Archived
I started receiving SSI this year do have some loss from my business and have Gambling wins this year please advise
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Answered on December 07, 2016
I just want to echo my colleagues and say talk with a CPA/EA or tax professional. You really need to sit down with them and "crunch" the numbers to...
Archived
I am filling a ch. 13 in a few months and own a home . Can I sell before during or after and if so what time restrictions ?
James's answer
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Answered on October 23, 2016
I just want to echo my colleagues: do not do this alone! Chapter 13 is not really a self-help chapter of bankruptcy. If you do not know what you...
Archived
Filing ch 7 bankruptcy. I know you should not use credit cards 90 days before you file. But should I continue to pay on them
James's answer
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Answered on October 23, 2016
Generally the answer is no but without knowing your situation that is hard to say. As my colleague said, you should really speak with an attorney...
Archived
Will the IRS prosecute for this situation?
James's answer
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Answered on October 23, 2016
There is not enough information in your question to know exactly what the worst case is but let's assume you filed the W-4 with 7 knowing that this...
Archived
Does a church need to have the "trustee" position as an officer of the church in order to comply with Maine state law?
James's answer
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Answered on October 17, 2016
This is an issue of corporate law and constitutional law. I think for the most part the government will not intervene regarding the internal...
Archived
A collections company is using a 3rd party call center overseas and I can't understand them. They are threatening legal action.
James's answer
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Answered on October 17, 2016
I think you may want to speak with a bankruptcy attorney or an attorney who handles collection matters. If you look at Avvo.com you should find...
DOES A LANDLORD PAY QUARTERLY TAXES ? AND WOULD I BE CONSIDERED SELF EMPLOYED?
James's answer
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Answered on October 09, 2016
First, assuming you operate the rental as a sole proprietorship, you would most likely be required to pay estimated tax payments. You should read...
Archived
What should i do for less reported property depreciation on the few years tax return?
James's answer
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Answered on October 08, 2016
When depreciable property is sold the Internal Revenue Code states that the basis used to calculate gain is the cost less any depreciation that...
Archived
Who is responsible for payroll taxes when an owner takes the money that was going to pay them? Is this a crime?
James's answer
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Answered on October 07, 2016
I can only answer the question regarding how the IRS will treat the unpaid payroll taxes. First, if the business is a corporation than the...
Archived
Do I have to pay taxes on the money the bank lost in a foreclosure?
James's answer
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Answered on July 12, 2015
I would like to add to my colleague's response. You are potentially looking at discharge of indebtedness income. Determining if such income is...
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