I recommend keeping the original trust agreement, but writing "superseded"clearly on the front page so there will be no mistaking it for the most...

I am a LLC in Florida and need to know for tax classification should I file as partnership, corp or disregard as an entity?

Generally single member LLCs are disregarded entities, but you can elect corporate (S or C) tax treatment if you wish by filing Form 8832 with the...

After death I will have 10rentals for my executrix to collect rent . What kind of acct can this money be put in.?

If your will provides that the properties are to be held in a trust, then the trustee named in your will should obtain a tax ID number for the...

Do I have to report to IRS a wire transfer from a foreigner?

You are correct - you are not required to report receipt of the funds and may use in any way you want.

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Amount of money you can receive as a gift without declaring on your 2013 tax forms in North Carolina?

North Carolina does not have a gift tax. Gifts are not reportable as income for federal or North Carolina purposes, but gifts over $14,000 per...

Reading conflicting information about the personal liability offered with Single Member LLC's.

You may have found from your research that a properly formed and operated single member LLC normally protects against "inside" creditors, but in...

My fathers estate had to go to superior court and has been finalized. How long does it take for the lawyer to close it out?

An estate cannot be closed until a Final Account has been submitted to the court and approved. Preparation of the Final Account depends on many...

HELLO! Which is the best way to make sure when I die my money goes to my nephews in Mexico? Thanks

I recommend use of a living trust - if funded correctly it will avoid the court-supervised probate process, which can be even more burdensome with...

My wife and I started an LLC at home this year. We have not generated any income. Are we required to file as a partnership?

I believe you would have to own your LLC as tenants by the entirety to have the LLC disregarded as a separate taxable entity (unlike in community...

Recipient of a large gift from Canada - tax implications?

Neither of you will have to pay any U.S. gift tax, but you must report receipt of the gift on IRS Form 3520.