Does your limited liability company have an operating agreement? If so, what are the provisions of the operating agreement concerning terminating a...

Tax

ALWAYS file a tax return. Filing a tax return starts the Statute of Limitations. This limits the IRS to 3 years for audits and 10 years for...

Sold my business in New Jersey. Am a Florida resident. Do I still need to pay the CBT and at what rate.

The answer depends on who is receiving the payments. Since it was an asset sale, I presume the payments are being made to the Corporation. If so,...

If i was on workers comp all of 2012 do i have to file a tax return?

Absolutely file a tax return! If you do not file, the Statute of Limitations never runs. That means the IRS could audit you 20 years from now. If...

I own a 50% of a restaurant, my partner decided to open another one, do i get any benefit from the new one?

Hire a Lawyer! You should have had an Operating Agreement with restrictions in place. Have your lawyer look through any of the documents you may...

Do not buy a car! If you need a new car, lease it. Do not put anything down and you will have no equity in the vehicle. Since you will not own the...

If I give money to a non-relative, can I deduct it from my Adjusted Gross Income for 2012?

Gifts are not deductible from your gross income. In fact, the gift may be subject to state and federal gift tax. (The large gift tax exemption...

What recourse do I have regarding my ex-wife not filing our 2011 taxes? Per the IRS as of 12.10.12 they have not been filed.

The wisest course of action is for you to file your own tax return. You would be filing as "married filing separately." This will start the statute...

Does SS and medicare for 1099 contractor calculated based on gross or net (after deductions)?

Independent contractors file a schedule C on their 1040 US income tax return. The net profit, after all expenses, is the amount subject to...

What is the employer responsibilty for correctness of ITIN on an IRS tax levy

You have two potential sets of liability; one is to the vendor and the other is to the IRS. If the vendor changed to an EIN, most likely the actual...