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Rebecca Romero-Vigil

Rebecca Romero-Vigil’s Answers

17 total


  • IRS offshore voluntary disclosure (OVDI, OVDP) question

    After the taxpayer signs and mails the closing agreement to the IRS, how long does it take to receive the fully executed closing agreement back?? Can it take more than 6 months?

    Rebecca’s Answer

    The IRS does not set out a time frame within which they will respond. See the following link for FAQs.

    http://www.irs.gov/Individuals/International-Taxpayers/Offshore-Voluntary-Disclosure-Program-Frequently-Asked-Questions-and-Answers

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  • Trustee will not disclose Trust tax returns. Should I hire a Tax Attorney or CPA to obtain returns from the IRS?

    I am the beneficiary of an Irrevocable Trust. The Trustee/POA cashed out all assets including those held outside the Trust while the grantor was alive. Trustee felt it was OK to keep those assets concealed before and after death. Discovery of ban...

    Rebecca’s Answer

    As a beneficiary, you can file with the court a Petition for Instructions. You should hire legal counsel to draft and file the petition. Basically, you set out your rights to receive the trust tax return and ask the court to order the trustee to provide you with a copy of the trust tax return. As the others have mentioned, the IRS will not speak to you. The taxpayer is the trustee of the irrevocable trust not the beneficiary.

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  • Best way to gift $250,000, with spending restrictions, to each of 4 infant grandchildren, in an irrevocable manner, immediately.

    I have $500k in cash assets and $500k in a regular IRA. I am 75 and have more than enough of a pension to live on. I would like to gift it all equally, immediately, to my 4 infant grandchildren with very specific restrictions as to how it can be...

    Rebecca’s Answer

    Engage the services of an estate planning attorney who can draft the irrevocable trust with the terms you request.

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  • My sister stole a lot of money from my mom during her illness. I have the bank statements/proof.

    My mother has passed and there is a living trust. Unfortunately, the thief is the successor trustee and is not being forthcoming. I have sent a trust accounting request to no avail. 60 days has not passed. She has stolen inheritance money before. ...

    Rebecca’s Answer

    You should engage the services of a trust attorney. Depending on the facts, you can petition the court to have her removed and have yourself put in that position.

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  • What's the best way to bring our foreign-earned (and already highly taxed!!) money back into the US?

    We've been living in Europe and are returning to the US. We have already been taxed (in Denmark) on the money we want to bring into the US. We have a US bank account, and have filed taxes since being abroad. Do we bring the money in cash, and then...

    Rebecca’s Answer

    Hopefully, when you filed your past tax returns you did report the Denmark income on the Foreign Bank and Financial Report, otherwise known as FBAR. These reports are due each year by June 30. If you did not, you should voluntarily disclose the income under the Offshore Voluntary Disclosure program which may impose lower penalties than if they discover you on their own. Filing amended tax returns will not prevent the IRS from coming after you and then they will impose 100% of the penalties and possibly criminal sanctions.

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  • Student loan debt collector asking for my tax return

    I am currently dealing with a debt collector that is insisting I provide a copy of my tax return for a defaulted student loan debt, and that I do so within 48 hrs. I am really uncomfortable doing this, and they have already threatened to garnish m...

    Rebecca’s Answer

    Check this link out. I hope it helps. http://www.studentloanborrowerassistance.org/new-rules-loan-rehabilitation/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+studentloanborrowerassistance%2FyPwH+%28Student+Loan+Borrower+Assistance%29

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  • Filing Ch13, my husband is illegal working under another name, we're legalizing him. Should I report his income in ch13?

    He has given his income info to the person who's soc sec # he's using, so it's reported & taxes paid, but his cking a/c is in his real name. I don't want to jeopardize his immigration case by reporting his income for the ch13. We are NOT filing jo...

    Rebecca’s Answer

    Hire to a lawyer where your husband has confidentiality on this matter. Do not discuss on this board.

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  • Franchise Tax for pass-through entities. What happens to it's owner?

    My question is regarding the $800 annual Franchise "Tax/Fee" that is assessed to an LLC in California. In a pass-through (single-owner) LLC, does the $800 annual go through to it's owner and they take the liability of paying it to the state? or is...

    Rebecca’s Answer

    Every LLC must pay $800 each year for the privilege/right to conduct business in California whether or not you conduct business until you dissolve the LLC. Some say that the FTB will not look to the individual for the fee, but if you try to start another LLC your past LLC will prevent this. Also, you cannot dissolve the entity until you bring the LLC current.

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  • I didn't file my 2009 tax returns in 2010. How much trouble am I in?

    Bankruptcy filed in 2010. I'm scared and don't know what to do. Purchased a business in 2009 and lost it within 6 months.

    Rebecca’s Answer

    First, if you had a refund coming to you, the time has passed and you have list it. But you should still file your return especially if you owe tax because penalties and interest continue to accrue. The statute of limitations has not begun to run when the IRS has to audit your return because you have not filed yet. If you owe a lot of money you may be able to set up a payment plan. If you have been receiving IRS notices, do not avoid them. Most times the IRS will work with you. If you fail to contact them they can access your bank accounts and more.

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  • My wife and her sister just sold their mothers house. the house was put in both their names many years ago.

    their mother lived there till her death. my wife got her 50%, what taxes will we have to pay on the money she got? we would like to put that money away and put the rest in some type of retirement plan for my wife.

    Rebecca’s Answer

    Your capital gains would be dependent upon whether you purchased the property or it was gifted to you. Assuming it was gifted to you, the capital gains would be based on the difference between the sales price and your mothers cost basis.

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