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Richard D. Hayes

Richard Hayes’s Answers

175 total


  • I got audited last year on a business, which was no longer open. now owe 48,000.00

    i was going through a divorce, my ex had all paperwork on business. so i had no evidence to dispute audit . i am divorced, ex got house and other business. i pay childsupport and have no way to pay judgement.

    Richard’s Answer

    Sounds like you need an experienced lawyer that regularly battles the IRS. I recommend Nick Nemeth 2727 Lyndon B Johnson Fwy Ste 806, Dallas, TX 75234 · (972) 484-0829. I have referred several clients there and he has always exceeded expectations.

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  • Can someone help me on this one? I think this is real estate fraud

    working with a Loan officer since 10/2013, paid $2000 for credit repairs, by 11/2013 she sent me credit report showing 667. I put 500 earnest money on a new build, deal did go through because she told me my monthly note would be 1689, that was out...

    Richard’s Answer

    I would recommend you sit down with the lady and try to straighten this out. Failing that, mortgage brokers are regulated by the State of Texas Department of Savings and Mortgage Lending. Determine whether she is a licensed mortgage broker. If she is, you could file a complaint with them. While they may not be able to assist in getting you a loan, perhaps they can assist her in improving her skill sets to be a functioning and successful mortgage broker or they could discipline her. If she is not licensed, they will wack her.

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  • How should I handle back taxes as a sole proprietor.

    I own a small business with the help of my fiance and we have been able to make a small living on our own but never had tons of money saved up. We have been doing this for two years and I did not file taxes the past two years because I was afraid ...

    Richard’s Answer

    You need help preparing and submitting your tax returns. Find a CPA that prepares tax returns and let him/her assist you. You probably do not need an attorney yet. When you file and there are taxes due, you will need to send in payment of the taxes. If you do not have the money, file anyway. The IRS will start letter writing you and will usually set up a payment plan. There will be a late filing penalty. There will also be interest owed on the taxes due.

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  • I want to know could you break it down for me about what percent do i own on the house if my name is on the deed?

    My grandmother and i are on the deed and my grandmother has passed away and i want to sell the house. my grandmother had 3 kids. Phillis,Margaret, and Joe. Margaret pased away but had one child. Joe passed away but had 2 childeren. Phill...

    Richard’s Answer

    Title indicates that you are a 50% owner and your grandmother was a 50% owner. When she passed, did she have a Will? I take it from your facts, she did not as the Will would dictate where her 1/2 would go. I also take it that your grandfather has also passed. W/o a Will the Probate Code provides that her 1/2 goes to her 3 kids and if one of her kids has passed, their share would go to the deceased's children. I would recommend having your lawyer prepare an agreement directing the property be sold and circulate among the heirs to try to get them to sign. If they refuse after reasonable efforts, you can file suit to Partition the property by selling and dividing the net proceeds. The suit would establish ownership percentages and force the sale of the property usually by the Court appointing a Receiver to sell the property. Depending on how big a fight the other heirs want to put up, the attorney's fees could range from reasonable to unreasonable. Contact a good real estate litigator in your county, advise him of the facts and develop a plan.

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  • I own a couple of business and looking to buy a 3rd from a sole proprietorship. My bank is asking for the owners personal Taxs

    The sole proprietor does not want to turn over the personal tax records. They are more then willing to give me access to sales tax records and such that have been paid to the state of Texas to prove its wealth. If i have access to all other record...

    Richard’s Answer

    • Selected as best answer

    Every bank has their own underwriting criteria and process. With today's bank regulatory environment, banks ask for and are required to obtain more information than in year's past to keep the bank examiner's happy. Tax information is sensitive and personal; especially if the seller has other investments. However, many things should be negotiable with your lender. Much of the answer to your question is driven by the size of the business, the purchase price, and the amount you are financing. As I am sure you know, a sole proprietorship is not a tax reporting or tax paying entity. As a sole proprietor, all income and expenses flow through to the individual's personal tax return. Some people/accountants are more aggressive in reducing income and claiming every conceivable expense to reduce the amount of income that is taxable. Did the business have a separate bank account where all income and expenses flowed through or was it in the seller's personal account? Has the seller's personal tax return been prepared by a CPA each year? If so, it could provide a great deal of confidence to the bank. As part of your due diligence, it would be wise to have a CPA familiar with that industry to carefully review the books and records for several years to analyze the true operational income and expenses. Perhaps his report would satisfy the bank. If not, perhaps, redacted returns may be acceptable. If not, you may have to advise the bank that the seller will not disclose his tax returns. If that is a deal breaker for the bank, then go to a different lender or perhaps the seller could owner finance. Be sure that you obtain some warranties that the information provided is true and correct. You also need to state in the purchase contract that the seller is aware that you have relied on the financial information disclosed.

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  • What state should we file for a LLC (Delaware, Texas, Missouri?) and where do we need to file for foreign entity? (see details)

    Hi, I am in Texas and am partnering with someone from Missouri to start an app development studio together. What state should we file for a LLC (Delaware, Texas, Missouri?) and where do we need to file for foreign entity?

    Richard’s Answer

    Need more details, but as a general rule, Texas should be fine. The other information needed includes partnership % ownership, where is the start up capital coming from, who are the app users, anticipated revenues and what is your risk aversion quotient.

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  • Fair Credit Reporting law . Is it fair credit reporting for a mortgage lender to included a discarded loan in credit decision?

    Or can you use your rental history and legally not include the address of a home loan included in a chapter 7 ?

    Richard’s Answer

    As a general rule 84 months of credit history is reported whether or not you disclose the foreclosure. If the foreclosure falls w/n that time period it will be reflected on your report. Try to prequalufy. If you are unable to, look for owner financing.

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  • I don't want to sign a new year lease.. Am I required to sign or can I notify apt mgmt I want to be on month-to-month?

    Been leasing in sr apts for 1 yr; had two strokes and have been challenged meeting rent obligations. Worst case scenario, if I can't find employment and get evicted I get a month of delinquent rent vs a year on my credit report.

    Richard’s Answer

    Most landlords want longer term leases. Ask your landlord to see if they will do.

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  • It is theft if a friend takes your property but will not return the property

    i have title to autos and papers that show i purchased the items

    Richard’s Answer

    Possibly. But more likely it is conversion. Recommend you consult local attorney.

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  • How do I ask a judge to vacate people from a house that is owned by me and others?

    My grandmother passed away, and I and other family members own her house. I was staying there, then the other owners changed the locks and kicked me out. They have and are using my furniture. They have not payed the taxes this year. What prove do ...

    Richard’s Answer

    As a co-owner, each owner has a right to occupy the property. You need to hire a lawyer to file suit inJustice Court to get your furniture. Your grandmother's estate needs to be prorated to transfer title to all the relatives that inherited the property. As a co-owner you can force the sale of the property through a partition suit.

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