John P Fazzio III’s Answers

John P Fazzio III

Mahwah Foreclosure Attorney.

Contributor Level 16
  1. Possible Sales Tax Evasion & Employee liability

    Answered over 1 year ago.

    1. Roberto Lopez Jr.
    2. Daniel Lee O'Neil
    3. John P Fazzio III
    3 lawyer answers

    This is a difficult question to answer and you should really consult a local tax attorney. If you have any responsibility for collecting or remitting sales tax or reconciling the books in this regard you can be held responsible. This is a fact intensive inquiry. Certainly, now that you are aware of it, you will end up being held responsible unless you confront your boss and see that the matter is corrected. The statutory basis for the state’s power to hold corporate officers and similarly-...

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  2. My friend died owing California $53,000 and the IRS $1,495. His personal property is worth virtually nothing. What now?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. L. Maxwell Taylor
    3. John P Fazzio III
    3 lawyer answers

    His estate has no assets, so the IRS is out of luck. But, anything he does have should go to satisfy his last year's taxes and any IRS liens against him personally, and should not be going to his heirs.

    4 lawyers agreed with this answer

    1 person marked this answer as helpful

  3. WE received a letter from an IRS Revenue Officer asking our President to meet with him to tell him why our back taxes owed for

    Answered over 1 year ago.

    1. Gregory Herman-Giddens
    2. Andrew B Gordon
    3. Amanda Marie Cook
    4. John P Fazzio III
    4 lawyer answers

    I am confused by your question. If you are administratively dissolved you no longer enjoy 501(c)(3) status, which has stringent annual reporting requirements. It also is strange for a Revenue Officer to require an in-person meeting 900 miles away. If you have not been filing you have a serious problem and need to see local Florida tax counsel right away.

    4 lawyers agreed with this answer

    1 person marked this answer as helpful

  4. Not sure how unique this is. BOA offered a modification trial for 3 months. Not only did we make those payments on time ( never

    Answered 10 months ago.

    1. John P Fazzio III
    2. Rebecca Schore
    3. Ellen K Lawson
    3 lawyer answers

    As Rebecca Schore points out, this is a situation that is very typical. I am also confused when you say you have spent $25,000 in legal fees. Are you talking about the amount of money you paid on the trial modification? This is unclear. You may have a litigation defense/offense relative to modification fraud that a lawyer could pursue. I have also seen other homeowners mount their own campaigns by writing their Congressman, contacting the Attorney General's Office and other government...

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  5. Stock sale and capital gains tax

    Answered 11 months ago.

    1. Steven M Zelinger
    2. Isai Bismark Cortez
    3. John P Corrigan
    4. John P Fazzio III
    4 lawyer answers

    I agree with Zelinger's comment.

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  6. Can I as a Voluntary Administrator modify a mortgage without assuming the debt?

    Answered 11 months ago.

    1. Ivan E. Young
    2. John P Fazzio III
    2 lawyer answers

    No. I do not think you will be successful at modifying without assuming the debt. The other poster delved into that hypothetical, so I won't go into it further. Bottom-line, it is not likely to happen, so you need to look at other options. However, see the end of this answer where I explain why this may become important. I do not think the lender will modify the loan without your assumption of the debt. Right now the bank has a right to the collateral. However, suing an estate is...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  7. When a single person under 65 does not have to pay or file federal taxes for the 2012 tax year

    Answered over 1 year ago.

    1. Allan Richard Pearlman
    2. John P Fazzio III
    2 lawyer answers

    You should still file anyway, for a plethora of reasons. It is important to keep a clear and consistent tax record, especially if you are a sole proprietor or contract laborer who does not earn W2 income and may need to file estimated tax payments in the upcoming year.

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  8. If I want limited liability and the ability to take home most of what I make, what is the best legal structure?

    Answered over 1 year ago.

    1. Christopher Edward Ezold
    2. John Paul Fernandes
    3. Douglass S Lodmell
    4. Christopher Michael Larson
    5. John P Fazzio III
    5 lawyer answers

    As the other posters have indicated, there are benefits to utilizing a single-member LLC and to utilizing an S-Corp. The main difference is how you pay yourself. With a single-member LLC there is only one level of tax and you need good bookkeeping to track your pay. However, just as with an S-Corp., you can use a payroll service with an LLC to pay yourself a reasonable salary. Payroll taxes are about 15.4%. With the S-Corp., you only pay the employer portion of the self-employment tax, so...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  9. I purchased a tax lien certificate on a home I would like to own. I will begin foreclosure. There are many liens. Is this smart

    Answered over 1 year ago.

    1. John P Fazzio III
    2. Jayson Lutzky
    2 lawyer answers

    This is one of those situations where you won't know until you go forward. A lot of times, the first to enforce their lien gets paid off first, but since you have a tax lien, that trumps everything else and will be paid first.

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  10. Lawyer's fees

    Answered over 1 year ago.

    1. Barry A. Stein
    2. John P Fazzio III
    3. Paul Henry Nathan
    4. Robert Bruce Kopelson
    4 lawyer answers

    You probably need to submit a letter to the Court informing them what the legal fees are and have the attorney fee award reduced to a judgment. You should simultaneously serve this on the landlord and send him a separate letter asking if he'll give you a credit for the amount of fees claimed if you will withdraw your claim for attorney's fees. If you agrees have him reduce that Agreement to a signed writing.

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