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John P Fazzio III
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John Fazzio’s Answers

691 total


  • Question about transfer tax in L.A, County

    The transfer tax is not listed on the notarized deed of a recent purchase instead the escrow company wrote "not of public record". However websites like www.redfin.com still list the transaction price. How is this possible? The transaction was n...

    John’s Answer

    I am not sure what your question is. Can you repost the question with more details.

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  • Do I need a separate EIN for each DBA?

    I have registered my ‘umbrella’ company (an LLC) and have two DBA’s I will be operating under the LLC. Do I need to apply for an EIN for each as a DBA for the LLC? Or do I just need an EIN for the LLC and run all financials through the LLC? (In th...

    John’s Answer

    You do not need a separate EIN number before for each DBA

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  • The state of RI claims I owe $7000.00 in taxes from 1989 & 1991 and is now denying me a new license. Can they do that?

    I moved to TX in 1993 and moved back to RI in 2000 but I have never rec'd any past due tax notice

    John’s Answer

    They can refuse to renew your license for back taxes owed. I am not familiar with RI tax law, but you would probably want to check with an attorney to clear that up. There are several statutes of limitations on the collection of taxes, so checking with a local tax attorney will be the wisest thing you can do.

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  • Reported a tax fraud to irs no action taken

    Have informed irs about.a business and its owner who is involve in keeping illegal immigrants, dont show cash payment for tax, pay employees in cash for hours and only report that business income which is done through credit card and he himself is...

    John’s Answer

    Perhaps the best way to see action taken is to first report for violations of the DOL. Perhaps, when there is an open investigation by that bureau the IRS may want to get involved.

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  • How to transfer money and belongings for new immigrants to US and applicable tax laws

    My parents received their immigrant visa recently and will arrive in US in couple of months and start a new life as permanent residence. However they are not clear on the following questions: How much money can they bring with them or wire transf...

    John’s Answer

    I am not sure if there's any limit as to how much money you can bring into the US However, please remember that as US taxpayers you are not responsible for reporting a worldwide income as well as reporting your foreign bank accounts to the treasury department.

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  • Franchise Board Tax Audit Advice

    My ex-wife let her sister buy a new car and put it in my ex's name. She paid cash for the car, which was around $42,000. My ex owns a small business and she received a letter today from the franchise tax board wanting to audit her because of the p...

    John’s Answer

    You should get a CPA or an Attorney to represent you.

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  • Do I need respond the SS-8 form from IRS?

    My company just received a letter from IRS including SS-8 form. The company is already out of business for a while. My former massage therapist was an independent contractor. I have been filed 1099 for him in last year. Do I need respond this form...

    John’s Answer

    You need to respond to that notice.

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  • Is short term capital gains/loss the difference between the price of the shares when inherited and the price of the shares sold?

    brother inherited ibm shares in 2015, and decides to sell some shares in 2015. is short term capital gains/loss the difference between what the price of the shares were when he inherited shares and the price of the shares when he sold the shares?...

    John’s Answer

    Yes, in this case, the short term capital gains will be zero,

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  • Can i still claim my ex as a dependant on my taxes?

    My (ex) girlfriend and I lived together... she was arrested in march and got out this july. I added in this time over $1000 so she could call me. She wrote to me often stating how she wanted to come home. I told her times were tough, I was clos...

    John’s Answer

    You will have to meet the dependency tests outlined by the IRS before claiming her.

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