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William F. Kunofsky
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William Kunofsky’s Answers

33 total

  • Does a new business owner have to pay the past owners back taxes

    they have there own EIN #

    William’s Answer

    The question of liability for the prior owner's tax depends on two major issue tax liens and terms of your contract. A federal tax lien properly perfected is notice to the world that the assets are subject to the tax lien. Property is purchased subject to the lien If you bought property and there was a tax lien and the property was not released from the lien prior or concurrently with the purchase. Talk with a tax attorney for further information.
    Hope this helps,
    William Kunofsky

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  • My husbands here illegal from guatemala, hes been working here 10 yrs paying taxes and weve been married 1 1/2 yrs

    how do i help him get legalized and how do i register our marrige in guatemala? do i have a chance at not losing my husband? and if he does get deported, can i go be with him there? hes never been back to guatemala since hes entered, and he has ch...

    William’s Answer

    Illegal immigration has become a minefield of problems.. It is not easy to know what is the right thing to do other than advise you see an immigration attorney.
    Good luck
    William Kunofsky

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  • Cause found in age discrimination EEOC case...Co. filed chap 11. I did not sign proof of claim form. Am I out of luck?

    In 2007 I filed an age discrimination case with the EEOC. 2009 the company went into chapter 11. I failed to sign proof of claim form. At the time cause was not found and the case was still under review. And as a layperson, I had no idea that I wa...

    William’s Answer

    Please examine the debtor's bankruptcy schedules. If you are listed as a creditor with a dollar amount the debt is admitted. You may in this case still qualify for payment without the proof of claim being filed. I believe you should consult an attorney to discuss recourse.
    Good luck.
    William Kunofsky

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  • How do I file delinquent state returns if I do not know where ex-wife is?

    My boyfriends' ex-wife did not file their 2004-2007 state tax returns. He then filed them as single and did not owe. The State says he is still responsible for the taxes. She has not filed. Can he amend and file joint without her signature? We do...

    William’s Answer

    You do not disclose the particular state. Many states have programs to help taxpayers voluntarily disclose these type of problems. Marital status is determined at year end and your boyfriend was apparently married. Using the wrong filing status will create an incorrect tax result. An attorney may be useful because there may be penalties charged against your boyfriend and payment terms may need to be negotiated. An attorney can advise you on all of the choices available to resolve the debt.

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  • Does a landlord pay taxes on capital gains or square footage reported in usage from its properties.

    The data obtained is off by 1390 square foot as reported to building and safety. The question then is have taxes been properly paid on square footage not reported.

    William’s Answer

    We need to define the question of the type of tax, income or property. Property tax is based on appraised value. If the square footage is higher the value is likely to be higher and the tax liability increased. Income tax is different than property tax. The amount of tax does not depend on square feet. Depreciation is based upon adjusted basis,or cost less depreciation. Gain or loss is recognized by the difference between the amount the seller realizes on the sale and the basis of the house. Additionally, your analysis of square footage could be incorrect. Realtors almost always are afraid of the disclosure of square footage.
    Good luck,
    William Kunofsky CPA JD

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  • Is all I need to do file all the "Final Returns"? Or must I contact the IRS?

    Between 2006 and 2010, I have obtained around 14 different tax ID numbers for different business ventures. I would like to close them all down. Is all I need to do mail final returns? Will the IRS take care of it then?

    William’s Answer

    Each entity need to notify the IRS that they are closing. All returns need to be filed. States normally require a clearance letter that all state obligations have been met. Leaving the entities open simply creates a paperwork nightmare. Please contact a tax attorney. Good luck.

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  • Chapter 13 - Realtor

    When you sell your home in a chapter 13 bankruptcy, how is the realtor hired? How much control do you have over the selling price? Are there any other considerations? IS the house sold as is?

    William’s Answer

    Your question is interesting. You remain the deed holder of record. However, your control is not absolute. The bankruptcy estate may have an interest in the proceeds of your home. Although you may typically hire a realtor the Standing Ch. 13 Trustee and the Court may have to approve. Talk with your attorney and ask how your exemptions affect the home. Good luck. Hope my answer was helpful.

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  • My bankruptcy, ch. 7, was discharged in 2006. I 2011 I have been advised I will receive a settlement. What do I do?

    The settlement is a result of a class action suit - medical damages.

    William’s Answer

    A claim that may result in a lawsuit settlement existing at the time of filing is an asset of the bankruptcy estate. Talk with your attorney about reopening the case if needed and amending exemptions. Some or all of the settlement may be exempt. Good luck.

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  • How can I show contract labor for pakistani employee?

    Hi, How can I show I paid a contract laborer (in Pakistan) via Western Union every month for my web development for IRS purposes? I am being audited and they want their name and social, but clearly they do not have a social security number. O...

    William’s Answer

    I am not aware of a specific form for a foreign national that is paid for services rendered outside of the US. I would ask for a statement of the work performed and if possible have it notarized or sworn .There is a form 1042-S. This foreign form does not fit Contact an attorney. I hope this helped.

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  • I recently received a settlement for a sexual harassment/wrongful termination lawsuit . Do I need to pay taxes on it?

    It was settled out of court prior to trial 3 years after I was terminated. Employer settled rather than admit liability. There was nothing documented as to whether the money was for lost wages, damages, psychological distress, etc. It was just ...

    William’s Answer

    Your question is not very specific about the actual damages you suffered. Normally, damages are included in taxable income. However, personal injury is excluded from taxable income. Talk with a tax attorney or CPA about this prior to filing your tax return. Remember that you must have the money to pay the tax debt.

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