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John P Fazzio III
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John Fazzio’s Answers

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  • Irs holding my tax return in processing delay since February. Anything I can do except wait?

    In February I was scheduled to receive tax return but 2 days prior it was canceled and put on hold. I received a 1121 code and a letter a couple weeks later stating they need more information I spoke with someone early March and she cleared my in...

    John’s Answer

    I do not think you have any other choice but to wait. Alternatively, you can refile your return - this may speed up the process, but no guarantees.

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  • Will I be arrested if register my vehicle at the tax office

    Ok I got to tickets a while back and work a very low income job cannot afford t ok pay them at the moment but need the vehicle legal still to go to work I checked my license it is not suspended but however the car just got back on the road so I wa...

    John’s Answer

    You should at least attempt to workout a payment plan with the county so that you can be sure that you do not get the short end of the stick.

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  • What type of a case is it if someone uses false information to file for Employment Taxes? Knowingly.

    An Accountant used my EIN number to file for employment taxes belonging to my wife`s business, The problem with this is I closed the Incorporation back in 2005, and my wife`s business was a DBA. He knew this. When she obtained her EIN # she...

    John’s Answer

    First, I would report someone like this to the IRS and NYS.

    Next, you can bring an action against the accountant, and go after him for damages you suffered. Fraud is not likely the best way to approach it, but you may be able to go after him for gross negligence.

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  • Can I save my house from tax sale by claiming bankruptcy and how does it work?

    It goes to sale in September

    John’s Answer

    Bankruptcy will delay the sale, but you are eventually going to have to find a way enter a payment plan for the back taxes. Discuss your case with a bankruptcy attorney in your area, they should be able to help.

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  • If my ex-husband owes over 4,000 in back child support but haven't files taxes in over 6 years what could happen?

    Any information would help to see what I can do in the situation.

    John’s Answer

    You can file a contempt of order motion in court. You should probably consult a family law attorney in your area.

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  • How much taxes does a foreigner have to pay?

    If i was to have my families house deed in usa transfered into my name ( I am a Italian Citizen) do i have to pay an extra taxes for being a non resident foreigner?

    John’s Answer

    I do not believe that you do, but consult with a real estate attorney to confirm.

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  • Would my current federal tax liabilities become the responsibility of a new wife should I remarry? My first wife died in 2011.

    I have federal tax liabilities. I just want to know if I remarry if my new wife will have ANY responsibility for satisfying those liabilities.

    John’s Answer

    No, old liabilities will not attach to your new wife.

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  • My Sister purchased my leased vehicle for not a penny over what the buyout was. Do we both have to pay double the taxes now?

    My Sister and I entered into an agreement and she purchased my leased vehicle for 14k. She had 6k in her savings and took out a used car loan for 8k. She gave the bank 6k and they wrote 1 check out for 14k and sent it into my leasing company and ...

    John’s Answer

    Generally, when you lease a vehicle, The finance company buys the car and pays the tax on it. The finance company passes some of the tax on to you in the form of a use tax which you pay monthly based on a portion of the car's value.

    When you do a lease buy-out, you are creating a transaction with the finance company to purchase the vehicle and transfer the title from their name to yours. You will then be responsible for paying sales tax on that transaction.

    Some states have a rule, where, if you sold the car in 30 days from purchase, the middleman can skip paying the tax.

    The third party agreement with your sister cannot be for $0.00 because the state will require tax paid on the FMV on the car if it is sold below the FMV to begin with.

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  • How may we sell rental property and avoid tax on capital gains without buying another rental?

    The house was our residence until 1991 and has been rental ever since. It is currently being rented by our daughter and her husband. We plan to sell it in the next couple of years.

    John’s Answer

    You can look into a 1031 exchange. A knowledgeable attorney or CPA may be able to help you with this.

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  • Can I press charges if my ex used a revoked power of attorney to file taxes

    I left on a deployment at which time my ex-husband informed me that he wanted to separate. I subsequently informed him via email that he no long had POA to file taxes on my behalf. He replied to my email but still filed taxes on my behalf a mont...

    John’s Answer

    It can void the filing of the return. If you sue, you will have to prove some damages. I can only imagine that if the filing of the return is voided, you will be responsible for filing a proper return and will be responsible for late filing and payment penalties.

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