Virginia Tax Law Questions & Answers

Q: I need to repay the IRS for having excess income related to the ACA financial guidelines. See below for more info.

2 Answers | Asked in Tax Law for Virginia on
Answered on Jan 4, 2019
Linda Simmons Campbell's answer
Any good tax attorney should be able to advise you as to the best way to resolve your liability. You have a few options available to you. Stay away from the places you see advertised on tv. Because this is a federal tax issue you can contact a tax attorney anywhere in the country for help. Most of us offer a free consultation.

Q: I have recently been robbed of my gift tax inheitence. I have retrieved documents from the tax department recently.

1 Answer | Asked in Civil Litigation, Contracts, Mergers & Acquisitions and Tax Law for Virginia on
Answered on Dec 23, 2018
F. Paul Maloof's answer
This sounds like a criminal case. You need to call the federal or state prosecutors to make a complaint. I do not handle your type of case. Sorry.

Q: All of my Mutual Funds ans stock accounts are held jointly with my wife. If a die, what are the tax consequences?

1 Answer | Asked in Tax Law for Virginia on
Answered on Jul 18, 2018
Eric Steven Day's answer
If your wife takes over the account at your death, there will be no tax consequences other than the annual tax consequences of the trading activity within the account. You can pass your estate to your wife tax free.

Q: What is a Tax Ievy deduction on my paystub?

1 Answer | Asked in Tax Law for Virginia on
Answered on Mar 26, 2018
Linda Simmons Campbell's answer
It could be a tax levy. Ask your payroll department. If it is a tax levy, contact an attorney for assistance. Just stay away from the places you see advertised on tv.

Q: Can a county increase real estate taxes based off MLS?

1 Answer | Asked in Real Estate Law and Tax Law for Virginia on
Answered on Feb 14, 2018
Richard Sternberg's answer
You'll have an uphill battle as to using the sales price for the re-appraisal. Many jurisdictions do exactly that, and the fact that you paid $735,000 is going to make it fairly difficult to argue that it isn't worth $735,000. You might have a better shot reversing the $762,800, but you need to review the details with an attorney familiar with this area of law, and you would probably do better with a lawyer in Northampton County who knows the local process.

Q: Can a college I never attended put a hold on my tax return?

2 Answers | Asked in Tax Law for Virginia on
Answered on Feb 8, 2018
Michelle D. Wynn's answer
You should dispute this item on your credit report with Equifax, TransUnion, and Experian. The Federal Trade Commission has a web page with instructions on Disputing Errors on Credit Reports that can provide you with information on how to dispute this item on your credit report. You can find the page here: https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

Q: Ex husband has primary physical custody of kids but I had kids full time first 10months last year. Who claims on taxes?

1 Answer | Asked in Tax Law for Virginia on
Answered on Feb 5, 2018
Michael Christopher Miller's answer
In the absence of an agreement, the IRS rules of dependency/exemptions will apply.

Q: Can I claim my children on my taxes being that I pay 100% of the child support that should be shared between parents?

1 Answer | Asked in Tax Law for Virginia on
Answered on Jan 25, 2018
Matthew Lane Kreitzer's answer
There are limitations the IRS has placed on the ability to claim a child as a tax dependent. This is information that you can obtain by speaking with a CPA.

Q: Military member stationed in Virginia, looking to buy a home. Will I have to pay state income tax if a resident of NY?

1 Answer | Asked in Military Law and Tax Law for Virginia on
Answered on Jan 23, 2018
Michael Christopher Miller's answer
50 U.S. Code § 4001 - Residence for tax purposes

(a) Residence or domicile

(1) In general

A servicemember shall neither lose nor acquire a residence or domicile for purposes of taxation with respect to the person, personal property, or income of the servicemember by reason of being absent or present in any tax jurisdiction of the United States solely in compliance with military orders.

Q: If the judge grants a split between parents for tax return with 2 kids. What Can be done if a parent files for both.

2 Answers | Asked in Child Custody, Child Support and Tax Law for Virginia on
Answered on Jan 21, 2018
Matthew Lane Kreitzer's answer
Unless it is in a court order, it is hard to enforce such provisions. If the judge forgot to put it in a court order, this can typically be corrected with the proper motion. To file such motion, hire a lawyer.

Q: Is it make sense to have rental property lease on LLC name even though rental prop. title is only owned by me not LLC?

