This is complicated. First, usually, a trust is not involved. You must avoid actual or"constructive" receipt of the money. Just assigning the...

What sort of Trust should we have for a single member LLC to be put in?

First, you might want to have a buy-sell agreement in the LLC. If you make the Trust the member, you may lose some potential tax advantages. It...

I have a $100,000 judgement in my favor. I am 64. I want to convert that much from my IRA to a Roth. Will I owe if I do that?

I think you have it reversed. When you convert an IRA to a Roth IRA it is taxed in the year of conversion and then grows tax free. It is not a...

What should I do if I owe taxes to the us government and disregard them?

You did not state whether you are a US Citizen or Green card holder. If so, you will need to file for all of the years you were out of the US. If...

LLC formation and privacy question- forming an llc so the public can't see that I'm the owner

The registered agent and registered office of a corporation or LLC is required to be public information because that is where official documents,...

You should have your attorney register this alternate name. A problem you may encounter is when potential contributors look on IRS.gov they...

Credit Profile Numbers

The Credit Profile Number is rarely needed. (The main reason for obtaining a CPN is for victims of identity theft.) Using this for credit repair is...

Trust Fund Penalty - Is Offer in Compromise a good option, what are the chances of acceptance? Legal process is cost prohibitiv

Any person who is being investigated for the Civil Penalty (Trust Fund penalty, Sec. 6672) should seek representation by an experienced tax...

Payments to foreign contractors tax deduction question

The problem with these international transactions is having the invoices and payment records. If the invoice is unclear as to the work performed,...

Am I liable for the tax obligation from the business I work for?

Yes, you may be liable under IRC Sec. 6672 because you sign the tax returns. You need a tax lawyer right away. I hope this helps! Ron Cappuccio