Henry Daniel Lively’s Answers

Henry Daniel Lively

Costa Mesa Tax Lawyer.

Contributor Level 20
  1. Will I be taxed on settlement awards for personal injury?

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Jeffrey David Bohn
    3. Norman Gregory Fernandez
    4. Paul Douglas Vanderwalde
    5. Andrew Daniel Myers
    6. ···
    9 lawyer answers

    Compensation for physical injuries is not taxable. There is no such thing as the bank reporting you if you have a check over $10,000. If you have cash you are depositing over $10,000 in a single day it is a different story and the bank must report to the U.S. Treasury.

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  2. My attorney has a tax lien by the IRS against him and it is preventing me from being paid my settlement.

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Christopher Michael Larson
    3. Steven Anderson Leahy
    4. Paul Arnold Nidich
    4 lawyer answers

    Part of these funds are obviously trust fund money that does not belong to your attorney and cannot be used to pay his debt with the IRS. Your attorney, or you may need to hire a tax attorney for this matter (at your attorneys expense), should call the IRS and explain the situation and ask for the portion of the funds that belong to the client (you) to be released from the lien. The IRS goes overboard to protect their position and has sent out a levy notice to the insurance company in case...

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  3. Regarding tax

    Answered over 2 years ago.

    1. Christopher Michael Larson
    2. Henry Daniel Lively
    3. Curtis Lamar Harrington Jr
    4. J David Hopkins
    4 lawyer answers

    You can each deduct the car for only the portion that you use it for business. This does not include commuting mileage or personal usage.

    13 lawyers agreed with this answer

    1 person marked this answer as helpful

  4. Tax, Immigrant

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Jennifer Doerrie
    3. Steven Anderson Leahy
    3 lawyer answers

    If you have United States source income you will be required to file income tax returns and pay taxes on the income. Money that was transferred from your father would not be income. If you rent out rooms the income you derive from this activity is taxable and would require you to file income tax returns in the United States. it your be a good idea for you to hire a tax professional to prepare these return for you since you are not familiar with our system of taxation.

    11 lawyers agreed with this answer

    1 person marked this answer as helpful

  5. Are there advantages to going LLC rather than staying 1099? (Tax-wise and overall legal-wise)

    Answered over 2 years ago.

    1. Christopher Michael Larson
    2. Steven Anderson Leahy
    3. Henry Daniel Lively
    4. Mark S. Katz
    4 lawyer answers

    An LLC is a pass through entity and will not offer you any significant tax advantages. In fact, it will probably cost you more due to the extra tax return preparation costs and potential state fees.

    13 lawyers agreed with this answer

  6. Filing Taxes

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Luis Alberto Guerra
    3. C. C. Abbott
    4. Eduardo F Justo De Pomar
    5. Neil Ian Fleischer
    5 lawyer answers

    If they do not have any income they may not need to file. You do not provide enough facts to make a determination. You should see a local tax professional to evaluate their specific situation.

    11 lawyers agreed with this answer

  7. Can my husband claim our children on his tax returns?

    Answered over 2 years ago.

    1. Christopher Michael Larson
    2. Henry Daniel Lively
    3. Steven Anderson Leahy
    4. J David Hopkins
    4 lawyer answers

    Since your child lives with you, you are the custodial parent. You are correct that he would need a Form 8332 release from you to take the deduction. If he claims the deduction too the IRS will send you both a letter asking why you should receive the deduction. Explain the situation to them and you should prevail.

    12 lawyers agreed with this answer

    1 person marked this answer as helpful

  8. I suspect my previous boss of tax evasion

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Frank Wei-Hong Chen
    3. Christopher Michael Larson
    4. Phillip Monroe Smith
    5. Richard W Beck
    6. ···
    6 lawyer answers

    I think your first stop should be the Labor Board. Next use attorney Larsom's link to the IRS.

    10 lawyers agreed with this answer

    1 person marked this answer as helpful

  9. Can I deduct the interest I am paying on my late husband's loan ( Bank is still listing loan under his social security number)

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Christopher Michael Larson
    3. Clifford Michael Farrell
    4. Brian E Barreira
    4 lawyer answers

    According to IRC Publication 936 you would need to be obligated on the loan. IRC Reg 1.163-1(b) says that you need equitable or legal ownership to take the deduction. Which you seem to have. There are a number of Tax Court cases that address this situation and you should have a local tax professional review these cases along with your specific facts to make a determination of whether you can take this deduction.

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  10. Tax question....Tax return

    Answered over 2 years ago.

    1. Henry Daniel Lively
    2. Christopher Michael Larson
    3. Steven J. Fromm
    4. Richard W Beck
    5. J David Hopkins
    5 lawyer answers

    The IRS uses a matching process to determine whether they believe you should file a tax return. They also look to your filing history. If you received any 1099's or W-2's you will receive notice fairly quickly of their belief that you need to file a return. If you continue to not file, they will eventually file an estimated return for you based on the information that they have. Your statute of limitations remains open until you actually file if you have a filing requirement. If you do not...

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