Archived
Does a LLC taxed as S corp have other S corp traits besides the taxation or is everything else about the LLC like a regular LLC?
Scott's answer
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Answered on November 05, 2015
Once you elect S-corporation status you must follow the S-corporation rules. This includes proportionate distributions to the members. The LLC...
Archived
My mother passed away and owes the IRS $30K in back income tax. I am the PR and need to know if I have any options.
Scott's answer
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Answered on November 05, 2015
Tax to a tax lawyer to review the situation. The IRS can only collect 10 years after assessment. The liens will have a stated expiration date. If...
Archived
How do I put a lien on the house I own with my boyfiend
Scott's answer
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Answered on November 05, 2015
Have your boyfriend sign a mortgage and record It against the home. This will have other issues so consult a local attorney
Archived
If I file a quitclaim deed to an ex and file it through WA state, will it take off my name and financial responsibility ?
Scott's answer
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Answered on November 05, 2015
It sounds like you signed the loan as well. If that is the case then simply removing yourself from the title of the home will not change your...
My grandfather left me his house in his Will, but my grandma died in 1991 without a Will, does my mom own a portion of the home?
Scott's answer
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Answered on November 05, 2015
You need more information. Namely how did grandma and grandpa own the property when grandma died. Talk to a lawyer in your jurisdiction to help you...
Archived
I have a newly created LLC which I would like taxed as an S-Corp. Must I file form 8832 AND form 2553 or is form 2553 enough?
Scott's answer
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Answered on November 04, 2015
You need to file both. The 8832 elects corporate status but without the 2553 you are a regular c Corp. Why file an LLC as an s Corp. I would just...
Archived
How and what exactly does an LLC provide protection from versus being a sole proprietor in a business? I was told it's nothing.
Scott's answer
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Answered on November 04, 2015
An LLC just like a corporation offers limited liability to the owners. Regardless of the entity one cannot avoid liability for their own...
When am I allowed to reimburse myself for costs in administering a probate estate?
Scott's answer
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Answered on November 04, 2015
Filing costs are estate expenses, you can reimburse yourself now.
Archived
I have a gift tax question.
Scott's answer
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Answered on November 04, 2015
If the gift exceeds the annual exclusion a gift tax return needs to be filed. You may not pay tax as you get a lifetime exclusion (currently about...
Archived
My husband died with no will in Georgia. I am legal spouse. Do have to go though Probate Court?
Scott's answer
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Answered on November 04, 2015
Unless you owned the property jointly with survivorship rights you need to probate your Husband's estate.
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