Hi, the question is regarding a foreigner, who establishes a Delaware LLC and open a US bank acct for foreign bzns transactns

First, you could set-up a LLC or Corporation in any State. However, when you conduct business, even though it is outside the US, there is tax on...

Will my life insurance payout be affected in any way by federal tax liens that have been filed against me?

If the life insurance has a NAMED BENEFICIARY, not your estate, the proceeds will go to the beneficiary. You did not state the type of policy. If...

Can I deduct property tax and interest payment on a friends home?

No. This is essentially a gift of money to your friend and she is treated as having made the payments and gets the deductions. Sorry your...

What do I file this source of income as?

You will need to file a 1040 Schedule C. Frankly, you should talk to a good tax and business lawyer and consider forming a LLC. Good luck in...

It is probably too late. It sounds like you are suffering through a Tax Compliance Officer audit. They are less trained and demand excessive...

How will an attorney reduce my debt to the IRS ???

First, the attorney may not be able to reduce the debt depending upon the type of tax and your income/assets. The tax attorney can negotiate an...

If I want to open a Partnership or LLC in Delware as an investment vehicle, pooling my family's money into it, which one is best

The LLC you want is probably a Manager managed (vs. Member Managed) . A good tax and business lawyer can draft the appropriate LLC Operating...

First, you should close the account before it is levied again. Secondly, please see a divorce lawyer to straighten out your marital situation. I...

Gift tax or not on the checks i received?

There is no tax the recipient of a gift pays in any case. Since your uncle and aunt gave you a joint gift, $14k + $14k, the entire amount is...

Can I appeal disagreement on current tax exam report directly without answering additional information request?

The audit is for your entire return. In fact, the Tax Examiner can open up all years where the statute of limitations has not run. For example, if...