Eric P Rothenberg’s Answers

Eric P Rothenberg

Needham Tax Lawyer.

Contributor Level 13
  1. Back taxes with multimillion capital gain followed by loss following year. Now facing bankruptcy

    Answered over 1 year ago.

    1. Eric P Rothenberg
    2. Brett D Weiss
    3. Robb Adam Longman
    4. Richard Gordon Stack
    4 lawyer answers

    You have MANY options here and this is a very complex problem and yes you ABSOLUTELY should hire competent and skilled tax counsel to advise you on this. The answers you might get here are difficult and should be quickly handled face to face. Your 2008 income tax return hasn't been filed so there are options for you.

    4 lawyers agreed with this answer

    1 person marked this answer as helpful

  2. Tax Underpayment penalty - married filing separately where as witholding assumed jointly

    Answered about 2 years ago.

    1. Emma A. Kremer
    2. Philip W. Mason
    3. Eric P Rothenberg
    4. Raymond F. Haselman
    4 lawyer answers

    The previous answers are correct but I add the following. You can always go from Married Filing Separate to a Joint return, and save the penalties, but never the other way around. In addition, spouses can be kept somewhat separate as to the liaibilities in a joint return so maybe you can ask your spouse to file jointly. If not, you have 3 years to amend the return from MFS to joint and still get those penalties removed and paid back to you if later they change their mind. You should consult...

    4 lawyers agreed with this answer

    1 person marked this answer as helpful

  3. Verifying employee withholding has been paid to the government.

    Answered over 2 years ago.

    1. Eric P Rothenberg
    2. Evan A Nielsen
    3. Christopher Michael Larson
    3 lawyer answers

    When employers take money from your pay for withholding and medicare etc., and they fail to pay it to the government, yuoare still credited for those sums even with the government never gets that money. The difficult part is where they don't provide yuo with proof to you they took the funds out. If you were paid in cash and didn't receive proof that they took money out of your wages, then yuo could have a hard time establishing they did. Abd even if they didn't, you might be able to get the...

    4 lawyers agreed with this answer

    1 person marked this answer as helpful

  4. Is it legal in the state of mass for an employer to give a w-2 to employee for work and to also give 1099 for a bonus received,

    Answered 2 months ago.

    1. Eric P Rothenberg
    2. Matthew A. Slater
    3. Jefferson W. Boone
    3 lawyer answers

    No, an employee is an employee even for purposes of bonuses.

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  5. International Gift/Loan Tax. Based on the below details, should I be more inclined to report to the IRS as a gift or a Loan?

    Answered about 1 year ago.

    1. Eric P Rothenberg
    2. E. Alexandra Golden
    3. Thomas J. Wagner
    3 lawyer answers

    Generally, gifts from non-residents, non-citizens, are not reported in the US as the donor of the gift is responsible for gift tax consequences, not the recipient. Loans to a US taxed child are subject to US tax laws although they mostly focus on the income side (your parents) than the deduction side (you). If they don't secure the loan here in the US with a mortgage, it's just an unsecured promissory note. However, when related parties lend money at less than the minimum interest required [the...

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  6. I have a friend who is on dialysis with end stage kidney disease, just moved into a room after being homeless for almost a year.

    Answered almost 2 years ago.

    1. Eric P Rothenberg
    2. John P Corrigan
    3. Sara Gharib Khaki
    4. Clifford Michael Farrell
    5. Dara J. Goldsmith
    5 lawyer answers

    There are many ways to get relief from the IRS on such levies, including, a hardship claim (Form 911) and the Taxpayer Advocates Office as well the Collections Division. An offer in compromise is the last resort and takes a lot of time and has legal implications as well. You should search the IRS website for help or call an attorney that has this experience. http://www.irs.ustreas.gov/ Eric Eric P. Rothenberg, P.C. [cid:image001.png@01CE77D8.CE652720] 160 Gould Street-Suite 320...

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  7. Does an employee (who received RSU's) file section 83(b) or the company that granted them?

    Answered about 3 years ago.

    1. Eric P Rothenberg
    2. Andrew J Wyman
    2 lawyer answers

    Section 83 says that stocks you receive, that are subject to a risk of substantial forfeiture (i.e. if you leave the co. early you lose the stock), are not income when they are given to you at any price less than FMV (ingoring the risk of loss). An 83(b) election allows you to take the stock as income (at what you believe is a low price) so that when you sell the stock later it's all capital gain with a low basis from the time of the election. You do this usually with start up stocks that you...

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  8. On disability income, Should I get a tax id number or use social security number when starting part time business.

    Answered 24 days ago.

    1. Eric P Rothenberg
    2. E. Alexandra Golden
    3. Ethan K. Pham
    3 lawyer answers

    This is not really a tax question as it's about what you can do while collecting disability income. Those rules are not for a tax lawyer. But even if you apply for an entity federal ID or a proprietorship ID the IRS will need your social security number so it may be a moot question.

    4 lawyers agreed with this answer

  9. Is it legal for my exs wife to claim our children on taxes without my permission?

    Answered 3 months ago.

    1. Eric P Rothenberg
    2. Anthony Rao
    2 lawyer answers

    Legal custody doesn't determine if the person is your dependent. The 2 biggest factors (there are many) are physical custody (where does the child live) and who provides more than 1/2 the child's support. Also, divorce decrees can allocate to whom a child can be claimed. Sometimes they can flip-flip every year. There are other legal requirements and factors, and so it's very important that you seek good tax return help to make sure your position is solid and also a tax preparer can intervene to...

    4 lawyers agreed with this answer

  10. Home owner sells home, capital gains tax applies, Home owner passes away, home goes up to fair mkt. value--0 capital tax.

    Answered 5 months ago.

    1. Eric P Rothenberg
    2. Jennifer A Deland
    3. Dana Whitney Atchley
    4. Ronald J Cappuccio
    4 lawyer answers

    The home's basis goes up the the FMV on date of death only if the decedent owned it 100% & it was included in his/hers estate. You certainly need to see a lawyer about this & not rely upon internet answers.

    4 lawyers agreed with this answer

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