Archived
I am a bookkeeper, working for a company that hasn't filed or paid EOY taxes or payroll taxes for 3 years. Am i in trouble?
Gary's answer
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Answered on September 05, 2015
Yes, as almost everyone has said, IRS can chase "responsible parties." No question that you should leave, but frankly, even that won't save you...
Archived
Is suggested donation still have to be claimed as income?
Gary's answer
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Answered on September 05, 2015
Yes, income is broadly defined under Section 61 of the Code and whether someone pays you because you 1) demand it, or 2) suggest it doesn't change...
Archived
ON A 30 EQUITY LOAN , FIRST TEN IS INTEREST ONLY. IS IT TAX DEDUCTIBLE?
Gary's answer
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Answered on September 04, 2015
Take a look at the IRS Pub 936. If you took out the loan to do something other than buy, build or improve your home, it MAY qualify as home equity...
Single member LLC bankruptcy implication on tax
Gary's answer
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Answered on September 04, 2015
First, the single member LLC is disregarded for tax purposes; it's considered as if it was a schedule C, sole proprietorship. Keep that in mind to...