1 Answer | Asked in Real Estate Law and Tax Law for Virginia on
Answered on Jan 17, 2018
Richard Sternberg's answer
You really need to shut down with a lawyer to review the facts. I personally rent a second home of mine out in my own name, but that is probably a bit of the cobbler's children having no shoes. Many suggest that it is best to use an LLC as the leasing agent, so that you increase your protection from disputes with tenants but can still sue in your own name as the owner of the property for unpaid rents. I'm not sure that really works against a persistent tenant, but it seems to work in real life....

Q: Want to retire (55) now have a Portable pension my hubby and I owe IRS 11K have an installment in place will IRS take?

1 Answer | Asked in Tax Law for Virginia on
Answered on Nov 14, 2017
Linda Simmons Campbell's answer
If you are on a full pay installment agreement you should not have any problems. If you are on a partial payment installment agreement, they may take some/all of the pension.

Q: i have a photography business

1 Answer | Asked in Tax Law for Virginia on
Answered on Mar 27, 2017
Matthew M Montoya's answer
Single member LLCs are still taxed by the Federal Government as sole proprietorships by default. Unless you make an election to be taxed as a corporation, nothing really changed on the federal level. Even if you were a state sole proprietorship, you would still have state sales tax to worry about - they are different tax systems. You should talk to an accountant or CPA about your ongoing compliance.

Q: If I owe the IRS unpaid taxes, should I call the IRS to work out this issue myself or should I hire a tax attorney?

1 Answer | Asked in Employment Law and Tax Law for Virginia on
Answered on Mar 18, 2017
Matthew M Montoya's answer
Settlements can be tricky because they have to be closely read to determine the proper tax classification of each item. That said, many taxpayers can choose to try to handle issues with the IRS on their own. There is certainly a wealth of information available through the IRS publications, although they are a little light on citations to the tax code and associated regulations. The challenge for taxpayers is to be able to understand all of the particularities of the rules and regulations to...

Q: If a foreign-based company I own earns income but does not pay any dividends back to me, do I still owe US taxes on it?

1 Answer | Asked in Business Law and Tax Law for Virginia on
Answered on Jan 13, 2017
Brian Lehman's answer
Definitely find a lawyer who specializes in this area. You don't want to try to guess with taxes. If you need a referral, feel free to contact me. Also, I found this white paper which you may find helpful in understanding the issues from a broad view: https://fas.org/sgp/crs/misc/R40623.pdf

Q: is a workers comp settlement taxable income by the irs

1 Answer | Asked in Tax Law and Workers' Compensation for Virginia on
Answered on Nov 7, 2016
Jerry Lutkenhaus' answer
Virginia Workers compensation payments whether received on a weekly basis or in a lump sum settlement are not taxed by the IRS

Q: What constitutes voting shares in the eyes of the IRS?

1 Answer | Asked in Tax Law and Mergers & Acquisitions for Virginia on
Answered on Oct 12, 2016
Sean R Hanover's answer
Great question! In answer, a "voting share" refers to a class of shares, the possession of which entitled the bearer to vote on matters related to the corporation or organization. As such, you need to look at the corporate charter, or depending on the structure of an LLC, the operating agreement, to determine what class of shares (or units) have the right to vote.

Need help reviewing a charter to determine which class of shares can vote? Feel free to reach out to me directly at...

Q: Can NYS DTF levy/seize an out of state bank account for the purpose of arrears?

1 Answer | Asked in Gov & Administrative Law, Collections and Tax Law for Virginia on
Answered on Sep 12, 2016
Gary D. Godman's answer
Not sure about NY law, but in VA, a levy on a bank account is a normal and legitimate way for an owed party to collect funds. Consider speaking with a local family law or debt protection attorney about your specific situation.

Q: Can Richmond city take 100% of my disposable income for deliquent personal property taxes on a car?

1 Answer | Asked in Tax Law for Virginia on
Answered on May 19, 2016
Matthew Lane Kreitzer's answer
That would depend on more information, such as what you consider to be disposable income. For more information, seek out a Consumer Protection attorney.

Q: In VA. Both parents are passed away. Does the person that pays the real estate taxes for 10 yrs own it by law?

1 Answer | Asked in Tax Law, Probate and Real Estate Law for Virginia on
Answered on Apr 27, 2016
Matthew Lane Kreitzer's answer
No. If both of the owners passed away, title transfers according to their wills. If they passed without wills, it passes according to the intestacy rules. If a person, other than those who would inherit under the probate rules, inhabits the property in adverse possession for 15 consecutive years, they may be entitled to take title after a lawsuit. Consult a real estate attorney.

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