Is there a general statute of limitations in tax law?

Normally, there is a 10 year statute of limitations by the IRS on collections. There is a three-year statute of limitations for audits. This can be...

Yes, usually an LLC can own membership interest in other LLCs. If they are all treated as pass-through entities for tax purposes, then this may...

In case of a divorce, is my husband liable for my unpaid IRS taxes for 2003, 2004, 2005. We got married in 2006 and live in NM?

First, he is an "innocent spouse" and should get a tax attorney. Also, do not file joint returns. Something is not right in your description and a...

Frankly, there is significant liability with a baking business. You should definitely have 2 separate LLCs. If you file joint returns, it has no...

I own an LLC and am considering bringing in members from other countries. Will the Operating Agreement be enforceable if I do?

Yes, you can have members from other countries. The Operating Agreement would control. Please make sure that your tax and business attorney...

You should have your 1040 prepared without the K-1. If you receive it prior to the extension date (October 15) then file it with the K-1. If not,...

Why am I responsible for excess tax on a home I lost, when the lending company sells it for less than the loan amount?

I know this seems unfair. It is called Cancellation of Indebtedness income. The theory is that when you borrowed the money, it was not income....

Would I benefit from having a lawyer set up my LLC?

Of course. You want the LLC set-up right. Also, most States require a license for a car dealership. Retain a good local tax and business...

What is the statue of limitations on IRS debt? What happens after the limitation? Is dropped?

Great! If you have not filed Bankruptcy, and Offer In Compromise or other actions extending the Statute of Limitations, it it expires in 10 years...

How do I get my name off my LLC

I hope you had a good lawyer set-up the LLC and Operating Agreement. This would dictate the buyout and your rights. Please see a good local tax and...