Old employer sold assets to new company & I did not go with them. I want to start a similar business. Am I safe?

Even though you do not have a written non-compete, you cannot use proprietary information of the company. For example, if you have the price list...

Should I hire a tax lawyer or the IRS agent fishing?

Absolutely hire a tax lawyer. Something is wrong when an IRS Revenue Agent makes such a statement about your parents. You can still keep your...

What is the best state to create a LLC for asset protection and tax planning?

Asset Protection is tricky and very personalized. You may want to consider an Alaskan Trust or Delaware Trust as the owner for a LLC . Since it is...

The IRS will send you a notice if the installment agreement is accepted. Since you have not received the notice, I would suggest that you use the...

Question about I.R.S. tests for business versus hobby

From the facts you supplied, there is no US gift tax and the recipients do not have to report this gift. If the recipients received the gift from...

A relative in Russia wants to give financial gifts of $14,000 to each member of my family. Is there any US tax risk to her.

From the facts you supplied, there is no US gift tax and the recipients do not have to report this gift. If the recipients received the gift from...

Selected as the best answer

First, please go to your tax lawyer or CPA to get your 1040 and Schedule C prepared. You can also talk about your best course of action for keeping...

Will I be fined or penalized by the IRS for filling out my own tax returns incorrectly with their limited help?

You would be smart to hire a CPA or professional tax preparer to prepare your 1040. Trying to prepare a schedule C on your own is difficult. I find...

Transferring LLC interests to a new member

As an additional tax note, changing members would effect your 1065 US Partnership Tax Return. You may actually have to close the partnership year...

You need to file a Form 8822. Here is the link on the IRS site: http://www.irs.gov/pub/irs-pdf/f8822.pdf Good luck! Ron...