Archived
What is the best way to stop using the property as a rental and give it to my child with the least tax impact to me?
Ronald's answer
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Answered on February 29, 2016
You can deed it to your child. You would need to file a Gift Tax Return to claim the Federal Gift Tax Exemption.If your child is going to use it as...
Archived
What can I do
Ronald's answer
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Answered on February 29, 2016
Sometimes mistakes are made. If the W-2 is not corrected, you will have to file return as is. This will delay you refund.
I hope this explains...
Archived
What should I do? I was thinking of creating a company to do it. Would this be my best option? What tax penalties could I face?
Ronald's answer
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Answered on February 29, 2016
This could be a problem. I hope you have reported the accounts and the income earned. Please do not write more public questions about this. Contact...
Archived
What is the correct way for a single member llc owner to lend money to the business ?
Ronald's answer
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Answered on February 28, 2016
This is not an issue. Normally, you will make a transfer and note it on your books and records. Since it is a single member disregarded entity,...
Archived
Will the irs refund me money they took from 2011 if I file this year and it turns out I didn't owe?
Ronald's answer
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Answered on February 28, 2016
You only have 2 years to file and get your refund. You should have a professional preparer do your 2011, 2012 and 2015 tax returns. If the IRS...
Archived
What are the implications of making the large-business employee an partner of my small- business while he is still employed.
Ronald's answer
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Answered on February 28, 2016
That is not a good idea! Your friend will be both the buyer and seller and will lose all independence. Please speak with a good business attorney...
Archived
Will the IRS look into eitc fraud from 2011?
Ronald's answer
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Answered on February 28, 2016
This could be an issue. You can either amend your 2011 return or wait to see if the IRS contacts you. Many times people say crazy things in a...
Archived
Can we get a home mortgage if taxes are owed to the IRS?
Ronald's answer
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Answered on February 27, 2016
Yes, if a bank will give you a loan. Unfortunately, a Federal Tax Lien will lower your husband's FICO score by at least 100 points. Also, even...
Archived
What are my opitions to resolve this matter?
Ronald's answer
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Answered on February 27, 2016
Please retain a tax lawyer right away. The IRS would never issue a letter like you reported. That is probably a scam. But in case it is not, only a...
Archived
May I file a lawsuit on behalf of my own LLC?
Ronald's answer
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Answered on February 27, 2016
Under the Rules of Court in NJ, Rule 1:21(c) specifies that a LLC must be represented by an attorney except in landlord tenant and small claim...