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Christin Marie Bucci
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Christin Bucci’s Answers

16 total


  • Do I need a tax lawyer, CPA or tax preparer for filing back taxes?

    I have not filed income taxes in 6 years. I'm self-employed, and worse, my accounting is quite sloppy so there is much paperwork to sift through, and probably gaps in the records. I have been recommended to a tax preparer. But I'm worried. One, he...

    Christin’s Answer

    It may be is your best interest to consult with a tax lawyer first because a person’s willful failure to file a federal income tax return is punishable as a crime under Section 7203.

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  • When should IRS tax Form 5495 be submitted?

    How soon after an estate for a decedent is opened should an IRS Form 5495 be filed or submitted. Can it be submitted as soon as an estate is opened? What are the pros and cons of timing the submittsion of the form?

    Christin’s Answer

    • Selected as best answer

    A taxpayer files a Form 5495 after regular filing of either an Estate or Gift tax return. The form is used to request discharge from personal liability for any deficiency for the kind of tax and periods shown on the form. The current Form can be found on the IRS website: http://www.avvo.com/questions/when-should-irs-tax-form-5495-be-submitted--992378/answers/new.

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  • My husband is a British citizen and hold a green card. Is tax fraud a reason for deportation?

    We are divorcing. We filed 5 tax returns jointly on which we did not fully declare our income. He is threatening to tell the IRS about this. What is my position, worst case scenario if he does this? Do I have any way to report him for his part?

    Christin’s Answer

    Convictions for even non-violent minor crimes can result in deportation and long-term exclusion. For example, non-citizens are subject to deportation (removal) for the following offenses: (1) an offense involving "moral turpitude" that is committed within five years of admission, if a sentence of at least one year may be imposed for the crime; (2) two or more crimes of moral turpitude not arising out of a single scheme of criminal misconduct, regardless of when committed; (3) an "aggravated felony"; (4) high speed flight from an immigration checkpoint; (5) a controlled substance violation (except for a single offense of possession of less than 30 grams of marijuana for one's own use); (6) firearms offenses; (7) espionage, sabotage, treason, and other similar offenses; (8) crimes of domestic violence; (9) stalking; (10) violation of a protection order; (11) crimes against children; and (12) immigration document fraud. See Immigration & Nationality Act § 237; 8 U.S.C.A. § 1227. Please refer to 8 U.S.C.A. § 1227 Deportable aliens:
    (2) Criminal offenses
    (A) General crimes
    (i) Crimes of moral turpitude
    Any alien who--
    (I) is convicted of a crime involving moral turpitude committed within five years (or 10 years in the case of an alien provided lawful permanent resident status under section 1255(j) of this title) after the date of admission, and
    (II) is convicted of a crime for which a sentence of one year or longer may be imposed,
    is deportable.
    (ii) Multiple criminal convictions
    Any alien who at any time after admission is convicted of two or more crimes involving moral turpitude, not arising out of a single scheme of criminal misconduct, regardless of whether confined therefore and regardless of whether the convictions were in a single trial, is deportable.
    Because of the possible penalties and the frequency of change in the immigration and tax laws, please contact Bucci Law at 1-877-764-4440 info@buccilawoffices.com or visit us at www.buccilawoffices.com.

    DISCLAIMER
    The content provided here is for informational purposes and should not be relied on as legal, tax or accounting advice. If you have questions on the topics consult an attorney. We disclaim any responsibility for any particular matter that effects you specific situation. Moreover, the content on this Information may be dated and we are under no obligation to update the information included herein.
    If you are not experienced with this area, you should consult with a tax professional that can help you.
    Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.

    Please contact us at Bucci Law today for a free consultation.

    No Attorney-Client Relationship

    Information posted is not intended to create an attorney-client relationship between you and any attorney. Such Legal Information is intended for general informational purposes only and should be used only as a starting point for addressing your legal issues. It is not a substitute for an in-person or telephone consultation with an attorney licensed to practice in your jurisdiction about your specific legal issue, and you should not rely upon such Legal Information. You understand that questions and answers or other postings to the Site are not confidential and are not subject to attorney-client privilege.

