Are gambling losses required to be reported to the IRS, even if claiming no tax credits?

Your question is odd. The casinos typically report the winnings on 1099s. Most gamblers have some winnings but are ultimately net losers. You get a...

The IRS is auditing my late husband 2012 tax return, and they are summoning all his bank records , can i fill a petition

Presuming you are the Executrix of his estate, I would have the Estate hire a good tax attorney to handle the audit, This way you will be...

If a Limited Partnership is setup in another country outside the US what are the tax implications in the US?

I cannot answer the Philippine tax question. you should consult an attorney or accountant there. You are required to report the income on your US...

Do I need to contact an attorney?

Immediately contact a local real estate attorney. This may be a scam or simply an accounting issue. Do not provide any information to this...

How to resign as Chief Operation Officer (LLC) and will my given power of attorney be automatically revoken with my resignation?

Please do not post specific identifying information on public forums! You may resign by submitting a letter of resignation to the Members and...

Do I apply for Offer in Compromise as an individual or business?

You should be doing this individually for the civil penalty. You confusion is you think it is just filling out a form. You need a good tax...

Is there a maximum percentage stake I can have in a company before I have to be included in the liabilities?

It is simple - you need a good tax and business lawyer to represent YOU not just the business. You should certainly have more than 15% if you are...

Selected as the best answer

Essentially, the basis in the property your receive is the basis in the giver. You did not state whether you will use the property, but if you meet...

What needs to be done to fix a generic partnership that is linked to my LLC taxed as an S-Corp for an online based business?

First, a LLC may file taxes as an S corp if it files a timely 2553 and meets the other requirements. The question is "Why?" There is really no...

I owe $100,000.00+ to IRS tax year 2006. Is there any possibility that I do not legally have to pay it back. See details please.

I am sorry for all the financial troubles that you have had. Depending upon your circumstances, you may want to speak with a bankruptcy attorney...