Eric P Rothenberg’s Answers

Eric P Rothenberg

Needham Tax Lawyer.

Contributor Level 13
  1. IRS Form 712 Insurance Statement

    Answered about 1 year ago.

    1. Eric P Rothenberg
    2. Thomas J. Wagner
    3. Gary Roger Waitzman
    3 lawyer answers

    It appears from your question that there are two (or more) confused items here. If a person (donor) donates money to an irrevocable life insurance trust which the trust then uses such funds to pay premiums for life insurance on the donor, then that's usually a current gift of money (if the trust was properly drafted) and it is unrelated to life insurance and so no Form 712 is needed. There might be more facts here than as presented but it's unusual for Form 712 ever to be needed to fund life...

    6 lawyers agreed with this answer

  2. Does Ma, have a statute of limitations for the state to collect taxes from an unfiled return?

    Answered almost 2 years ago.

    1. Eric P Rothenberg
    2. George M. Megaloudis
    3. Evan A Nielsen
    3 lawyer answers

    There is no statute of limitations on assessment for a tax return that has never been filed. But they cannot assess you without explanation but they can base your return on income earned in prior years and even assess income higher than prior years based upon the notion that you make more each year. You should be able to establish the correct amount via the IRS or your own records or those who paid you (employers for ex.). I suggest highly that you engage a tax lawyer to help you get the real...

    6 lawyers agreed with this answer

  3. What is the limit of monetary gits that I can receive in 2013?

    Answered over 2 years ago.

    1. E. Alexandra Golden
    2. Eric P Rothenberg
    3. Dana Whitney Atchley
    3 lawyer answers

    Gifts are made by donors and do not affect the donee but the donor is the one who must account for them. Each US resident can make a non-reportable and non-taxable gift of up to $14,000 beginning in 2013 and up to $28,000 per donee if the gift is agreed to be split by a spouse. So as a donee yuo can receive many of those amounts if from all different persons. This should clearly be discussed with a tax attorney in advance to properly plan for it. Eric P. Rothenberg, P.C. ORSI ARONE...

    6 lawyers agreed with this answer

  4. Can I claim my sister on my taxes?

    Answered over 2 years ago.

    1. Eric P Rothenberg
    2. Andrew B Gordon
    3. Steven Anderson Leahy
    4. Christopher Michael Larson
    4 lawyer answers

    These are best answered by your tax retrurn preparer. You will need to have a conversation with your sister as well to make sure both are on the same page. Eric P. Rothenberg, P.C. ORSI ARONE ROTHENBERG 160 Gould Street-Suite 320 Needham, MA 02494-2300 Tel: 781-239-8900 Fax: 781-658-2203 www.oarlawyers.com Follow my Tweets at http://twitter.com/Tax_Esq IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS in Circular 230, we inform you that,...

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  5. What are the advantages of filing taxes with your spouse rather than single filing?

    Answered about 3 years ago.

    1. Eric P Rothenberg
    2. Phillip Monroe Smith
    3. Wesley Kent Hill
    3 lawyer answers

    In the "old days" couples,with one making all the money and the other a homemaker, enjoyed a huge tax savings if they filed jointly (federally). It's not as true any more. There's certainly more going on here than just tax advice. Remember, you can always go from a separate return to a joint return my amending but you cannot file separately, in any given year, once a joint return is filed. And you can go back and recover any refunds by filing jointly if done within 3 years from a timely filed...

    6 lawyers agreed with this answer

  6. Odd tax filing situation

    Answered about 1 year ago.

    1. Eric P Rothenberg
    2. Daniel Lee O'Neil
    2 lawyer answers

    If your employer didn't take out income taxes and you received a paycheck accordingly, it was up to you to check to see that it was taking out the correct amount of income taxes. If, on the other hand, your employer didn't pay their half of social security and medicare, then you can have them rectify that because it was their mistake and they have to pay their half.

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  7. My husband passed 3/5/12. He had debt I received 1099-C from 2 credit cards he had no estate.

    Answered about 1 year ago.

    1. Eric P Rothenberg
    2. E. Alexandra Golden
    2 lawyer answers

    You have some choices. If he had no assets and you didn't file jointly with him for 2012, then you don't have to worry, as there's nothing to get from his not reporting the income on the form. However, if you did file jointly with him and you didn't report the income from Form 1099-C, then the return may be audited and you will have to deal with that. If he was "insolvent" at the time the debts were forgiven, the income isn't recognized. You need to answer some of these questions to decide what...

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  8. How is a Non Resident Alien's sale of a Membership Interest in an LLC taxed when the LLC was only used to hold stocks?

    Answered about 1 year ago.

    1. Eric P Rothenberg
    2. Alexander Joseph Segal
    3. Bruce Givner
    3 lawyer answers

    A partnership in which there is no trade or business and which ONLY owns shares in on or more corporations, should put that partner in the same position as owing shares in those corporations. The tax consequences are the same. In addition, in such case, the partnership could have elected out of the partnership provisions of the Internal Revenue Code and each "partner" be treated as simply an owner of those shares in their respective proportions. In such case the partnership doesn't file...

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  9. How do I start a US company with 2 Danish partners that have developed a prototype product for the company

    Answered 2 months ago.

    1. Eric P Rothenberg
    2. Erik Hammarlund
    3. Mark Joseph Guay
    4. James Thomas Jones
    5. Ronald J Cappuccio
    6. ···
    6 lawyer answers

    This question is far too complex to be answered with any understanding in this forum. Tax treaties aside, which are complex enough, you need to take in to account what is known as US Source Income, having or not having what's known as a permanent establishment in the US and inter-company pricing between related entities which are the subject to scrutiny. For ex., a foreign entity with no permanent establishment in the US can sell things in the US and not pay US income taxes. Renting a warehouse...

    5 lawyers agreed with this answer

  10. Massachusetts estate tax return

    Answered about 1 year ago.

    1. Eric P Rothenberg
    2. Michael J. Szklasz
    3. E. Alexandra Golden
    3 lawyer answers

    Massachusetts requires you to add in the post 1976 taxable gifts (gifts over the annual exclusion, charitable, etc) to the federal Adjusted Gross Estate to determine the MA estate tax. You definitely need to get quality help in the estate tax return preparation.

    5 lawyers agreed with this answer

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