Steven Francis Schroeder’s Answers

Steven Francis Schroeder

Santa Ana Tax Lawyer.

Contributor Level 11
  1. Live in California and want to create an LLC or Corporation in a startup/tax friendly state. I'm thinking Nevada and Wyoming.

    Answered over 1 year ago.

    1. Robert V Cornish Jr.
    2. Sagar P. Parikh
    3. Steven Francis Schroeder
    4. Alan James Brinkmeier
    5. John P Corrigan
    5 lawyer answers

    I would strongly suggest consulting with a attorney in your area. There are a lot of issues to go over when selecting a business entity in which to conduct your business and taxation is just one of those issues. There are three main entities you will be looking at, LLC, C Corp, and S Corp. Each has its own advantages and disadvantages. The C corporation is the only one that is not a pass through entity, unless a election to be treated as a corporation for tax purposes is elected on the...

    7 lawyers agreed with this answer

  2. Do I have to declare a property in India valued at approximately $100,000? The property generates rental income of $200 / month.

    Answered over 1 year ago.

    1. Steven Francis Schroeder
    2. Henri S Vanderhage
    3. Evan A Nielsen
    3 lawyer answers

    Mr. Vanderhage is correct. There are several requirements. First report the income on Schedule E for rental properties, you will also need to file the FBAR. It is due today to avoid significant penalties. Third you must report all foreign owned property valued at more than $50,000 U.S. dollars.

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  3. Does IRS prosecute taxpayers who falsified information on tax return and may owe $50,000?

    Answered over 1 year ago.

    1. Paul Rutledge Durr III
    2. Steven Francis Schroeder
    3. Curt Blackburn Thompson II
    4. Jeffrey L. Cohen
    5. Evan A Nielsen
    5 lawyer answers

    I agree with Mr. Durr. You should immediately seek out a criminal tax attorney to go over the specifics of your case. The criminal investigation division will look at many factors, tax loss is just one factor, intent, multiple year returns having similar issues, etc. all play factors in whether the IRS will prosecute.

    6 lawyers agreed with this answer

  4. I need a tax attorney advice in California. Preferably in San Mateo, CA.

    Answered over 1 year ago.

    1. Evan A Nielsen
    2. Steven Francis Schroeder
    3. Bruce Givner
    3 lawyer answers

    AVVO directory is a good place to look, and you may also try contacting the bar association in your area. If you post a more detailed description of you particular situation posters here may be better able to direct you.

    4 lawyers agreed with this answer

  5. My state and federal tax return fraud.

    Answered over 1 year ago.

    1. Steven Francis Schroeder
    2. Matthew R. Smalls
    3. Evan A Nielsen
    4. Richard Gordon Stack
    4 lawyer answers

    This may be preparer fraud. It is a very hot topic right know with the IRS. I would suggest contacting the IRS regarding the possible fraud. More than likely if this is happening to you it is happening to others she prepared returns for. Here is a link to the IRS Fraud web-site. http://www.irs.gov/Individuals/How-Do-You-Report-Suspected-Tax-Fraud-Activity%3F

    5 lawyers agreed with this answer

  6. Can the EDD seize and take Social Security from a senior citizen?

    Answered over 1 year ago.

    1. Jonathan Thomas Amitrano
    2. Steven Francis Schroeder
    3. Clint Curtis
    3 lawyer answers

    I agree with the original poster. You will want to have your parents contact a tax attorney in your area. Unfortunately if the EDD is showing a balance owed under your parents payroll account number they will try and collect on the amount owed. This means they will levy on your parents bank accounts, and potentially file liens against your parents. This will continue until the taxes are paid in full or your parents resolve the issue of not being a responsible person.

    3 lawyers agreed with this answer

  7. Executor of my brother’s trust. Distribution of funds tax question

    Answered about 3 years ago.

    1. Steven Francis Schroeder
    2. Betty Jean Williams
    3. Christopher Robert Twining
    3 lawyer answers

    I apologize but first your title is trustee under the trust agreement. Can you provide more specific facts about the trust estate. There could be potential estate tax issues depending on the date of death of your brother and the size of the estate. If he died in 2011 and the estate was under $5 million there will be no estate tax issues. Second, you will need to file a fiduciary tax return and final individual income tax return. The final income tax return will report income from 1/1 to...

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  8. My hus. Lockd up his tax refund check did come but hes Lockd up what can he do to stop the check frm being cashed without consen

    Answered over 1 year ago.

    1. Steven Francis Schroeder
    2. Evan A Nielsen
    2 lawyer answers

    Mr. Nielson is correct. He should contact the IRS and have them cancel the check. The IRS can then reissue the check. Here is a link to the form you will want to fill out and file with the IRS. http://www.irs.gov/pub/irs-pdf/f3911.pdf

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  9. How long does it take to investigate a tax fraud after submitting a complaint?

    Answered over 1 year ago.

    1. Christopher Daniel Leroi
    2. Evan A Nielsen
    3. Steven Francis Schroeder
    3 lawyer answers

    I agree with Mr. Leroi in that it could take considerable time. More likely than not you will not know that a investigation is being conducted until potentially called as a witness. The IRS has a 6 year statute to prosecute the false return from the date it was filed.

    4 lawyers agreed with this answer

  10. If and s corp owes taxes for filing late but the business is closed do the officers of the S corp have to pay

    Answered over 1 year ago.

    1. Stuart Gregory Steingraber
    2. Brian Crozier Whitaker
    3. Steven Francis Schroeder
    3 lawyer answers

    I agree with Mr. Steingraber that if this is a trust fund penalty the officers and or responsible persons can be held liable for a portion of the taxes. However, I believe this is a income tax issue and not a trust fund penalty issue. Shareholders of the S corporation can't be held liable for the debts of the S corporation. One exception is where distributions were made to the shareholders in exchange for less than adequate consideration, the IRS can hold the shareholders liable as...

    2 lawyers agreed with this answer