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  • Offer in compromise

    who qualify for offer in compromise

    Christin’s Answer

    An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer's tax liabilities for less than the full amount owed. If the liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible for an OIC. For information concerning installment agreements, please contact Bucci Law Offices.
    In most cases, the IRS will not accept an offer unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (the RCP). The RCP is how the IRS measures the taxpayer's ability to pay. The RCP includes the value that can be realized from the taxpayer's assets, such as real property, automobiles, bank accounts, and other property. In addition to property, the RCP also includes anticipated future income, less certain amounts allowed for basic living expenses.
    The IRS may accept an OIC based on three grounds. First, acceptance is permitted if there is doubt as to liability. This ground is only met when genuine doubt exists that the IRS has correctly determined the amount owed. Second, acceptance is permitted if there is doubt that the amount owed is collectible. This means that doubt exists that the taxpayer could ever pay the full amount owed. Third, acceptance is permitted based on effective tax administration. An offer may be accepted based on effective tax administration when there is no doubt that the liabilities have been correctly determined and no doubt that the full amount owed can be collected, but requiring payment in full would either create an economic hardship or would be unfair and inequitable because of exceptional circumstances.
    When submitting an OIC, taxpayers must use the most current version of Form 656 (PDF), Offer In Compromise. Except when an OIC is submitted based on doubt as to liability, taxpayers must also submit Form 433-A (PDF), Collection Information Statement for Wage Earners and Self-Employed Individuals, and/or Form 433-B (PDF), Collection Information Statement for Businesses. A taxpayer filing an OIC based on doubt as to liability must file a Form 656-L, Offer In Compromise (Doubt as to Liability), instead of Form 656 and Form 433–A and/or Form 433–B.
    Additional information about the offer in compromise program can be found on Form 656 (PDF), Offer in Compromise, and in Publication 594 (PDF), The IRS Collection Process, or by visiting the www.irs.gov Offers in Compromise web page or contacting us at Bucci Law Offices at info@buccilawoffices.com or 1-877-764-4440.

    DISCLAIMER
    The content provided here is for informational purposes and should not be relied on as legal, tax or accounting advice. If you have questions on the topics consult an attorney. We disclaim any responsibility for any particular matter that effects you specific situation. Moreover, the content on this Information may be dated and we are under no obligation to update the information included herein.
    If you are not experienced with this area, you should consult with a tax professional that can help you.
    Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
    Please feel free to send us e-mail with your thoughts and comments on our response or to request more information about us at info@buccilawoffices.com. or call Bucci Law Offices at 1-877-764-4440 today for a free initial consultation.

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  • I am considering a short sale on my home. What are the tax obligations I may face?

    I have read that I may be a substantial tax obligation on a short sale.

    Christin’s Answer

    In a short sale, the lender agrees to accept less than the total amount due under the mortgage. However, not all owners or all properties qualify. In general, the following conditions must be met in order to qualify for a short sale:
    1. The market value of the property has dropped less than the unpaid balance due to lender;
    2. Mortgage is in or near default status;
    3. Seller has fallen on hard times (does not include bad purchase decision,buying another home,moving into apartment etc. ) (does include unemployment, divorce, medical emergency, bankruptcy, death); and
    4.Seller has no assets (if assets, the lender may deny or may approve it on the condition that seller later pay back the difference).

    In addition to the above qualifications, a purchaser must be found and, most importantly, the lender must agree to sell the property in a short sale. It is important to note that the seller does not have to be in default before a lender will consider the short sale. Lenders may consider this course of action if the seller is current, but the value of the property has dropped substantially.

    To pursue a short sale, the following general steps should be taken (although much will depend on the specific requirements of the lender):
    1. Verify the value of the property;
    2. Have attorney or real estate agent prepare and submit a Preliminary Net Sheet. This will be an estimated closing statement showing the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions. Once the calculations are performed, if there is any money remaining, the seller will not qualify for a short sale;
    3.Call the lender and speak with a supervisor. If the lender is willing to work with the seller, follow their instructions, which may include some or all of the remaining steps;
    4. Find a real estate agent who specializes in short sales. The lender will usually request that the agent accept a discounted real estate commission;
    5. Prepare and submit a Letter of Authorization ;
    6. Prepare and submit a Hardship Letter;
    7.Prepare and submit a Statement of Income and Assets. All items should be disclosed, including savings accounts, money market accounts, stocks and bonds, negotiable instruments, cash, and other real estate;
    8.Gather copies of all bank statements for the past 6 to 12 months (depending on the lender’s request). The seller should be prepared to explain any deposits, large withdrawals, or unusual number of checks;
    9.Have real estate agent prepare a Comparative Market Analysis and
    10.Have attorney or real estate agent prepare a Purchase Agreement and a Listing Agreement.

