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Robert Scott Williams
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Robert Williams’s Answers

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  • What are the minimal amount of stock/shares that you can put on your corporation registration forms when you are just starting.

    in the state of florida registration forms to start a corporation, one of the questions asked is for an amount for shares and stocks,i have'nt a clue,for we are just trying to start our business which will be in the music industry,help please.

    Robert’s Answer

    • Selected as best answer

    The corporation may issue any amount of shares it chooses. You can simply use 100 shares. If you anticipate more shareholders you may want to go with 1,000, 10,000, etc. Hope this helps.

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  • What if there is Forgiveness of Debt Income (from foreclosure) a year after the home owner died?

    My husband died this year. The bank indicates the foreclosure (recourse loan) won't be complete until the middle of next year. I am not on the loan or the title of the property. How do you declare income for a dead person?

    Robert’s Answer

    Unfortunately, you did not provide enough information to answer your question. No one can really tell you the answer without reviewing the entire situation. For example, if this was your husbands principal residence that was foreclosed on, the tax laws generally provide that there is no debt discharge income. There are also exceptions for insolvency and business real estate. You should find a local tax attorney to review the situation with you in detail. He or she will be able to give you a better idea of what you are facing. I hope this helps.

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  • How do I get my 401k when the company isn't around anymore?

    I left a compnay 7 years ago and did not close out my 401k. However I have learned that they were bought out by a bigger company. Can I still get the money? How would I find out which company handled theyir 401k's?

    Robert’s Answer

    Typically 401K accounts are invested and held by a stock brokerage firm, not your employer. It seems to me that you just need to find out which firm has your account. I would start by contacting your former employer and asking them who has your 401K account. The you can contact the brokerage firm and get control of your account. You should consider rolling the assets from your old 401K account to an IRA account with an investment advisor of your choice.

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  • Irs Tax

    I got married and after just 30 days realized it was a huge mistake, started the divorce process and it was final just 9 months later, we filed seperate taxes due to this reason. He owes the IRS $11,000 and can't pay, they sent to my employer that...

    Robert’s Answer

    You need to hire a tax attorney to help you with the IRS. Based on your comments, you should not be responsible for any of his taxes.

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  • Received all the 401k, in a Divorce settlement. NEED LOTS OF ADVICE, ON HOW TO HANDLE THE TAXES!

    I received all of our 401k in our divorce. All vested , value 180,000. I was a homemaker for 26yrs. NO income now! I want to buy a house valued at 130,000. I desperately need advice ASAP! I have already put a contract on this house! How do ...

    Robert’s Answer

    Generally, anything you take out of the 401(k) plan is taxable income to you. In addition, there is a 10% excise tax on anything you take out before retirement. Generally speaking using pension funds in this way is a mistake. Depending on your age, and ability to obtain financing, you may be able to take sums out of the 401(k) plan over your estimated life span, pay the taxes, and use the balance to pay the mortgage. This would enable you to avoid the 10% excise tax. Please speak with a tax person near you before you proceed. This could be a huge mistake.

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  • Trust Accounting

    As a beneficiary under an irrevocable life isnurance trust (ilit) , I I am interested in getting an accounring from the trustee with respect to the time that premiums were being paid on the insurance policy before the the grantors of the ilit died...

    Robert’s Answer

    Please take a look at Florida Statutes Section 736.0813. You should be able to receive a copy of the information you are requesting.

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  • Is a will a public record in the state of FL?

    How can I obtain a copy of a will and is a will a public record in the state of FL.

    Robert’s Answer

    Under normal circumstances, a will of a decedent is filed with the probate clerk in the county where the decedent resided at the time of his or her death, and you can get a copy of the will from the probate clerk. I have had wills kept from the public in cretain cases in the past for a period of time. Even in these cases, beneficiaries under the terms of the will were provided copies of the will. The first step would be to visist the proper clerk's office to see if you can get a copy. If the person has not passed away yet, it it their personal business and you cannot get a copy of the will generally. Hope this helps.

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  • Do I have to give the IRS my income information? See details

    I moved in with a friend and found out he has some IRS problems in the past. The IRS know I live here and wants too know my income and a breakdown on any shared expenses. I have never discussed my income with this person. All He wants is half th...

    Robert’s Answer

    Your income is not relevant to the IRS' inquiry; however, your share of the monthly expenses is very relevant to the offer in compromise. Your friend needs to share this information with the IRS.

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  • What tax implications will I face if I make my Canadian Corp a subsidiary of my US Corp?

    I have a 1.5-year-old company in Florida, US and have also established a new corp in Alberta, CA. I want to make the Alberta Corp a subsidiary of the Florida corp. The FL corp is an LLC filing taxes as a C-Corp and the Alberta corp is an incorpora...

    Robert’s Answer

    Unfortunately, this is not a routine question that is simple to answer. You really need to engage a tax attorney to assist you with this question. There may be a better solution for you than what you are planning, and someone needs to study your circumstances to give you a good answer.

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  • My sister obtained POA to sell my mothers house then used it to enrich herself. Mom died 4 years L8r in march with nothing left.

    My sister has repeatedly refused to give me a copy of the POA and the records of moms finances, before and after she died. She has refused to talk to me since abuse became apparent last July, before putting mom in a ALF against family wishes as w...

    Robert’s Answer

    It may be best for you to pursue this through the probate proceedings which will need to be done in Pinellas County. You should engage a probate attorney to assist you with the probate and the gathering of these old records.

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