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Jeffrey David Katz's Answers
Contributor Level 9
- 61 Legal Answers
- 0 Legal Guides
6
Attorney answers:
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Does the executor of an estate have the authority to dispose of property without consulting the beneficiaries? State of MD.
Authority? Yes. Is it a good idea? No. The personal rep has full authority to distribute all the assets-- but they can't let the assets go to waste. If you don't like how the estate is being administered, file a motion to remove the PR. If you cant wait, file it on an emergency basis.
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Attorney answers:
I earned income only from Maryland all of 2011, but the middle six months I lived abroad... which tax forms should I use?
If you are domiciled in a state that has an income tax, that state has a claim on you for taxes even when you are absent from the state. You may also owe income tax to another state because of temporary residence there (place of abode). If so, reciprocal agreements often determine which state gets your money, or what proportion of it, but you may have to file returns in both states and claim a credit for taxes paid to one of them. (Note, however, that a state may relinquish its right to collect...
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5
Attorney answers:
Is it better to be classified as a sole-proprietorship or partnership for tax purposes with a LLC?
It depends. LLC's treated as disregarded entities don't qualify for preferential tax treatment with respect to social security and Medicare contributions. Disregarded Entity A disregarded entity, also called a pass-through entity, is one that is distinct from its owner for some purposes, but not when it comes to taxes. Sole proprietorships and partnerships, for example, are disregarded entities because the owners of these corporations report the business's income on their personal tax...
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3
Attorney answers:
I am in the process of doing a short sale on a home that was discharged in Chap 7 will I have to pay cap gain?
To the extent you've already been discharged of the debt, in bankruptcy, the sale of the home isn't an additional discharge of the debt. The real question here, is when does the discharge occur. The Mortgage Forgiveness Debt Relief Act and Debt Cancellation- If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on...
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3
Attorney answers:
Can the central collection unit take my federal refund?
Yes. The IRS and md comptroller have an information sharing arrangement-- either agency can file to intercept or offset your refund if you have a tax due to the other.
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1
Attorney answers:
Tax fraud due to unenforcement of licensing laws
Selective enforcement of laws is a problem. But don't despair. Both the IRS and MD are revenue hungry these days. It may be possible to "Rat" out the non compliant business, and recover a tidy reward in the process. Here's a few helpful links:
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3
Attorney answers:
How to see some action from someone regarding the receipt of w-2 forms.
Call the IRS and request a transcript of your file. If your employer used a payroll service, they would have already reported your income electronically to the IRS and social security administration. You can use the transcript to complete your tax return, and determine if you owe, or are getting a refund.
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1
Attorney answers:
Is there a statute of limitations on state of MD to collect back taxes
Both Maryland and the IRS have statutes of limitations which apply to the collection and assesment of tax. The assessment statute does not start to run until the return is filed. The government will then assess on the basis of the return, or audit the return, and issue an assessment on the basis of the audit. Once assessed the government will then collect the tax. For federal purposes, the statute is generally 10 years, and for MD generally 12. The statutes may be tolled by taxpayer...
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3
Attorney answers:
Resident alien parent dies. Estate is ~$300K. Three will inherit. What are the estate tax or inheritance tax implications?
The current federal estate tax exemption is $5M. The current Maryland exemption is $1M. Maryland relies on a federal return to determine the asset values. Are you sure that the total value of the estate is under $300K? Are you excluding the POD, IRA and CD accounts? You should include any account in which your mother had an incident of ownership in your value calculation for purposes of computing either the Maryland or Federal gross estate. See IRC ss 2036 and IRC ss 2038A. Did your...
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1
Attorney answers:
Which parent is allowed to claim child exemption on the tax return
You are allowed one tax exemption for each person you can claim as a dependent on your tax return. In order to claim a dependent on your tax return there are five tests you must meet: Member of Household or Relationship Test Gross Income Test Support Test Joint Return Test Citizenship Test A person qualifying as your dependent: generally may be your child, stepchild, adopted child, grand child, great-grand child, son or daughter in law, father or mother in law, brother or...
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