Questions answered by Steven J. Fromm

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Irrevocable trust

Steven's answer | Answered on March 21, 2010

Generally, when a trust is irrevocable it can not be changed by anyone. Having said that there may be some changes that are allowable under the...

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What is the deadline for an employeer to send out W2s

Steven's answer | Answered on March 21, 2010

Generally, W-2s are due by March 1 and March 31 if filed electronically. Try to find the owners to see what they are going to do. If not, then...

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What is a Section 1244 stock/ election? How is it made and what are the implications of electing/ not electing it?

Steven's answer | Answered on March 21, 2010

Briefly, this election allow stockholders to treat losses that occur on the dispostion of such 1244 stock issuances to be treated as ordinary...

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Should I sell my house to my daughter for $100 or leave it for her in my will?

Steven's answer | Answered on March 21, 2010

I am not a TX lawyer so I can only make general comments. The most important point here is that if you gift the house to her, she will take a...

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Tax write off on mortgage

Steven's answer | Answered on March 21, 2010

If you are both obligated on the mortgage, then the persons that makes the payments is entitled to deduct such payments. Hope this helps. If you...

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Claiming an adopted child after divorce.

Steven's answer | Answered on March 21, 2010

You may be able to claim him but you have left out important facts that are needed to make this determination. Generally, if you provide over half...

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Does the issuance of shares to the founders of an S corp generate any tax liability? If so, how can the tax be minimized?

Steven's answer | Answered on March 21, 2010

I am wondering if you are the same guy from Atlanta that asked the no salary question and the second issuance of shares. Anyway, you do not...

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If initially, I issue shares at $1/share and I later issue shares at $2/share, have I automatically generated a tax liability?

Steven's answer | Answered on March 21, 2010

I am wondering if you are the same guy from Atlanta that asked the no salary question. Anyway, there would be no gain on the first shares on the...

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Would a contract that my annual income would be $1 until the startup company revenues reach a certain point be valid?

Steven's answer | Answered on March 21, 2010

The IRS is hip to this payroll tax dodge and they have been auditing these issues. Your salary needs to be based on the reasonable value of the...

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Will I create any potential liability if I claim my disabled adult child as my dependent?

Steven's answer | Answered on March 21, 2010

Generally, as long as you do not co-sign or guarantee any of her obligations or debts, you will not be liable for her debts by merely claiming her...

Steven J. Fromm's Answers (9012)

Irrevocable trust

What is the deadline for an employeer to send out W2s

What is a Section 1244 stock/ election? How is it made and what are the implications of electing/ not electing it?

Should I sell my house to my daughter for $100 or leave it for her in my will?

Tax write off on mortgage

Claiming an adopted child after divorce.

Does the issuance of shares to the founders of an S corp generate any tax liability? If so, how can the tax be minimized?

If initially, I issue shares at $1/share and I later issue shares at $2/share, have I automatically generated a tax liability?

Would a contract that my annual income would be $1 until the startup company revenues reach a certain point be valid?

Will I create any potential liability if I claim my disabled adult child as my dependent?