David Warren Klasing’s Answers

David Warren Klasing

Irvine Tax Lawyer.

Contributor Level 11
  1. Big Tax Problem! An accountant I used last year wasn't legit. Now being chased by the IRS & Franchise tax board for fines

    Answered 11 months ago.

    1. David Warren Klasing
    2. Charles Richard Perry
    3. Michael Charles Doland
    3 lawyer answers

    Being both a CPA and an attorney if your using a sophisticated CPA your probably OK. If you wind up having to litigate get an Attorney. But based on your facts its hard to tell how much $$$ you have on the line. In other words you might wind up paying for tax help in a greater amount than by just paying the deficiency.

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  2. What is the maximum amount of money that a green card holder could transfer to his US account? is it a taxable income?

    Answered 9 months ago.

    1. David Warren Klasing
    2. Pardis Patrick Ashouri
    3. Richard Gordon Stack
    4. Phillip Monroe Smith
    5. Kevin Matthew Sayed
    5 lawyer answers

    As a green card holder you are subject to U.S. world wide income and information reporting. While transferring cash from your offshore accounts to your US accounts is NOT a taxable event, information reporting is an issue. If you had more than 10K offshore for even 10 seconds file the annual TDF 90-22.1s. You need special permission to transfer money from Iran to the U.S. under the OFAC regulations. Don't forget your 8938 reporting if the accounts were greater than 50K on your us return....

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  3. How can you determine "fair market value" for a property inherited 6 years ago, to determine taxes on its sale today?

    Answered 7 months ago.

    1. David Warren Klasing
    2. Phillip Monroe Smith
    3. Dara J. Goldsmith
    3 lawyer answers

    Have a real estate agent pull comps based on your father's date of death. His property should have received a step up on value to fair market value on his date of death as if it ran through an estate tax return. It sounds like the value of his estate was below the threshold for filing an estate tax return but it would be accorded the same treatment anyway. If the value decreased from DOD to sale date no gain or loss on the sale. If the value increased you have a taxable capital gain....

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  4. What status to claim on my 2011 tax return when my husband filed for a divorce on November 1st, 2011?

    Answered over 2 years ago.

    1. David Warren Klasing
    2. Molly Cristin Hansen
    3. E. Martin Davidoff
    4. Christopher Michael Larson
    5. Drew Allan Cicconi
    5 lawyer answers

    The determination of an individual's marital status is made under state or local law at the close of the individual's tax year. See FILEIND: 3,202 for discussion of determining marital status. For purposes of filing status, divorce and separation have the following affects: • An individual who as of the last day of the tax year is legally separated from a spouse under a decree of divorce or separate maintenance is not considered married for that entire year for purposes of filing status.32...

    9 lawyers agreed with this answer

  5. In 2002 the IRS file a substitute tax return for me at the highiest power. I made $22888 that tax period and was taxed 13,987.

    Answered over 2 years ago.

    1. David Warren Klasing
    2. Curtis Lamar Harrington Jr
    3. Christopher Michael Larson
    4. Andrew J Wyman
    4 lawyer answers

    A substitute for returns (SFR) is prepared by the IRS where they have information concerning a taxpayer and a taxpayer fails to file a return. It appears that they filed a SFR for you and began collection action. You are allowed to replace an SFR with your version of a return as long as it is true accurate and complete. Your version will replace the amount of tax penalties and interest due with the original SFR. The payments you have made to date will be given credit against any tax owed...

    8 lawyers agreed with this answer

    1 person marked this answer as helpful

  6. I want to give my daughter $100,000 to buy a home. For tax purposes what is the best approach, to give as a gift or inheritance?

    Answered 7 months ago.

    1. David Warren Klasing
    2. Thomas J. Wagner
    3. Robert Jan Suhajda
    3 lawyer answers

    Unless you are planning on dying soon - only option is as a gift as inheritances only at death. The $100,00 0 will be reportable for gift tax purposes on a form 709 http://www.irs.gov/pub/irs-pdf/f709.pdf and will eat up a portion of your life time gift tax exemption but should not result in gift tax to you if you have not already used up your gift tax exemption. http://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes The gift will not...

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  7. I have been the victim of ID theft. No one has been arrested or convicted but I got notice from the IRS. What do I do?

    Answered about 2 months ago.

    1. David Warren Klasing
    2. Robert J. Hoffman
    3. Michael Kevin Cernyar
    3 lawyer answers

    This first link answers your question. http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/IRS-Procedures/Reporting-Fraud/Reporting-Fraud If you don’t find what you are looking for – check out the rest. Best of luck. http://www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft http://www.irs.gov/uac/Identity-Protection http://www.irs.gov/uac/Newsroom/IRS-Combats-Identity-Theft-and-Refund-Fraud-on-Many-Fronts-2014 http://www.irs.gov/...

    8 lawyers agreed with this answer

  8. I am looking to organize my business into an LLP or a Professional Corp., but I am unclear on the pros/cons of each type.

    Answered 8 months ago.

    1. David Warren Klasing
    2. Joseph M. Hekmat
    3. Michael Charles Doland
    4. Kevin Matthew Sayed
    4 lawyer answers

    Both entities are about equal at limiting liability. You can be protected for the malpractice of other medical professionals you do business with but neither will protect your personal assets for medical malpractice that is why you do not have access to an LLC as it would (and California wishes to protect consumers). That leaves us with entity selection. PC can be taxes as an S Corporation or as a C Corporation. C corporation generally not advised because of tax at the Corporate level...

    8 lawyers agreed with this answer

  9. I received a letter from the franchise tax board of California saying I owe them money for 2010. What can I do?

    Answered 10 months ago.

    1. David Warren Klasing
    2. Dustin James Wetton
    3. Terrence Jay Moore
    4. Zaher Fallahi
    4 lawyer answers

    Get your bank and credit card statements and cancelled checks for 2010 – put together as accurate an accounting as you can. File a 2010 return. The proposed assessment is legally collectible unless your shift the presumption by filing a return. Do not file a return you cannot defend under audit or you could end up with far worse problems… If your return contains estimates – make sure you disclose that fact.

    7 lawyers agreed with this answer

    1 person marked this answer as helpful

  10. I'm estranged from my husband. Can he stake claim on any inheritance I may receive from my parents?

    Answered about 1 year ago.

    1. Christine James
    2. David Warren Klasing
    3. Erik Robert Hartstrom
    4. Athina Karamanlis Powers
    4 lawyer answers

    Ordinarily not. Inheritances are the separate property of the spouse receiving the inheritance. However, I have my concerns when you post such a question under the heading "tax fraud". Are their more details we need to know?

    7 lawyers agreed with this answer

    1 person marked this answer as helpful

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