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Hello everyone, I'm looking into opening a business in Wyoming from abroad with no US residence. and I'm curious about the necessary paperwork and steps required to do so. Could anyone provide guidance on the specific documents and procedures needed to establish a business entity in... View More 
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answered on May 1, 2024
Starting a business in Wyoming from abroad is a structured process, and it's great that you're doing your research. First, you will need to decide on the type of business entity you want to establish, such as a corporation, LLC, or partnership. Each entity type has its specific filing... View More
can they claim ownership? can i get removed even tho its an irrivocable trust ?
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answered on Apr 30, 2024
In a joint revocable trust where you are the sole trustee after inheriting it from your parents, your brothers generally cannot successfully take you to court to claim ownership or remove you as the trustee, assuming the following conditions are met:
1. The trust was properly created and... View More
can they claim ownership? can i get removed even tho its an irrivocable trust ?
answered on Apr 30, 2024
A trustee and a beneficiary are not the same thing. You can be both the trustee and a beneficiary or there can be one or multiple beneficiaries and this may not include the trustee. A trustee is responsible for managing the trust. A beneficiary is the person(s) who will receive the assets of the... View More
none at this time.
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answered on Apr 29, 2024
I'm sorry for your loss. The process for transferring property after the owner has passed away depends on a few factors. Here is some general information, but you may need to consult with a probate attorney for guidance on your specific situation.
First, it depends on how the property... View More
I received injury settlement can my creditors take from my account from these monies?
Also do I have to pay tax on the settlement?
answered on May 2, 2024
It could depend on who the creditors represent. In terms of taxes, pain and suffering are generally not taxed. The other damages could be treated differently. This is something your attorney, or a tax attorney should advise on after seeing the breakdown of the types of damages your case involves.... View More
I received injury settlement can my creditors take from my account from these monies?
Also do I have to pay tax on the settlement?
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answered on Apr 27, 2024
The answer to your questions depends on the specific circumstances of your case and the laws of your jurisdiction. However, here are some general considerations:
1. Creditor claims on settlement funds:
In many cases, settlement funds from a personal injury claim are protected from... View More
I attend a private high school in MA. The school has meetings that only members of certain races or ethnicities are allowed to attend. The school does not receive federal funds, but is a 501 (c)(3). Could I sue under code IRS 75-50 similar to Bob Jones vs US?
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answered on Apr 27, 2024
The case you referenced, Bob Jones University v. United States (1983), dealt with the IRS revoking the tax-exempt status of a private university due to its racially discriminatory policies. The Supreme Court ruled that the IRS could revoke the tax-exempt status of organizations that violate... View More
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 27, 2024
In the United States, irrevocable trusts are generally not required to pay income taxes on monetary gifts they receive, as long as the gifts are within the annual gift tax exclusion limit. For the tax year 2024, the annual gift tax exclusion is $18,000 per recipient from each donor. This means that... View More
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 26, 2024
At the federal level gifts are not taxable to the recipient. The gift giver might owe gift tax but that is highly unlikely to apply to such small amounts. Some states might have lower gift tax exemptions but, again, even those would be unlikely to impact such small gift amounts.
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answered on Apr 26, 2024
No, the person paying the property taxes alone cannot automatically take ownership of the property simply because they are the only one paying taxes. Here's why:
1. Legal ownership: The ownership of the property is determined by the will, not by who pays the property taxes. If the... View More
My question is we had filed our taxes jointly although he was listed as sole proprietor. Now I became disabled in Sept 2020 and because of him being listed as sole proprietor I did not get the tax credits for those 9 years . We had an accountant that did it that way and now I was told they needed... View More
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answered on Apr 26, 2024
I'm sorry to hear about your situation. It seems like you have a complex tax issue that needs to be addressed. Here are a few steps you might consider taking:
1. Consult a tax professional: Given the complexity of your situation, it's best to seek advice from a qualified tax... View More
tax. Am I required by law to file it out and return it? I've reported many times in the past that it is not used for business.
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answered on Apr 26, 2024
Based on the information you provided, it seems you have received Form ATD23-A from the Laramie County Assessor's Office in Wyoming regarding personal property tax on your airplane. While I understand you have reported in the past that your airplane is not used for business purposes, it's... View More
if my sister quit claims me a property that i have lived in since purchased but she is currently only one on deed. Home purchased for 145,000 and now worth 240,000. if I live in it for 2 + more years once deeded it seems i can avoid capital gains tax. My question is how much taxes will she pay with... View More
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answered on Apr 26, 2024
Based on the information you provided, here's how the gift tax would likely apply in your situation:
1. Yearly gift tax exclusion: In 2024, your sister can gift you up to $18,000 without having to report the gift to the IRS or pay any gift tax.
2. Lifetime gift tax exemption:... View More
-I bought a car from a private seller through the facebook marketplace.
-I purchased the car with an auto loan through Navy Federal Credit Union.
-When I went to register the car, the DMV stated that the VIN number on the title did not have any records (the car had been VIN... View More
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answered on Apr 25, 2024
I'm sorry to hear about your difficult situation with the car. Unfortunately, under California law (and the laws of most states), you would not have a legal right to keep the car even after possessing it for two months.
There is no time period after which you can claim legal ownership... View More
They filed the truck on there business equipment list. They are currently getting an audit, Can I get in any trouble for not giving it back ?
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answered on Apr 25, 2024
Based on the information provided, it's unlikely that you would get into any legal trouble for not giving the truck back to the seller. When you purchased the truck, the transaction was completed, and the ownership was transferred to you. The seller's tax situation and their decision to... View More
Owner refuses to give transient tax refund instead threatens with kicking my family out of the motel.
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answered on Apr 25, 2024
I'm sorry to hear you're in this difficult situation with your landlord. Based on the information provided, here are a few key points to consider:
Transient occupancy taxes are typically charged on stays of 30 days or less in many jurisdictions. Since you have been renting the... View More
After receiving an Offer In Compromise approval, and provided I comply with all the approval terms, i.e. pay my taxes in full and on time for 5 years, is there any way the IRS can still collect back taxes?
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answered on Apr 23, 2024
If you have received an Offer in Compromise (OIC) approval from the IRS and comply with all the terms of the agreement, including paying your taxes in full and on time for the next 5 years, the IRS generally cannot collect on the back taxes that were included in the OIC agreement.
However,... View More
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answered on Apr 23, 2024
Oregon does have a state income tax that applies to most forms of income, including earnings from employment. However, the specific tax treatment of earnings from Easter Seals, a federal program, would depend on a few factors:
1. Type of employment: If you are considered an employee of... View More
I filed taxes from prior year and got a notice saying I have to file in PR and pay taxes as well.
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answered on Apr 23, 2024
As a resident of Puerto Rico who is working remotely for a company based in Florida, you generally have to pay taxes to both the IRS and the Puerto Rico tax authorities. Here's what you should know:
1. Federal Income Tax: Puerto Rico residents are required to file a U.S. federal income... View More
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answered on Apr 22, 2024
Oregon generally does not tax federal benefit programs like Social Security, SSI, or SNAP benefits. However, without more context about what specific "federal programs for chapter 5" you are referring to, I cannot say definitively whether or not Oregon taxes those particular benefits.... View More
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