jul 23, 2024
I agree with James L. Arrasmith, in part.
It is true that the IRS does not usually attach itself to the title of any asset (like your home) if you are not included on the title. However, if you have enforceable rights of ownership, and those rights bear an equity interest, then the IRS can... View More
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More
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answered on Jul 23, 2024
Good morning. When filling out IRS Form 433-F, you do need to consider the home equity section. However, since you are purchasing your home under a Contract for Deed and the title is still in the seller's name, you technically do not have ownership or accessible equity in the property yet. In... View More
Is it legal to deduct credit card processing fees from an employees paycheck without knowledge or written consent? Is it legal to make an employee cover cash till shortages without written consent?
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answered on Jul 23, 2024
No, it is not legal to deduct credit card processing fees from an employee's paycheck without their knowledge or written consent. Employers must obtain explicit authorization from employees before making any such deductions. This protects the employee's right to understand and agree to... View More
They badly dropped my credit. Also they are being sued in California but I wonder if it had anything to do with the taxes of federal witheld. Is it normal for a company not to tax you federal taxes if the gross pay is lower than $1000.00 but yet when they taxed me on a check which was a christmas... View More
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answered on Jul 23, 2024
If your credit score was damaged due to your employer's mistakes, it's important to address this issue directly. Start by gathering all relevant documentation, including pay stubs, child support payment records, and any communication with your employer. Contact the credit bureaus... View More
Or is it, if I owe a grand total of 30k in property taxes each year, I would only have to pay roughly 5k? This is Indiana Code law
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answered on Jul 21, 2024
In Indiana, under the statute 6-1.1-12-13, a property tax deduction is provided for certain individuals. If you purchase a $500,000 home, this deduction would reduce the assessed value of your property by $25,000. This means your home would be taxed as if it were valued at $475,000 instead of... View More
My son bought my house on 3 acres. He could not finance the adjoining 20 acres. I would like to give it to him the best way for him to pay at least in taxes
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answered on Jul 21, 2024
To transfer the adjoining 20 acres to your son in the most tax-efficient way, you should consider gifting it to him. Gifting property can often be done without significant tax implications if the value of the land is within the annual gift tax exclusion limit, which is $16,000 per recipient as of... View More
Hi, i am a trucking company owner and operate interstate and do have a interstate operating authority. Currently one of my truck broken down and getting repaired in state of Wyoming. I am trying to explain the the shop that i am exempt and taxes for parts and repairs needs to be waived. But they... View More
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answered on Jul 2, 2024
As a trucking company owner operating interstate with an interstate operating authority, you may indeed be eligible for certain tax exemptions in Wyoming, including exemptions on sales tax for parts and repairs. Here's how you can approach this situation:
1. Wyoming Tax Exemption for... View More
excuted donation when the land and property are not registered? Was the donation process illegal and can the lawyer be held accountable for malpractice if it impacted tax liabilities to all other heirs of an unregistered, unsegregated land belonging to multiple parties?
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answered on Jul 2, 2024
This is a complex question involving several aspects of Puerto Rican property law, tax law, and legal ethics. I'll break down the key issues and provide some general insights, but please note that this is a situation where consulting a qualified local attorney would be crucial for specific... View More
Hi i am abroad of U.S my father is in new york city he wants me to go there now he wants to file 130 petition and also he is a green card holder and also wants to applay for citizenship ( want to neutralize) but he didnt give tax for 2 or 3 year( because of some reasons) will this effect on his... View More
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answered on Jul 2, 2024
To address this situation, there are a few key points to consider:
1. Tax obligations:
Not filing taxes for 2-3 years could potentially affect your father's naturalization application. When applying for citizenship, USCIS (U.S. Citizenship and Immigration Services) looks at... View More
Essentially I did work at a company and got paid by the company. I also want to give a gift to a friend. Would it raise any flags that the friend I want to give the gift to is also the owner of the company I worked for?
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answered on Jul 2, 2024
To answer this question, we need to consider several aspects of tax law and potential implications. Here's a breakdown of the key points:
1. Legitimate income:
First, it's important that the paycheck you received for work at your friend's company is legitimate income.... View More
Hello,
I need advice on a potential lease-to-own arrangement. I invested in a person who can’t pay me back. He owns several properties but has low equity (around 25%). I’m considering renting the properties from him, making the mortgage payments directly to the bank, and taking... View More
answered on Jun 29, 2024
Thank you for your question!
You need an attorney to draft a lease agreement for you to protect your rights. If you are paying directly to the bank, you do not have to worry about the landlord's defaults.
You need to record the lease in the country recorder to protect your... View More
Hello,
I need advice on a potential lease-to-own arrangement. I invested in a person who can’t pay me back. He owns several properties but has low equity (around 25%). I’m considering renting the properties from him, making the mortgage payments directly to the bank, and taking... View More
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answered on Jun 29, 2024
Here's an overview of the key considerations for your proposed lease-to-own arrangement:
Legal feasibility:
This type of arrangement is generally legally possible in California, but would need to be carefully structured. You'd likely use a combination of a lease agreement... View More
1. PAYMENT OF MONEY
In consideration for the execution of the general release and agreement to the other terms
of this Agreement by Claimant herein, Respondent will pay a Total Settlement of (xxxxxxxxxxxx) (“Settlement Sum”)
to
Claimant. The consideration paid... View More
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answered on Jun 29, 2024
Based on the language provided in this settlement agreement, it appears that you will likely need to pay taxes on at least part of the settlement amount, but not necessarily on all of it. Here's a breakdown:
1. The portion described as "Non-Wage Payment" for "non-wage... View More
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