Archived
I have a FATCA question. Does anyone know what constitutes Indian Reportable Account under FATCA India US Treaty?
Eric's answer
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Answered on August 06, 2015
This type of question is far too complex to be answered in this forum and without a lot more information. Generally these types of treaties between...
Archived
What paperwork needs to be filed when closing an LLC from a state and federal standpoint?
Eric's answer
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Answered on August 06, 2015
If the LLC was taxed as a corporation, then Form 966 may be appropriate (but no always). If the LLC was a 1 member LLC and it was reported on...
Archived
Tax filing requirements for an LLC
Eric's answer
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Answered on August 06, 2015
If this is a 1 member LLC to be reported on your Schedule C, then it should be reported in full. And at first you say there was no income but then...
Archived
Gift tax return
Eric's answer
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Answered on August 04, 2015
First you need to remember to deduct the annual exclusion for all five beneficiaries if the trust has the so-called Crummey provisions. Second, if...
Archived
Taxes. How to declare Student Grant Received from abroad?
Eric's answer
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Answered on July 31, 2015
You need to get a good tax return preparer. I would not try this yourself as I can be quite complicated.
Archived
How to fight years of false tax returns prepared by my mother?
Eric's answer
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Answered on July 21, 2015
You can claim your daughter regardless of what your mother or her friend does. If the IRS challenges one or both returns, you need to show the...
Can I sue my tax preparer for lost receipts?
Eric's answer
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Answered on July 21, 2015
Of course you can. But that's not really the question. Do they admit losing them? Did he admit he knew they showed what you said? Can they be...
Archived
When do the heirs of the estate report their share of the capital gains on real property sold in 2015 on their 1040s?
Eric's answer
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Answered on July 15, 2015
Preparation of the estate income tax return, Form 1041, for the estate, can be very tricky and should be done in consultation with the estate heirs...
Archived
Accountant put incorrect dates of residence on taxes, should I amend?
Eric's answer
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Answered on July 02, 2015
First, it's not a great likelihood of being audited by either state. Obviously if you amended both returns one would have a balance due and the...
Archived
Is it to my advantage at age 71 to be married to a life partner? We both receive SS and have investments and joint real estate.
Eric's answer
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Answered on June 29, 2015
While you both have investments and real estate, unless everything is 50%-50%, then you really should see a tax return preparer to run the numbers...