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E. Martin Davidoff's Answers (1160)

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SUBJ: IRS Tax Correction Notice and Taxes Owed. What is the best course of action to minimize my losses? Which profession?

E.'s answer | Answered on May 30, 2016

You should show the notice to an attorney or CPA for proper interpretation. Preferably one who deals with IRS issues. One item in your question...

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Will ownership of a piece of property keep me from getting Currently Not Collectible Status from the IRS?

E.'s answer | Answered on February 21, 2016

We need more information to properly evaluate. How much do you owe the IRS? Is there a mortgage on the land? What is the land actually worth...

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If we dont pay the franchise tax then will the government come after me or my cofounder? We dont intend to continue the company.

E.'s answer | Answered on February 21, 2016

I all liklihood, you will have no responsibility for the corporate debt. You should confirm with a Delaware corporate attorney. Marty

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Can the IRS rescind my already accepted Offer in Compromise if I inherit savings bonds that I did not know about at the time?

E.'s answer | Answered on February 21, 2016

I work extensively in offers in compromise but have never run across your situation. You submitted financial information, it appears, which was...

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Are gifts received subject to income tax?

E.'s answer | Answered on February 21, 2016

Section 102 of the Internal Revenue Code states that "Gross income does not include the value of property acquired by gift, bequest, devise or...

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I owe both state and federal taxes from 2010 to 2012. If I filed bankruptcy, could this debt be wiped out?

E.'s answer | Answered on January 18, 2016

Probably yes if you file after April 15th. Taxes are dischargeable on the later of 3 years after their due date or two years after filing. 2012...

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What can I do to get her to up the form for interest for income tax?

E.'s answer | Answered on January 18, 2016

You do not need to receive a form 1098 (the form for mortgage interest) to claim interest paid on a mortgage. So, you do not need the form from...

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Do I have to pay taxes on the amount on form 1099-c or does some sort of exclusion apply? Thanks

E.'s answer | Answered on January 18, 2016

There are exceptions and consulting a tax professional is a great way to get some answers. However, if you are into self-help, the IRS has a GREAT...

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Say $35,000 paid into you bank account from abroad as gift; is there any tax or declaration issues? thks

E.'s answer | Answered on January 18, 2016

The answer depends upon the source of the gift. The correct form if reportable is form 3520, for which I have provided a link. Even though...

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How do I go about filing my NY State and federal taxes.

E.'s answer | Answered on January 18, 2016

Hire a good CPA, Certified PUblic Accountant, NOW!