You need to consult a local corporate attorney. Some state laws require distributions to cover taxes for S corporations. As a minority...

How to report personal income (1040) for unregistered business (website sells products) where everything is in ex-partner's name

Don't do anything until you consult with a bankruptcy attorney who understands tax issues. One way or the other, you have to report income as you...

If you are down sized and are offered a severance check can they call it a payroll check and take taxes out of it?

Whether or not they withhold taxes, you still have to report the payment as income. I wouldn't be concerned about the date of the agreement or the...

Can I subtract a bad debt/loan from my tax returns.

The only way to deduct a bad debt expense on your tax return is to prove that a legally enforceable debt existed. You also have to prove you made...

Our home is paid for but it is owened by my husband and his mom.can they come after our home?

You need to find a local attorney who specializes in bankruptcy. Do not make any transfers, even gifts, until you consult an attorney.

How do I negotiate a reduction in Federal back taxes without an attorney?

Don't. You need the services of some one who understands the IRS process and what they are looking for. Also, do not seek the services of a...

In terms of interstate commerce, does a delivery truck (not sales force) constitute a physical presence in the other state?

The answer is most likely yes, but a particular exception could apply. In addition to the delivery truck, the truck driver is also working in both...

Two separate issues. You can claim your mother as a dependent only if you provide enough support for her and meet all of the IRS requirements. ...

I had a business that is closed down, how long do you need to keep client documents, sales reciepts, and tax information.

The laws could vary state-to-state, but for federal tax purposes, the normal statute of limitations is generally 3 years from when you filed your...

1031 tax exchange question.

Drawing down on a line of credit is generally not a taxable event, regardless of the property or your tax basis in the property. Since you still...