Archived
If I was deeded property by a relative who recently passed do I have to pay the taxes due on that property now that it is in my
Jeffrey's answer
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Answered on September 22, 2020
You should check with the executor of the relative's estate to determine if the will states who would have to pay debts of the estate. If the...
What does it mean when irs say the advocate close your account ?
Jeffrey's answer
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Answered on September 18, 2020
We don't know what it means. How could we? I constantly get idiotic voice mails from TAS regarding the status of various cases, and like Mr....
Archived
Will I face prison time if I pay late payroll tax now?
Jeffrey's answer
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Answered on September 15, 2020
I have never even heard of anyone being prosecuted for owing only $3000 in withholding taxes. Even if it were intentional, that fact pattern will...
Archived
If I use distributions from passive income source (S Corp, LLC) to pay all income tax, it's protected/not transmute premarital?
Jeffrey's answer
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Answered on September 15, 2020
You'll have to clarify your question. Yes, you can use whatever funds you have to pay income tax, all other things being equal. But we don't know...
Can I get in trouble for not reporting business losses to the IRS?
Jeffrey's answer
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Answered on September 14, 2020
You will not get in trouble for this. However, if you still have the business in operation, you should have your CPA file all returns. In...
Archived
When figuring child support in IL what is the figure based off?
Jeffrey's answer
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Answered on September 10, 2020
What your tax return is showing might be called "phantom income." You are taxed on it, but you do not necessarily get it the same year as it is...
Archived
My husband passed away Aug 13th 2020 and the benefits plan admin will not provide me with his benefit information what do I do?
Jeffrey's answer
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Answered on September 10, 2020
You definitely need to go over her head. Demand to speak to someone in upper management. If that does not work, hire a local attorney to push...
Are fees from a "consulting services agreement" tax deductible? Plus, is doing business with a "Chinese Wall" going to screw me?
Jeffrey's answer
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Answered on September 09, 2020
Answer to both questions: I don't know, because I have insufficient information upon which to base any response. I would need to discuss the...
Do I need to use LLC in the name of my business in all materials?
Jeffrey's answer
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Answered on September 08, 2020
It is standard legal advice to recommend that you do indeed use the complete legal name, whether a corporation or a limited liability company.
Do I have to move my llc?
Jeffrey's answer
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Answered on September 08, 2020
There are no requirements here. Although I recommend you consult with an attorney at least once, perhaps you may end up simply opening up a new...
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