    Short sales have practical, legal, and tax ramifications including, but not limited to the following:

    1.A short sale will show up on the person’s credit report and drop his/her FICO score. Sellers can ask that the lender not report the adverse action to the agencies, but it is up to the lender.
    2.The lender could potentially still seek a deficiency decree for the unpaid balance; and/or
    3.The IRS could potentially consider the debt forgiveness as income. However, the passing of the Mortgage Forgiveness Debt Relief Act of 2007 should greatly reduce or eliminate this concern.
    DISCLAIMER
    The content provided here is for informational purposes and should not be relied on as legal, tax or accounting advice. If you have questions on the topics consult an attorney. We disclaim any responsibility for any particular matter that effects you specific situation. Moreover, the content on this Web site may be dated and we are under no obligation to update the information included herein. Please feel free to send us e-mail with your thoughts and comments on our response or to request more information about us at info@buccilawoffices.com or call Bucci Law Offices at 1-877-764-4440 today for a free initial consultation.

    See question 
  • I am considering a short sale on my home. What are the tax obligations I may face?

    I have read that I may be a substantial tax obligation on a short sale.

    Christin’s Answer

    In a short sale, the lender agrees to accept less than the total amount due under the mortgage. However, not all owners or all properties qualify. In general, the following conditions must be met in order to qualify for a short sale:
    1. The market value of the property has dropped less than the unpaid balance due to lender;
    2. Mortgage is in or near default status;
    3. Seller has fallen on hard times (does not include bad purchase decision,buying another home,moving into apartment etc. ) (does include unemployment, divorce, medical emergency, bankruptcy, death); and
    4.Seller has no assets (if assets, the lender may deny or may approve it on the condition that seller later pay back the difference).

    In addition to the above qualifications, a purchaser must be found and, most importantly, the lender must agree to sell the property in a short sale. It is important to note that the seller does not have to be in default before a lender will consider the short sale. Lenders may consider this course of action if the seller is current, but the value of the property has dropped substantially.

    To pursue a short sale, the following general steps should be taken (although much will depend on the specific requirements of the lender):
    1. Verify the value of the property;
    2. Have attorney or real estate agent prepare and submit a Preliminary Net Sheet. This will be an estimated closing statement showing the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions. Once the calculations are performed, if there is any money remaining, the seller will not qualify for a short sale;
    3.Call the lender and speak with a supervisor. If the lender is willing to work with the seller, follow their instructions, which may include some or all of the remaining steps;
    4. Find a real estate agent who specializes in short sales. The lender will usually request that the agent accept a discounted real estate commission;
    5. Prepare and submit a Letter of Authorization ;
    6. Prepare and submit a Hardship Letter;
    7.Prepare and submit a Statement of Income and Assets. All items should be disclosed, including savings accounts, money market accounts, stocks and bonds, negotiable instruments, cash, and other real estate;
    8.Gather copies of all bank statements for the past 6 to 12 months (depending on the lender’s request). The seller should be prepared to explain any deposits, large withdrawals, or unusual number of checks;
    9.Have real estate agent prepare a Comparative Market Analysis and
    10.Have attorney or real estate agent prepare a Purchase Agreement and a Listing Agreement.

    Short sales have practical, legal, and tax ramifications including, but not limited to the following:

    1.A short sale will show up on the person’s credit report and drop his/her FICO score. Sellers can ask that the lender not report the adverse action to the agencies, but it is up to the lender.
    2.The lender could potentially still seek a deficiency decree for the unpaid balance; and/or
    3.The IRS could potentially consider the debt forgiveness as income. However, the passing of the Mortgage Forgiveness Debt Relief Act of 2007 should greatly reduce or eliminate this concern.
    DISCLAIMER
    The content provided here is for informational purposes and should not be relied on as legal, tax or accounting advice. If you have questions on the topics consult an attorney. We disclaim any responsibility for any particular matter that effects you specific situation. Moreover, the content on this Web site may be dated and we are under no obligation to update the information included herein. Please feel free to send us e-mail with your thoughts and comments on our response or to request more information about us at info@buccilawoffices.com or call Bucci Law Offices at 1-877-764-4440 today for a free initial consultation.

    See question