I am a Florida resident with a summer home in Massachusetts . Rental property in both states. Have estate planning questions.
Charlotte's answer
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Answered on August 28, 2014
It should be done in Florida since that is where you are a resident. I have had clients with out of state property and I often advise, depending...
Why do some practitioners recommend "quiet disclosures" in unfiled fbar and tax reporting documents, not the IRS programs?
Charlotte's answer
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Answered on August 28, 2014
Dana is absolutely correct. Quiet disclosures are a bad idea. The penalties involved could be huge regardless of whether there was any tax due...
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Selling of items obtained doing couponing or bargain hunting in Florida (yard sales / flea markets)
Charlotte's answer
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Answered on August 28, 2014
Seek a business attorney who can help you with choice of entity and counsel you with any licensing issues. The attorney should also be...
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A business has 20,000,000 authorized shares. The owner passed away recently but did not issue any shares to himself.
Charlotte's answer
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Answered on August 28, 2014
It really depends on what the partnership agreement or shareholders agreement or operating agreement says. Sometimes shares automatically pass to...
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I am self-employed. Do I need to actually have an LLC or other corporate entity to deduct my business expenses?
Charlotte's answer
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Answered on August 28, 2014
No, you do not need to have a business entity to deduct business expenses. You can operate as a sole practitioner. The real question is should...
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Can the General Partners, under Florida Partnership law, discriminate between payments to limited partners?
Charlotte's answer
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Answered on August 27, 2014
Have a look at the partnership agreement, if your wife has a copy to it. General partners usually have a duty to each other and the limited...
Archived
The plaintiff has asked for an extension to reply to interrogatories and admissions. Is this allowed? what can I do to stop it
Charlotte's answer
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Answered on August 27, 2014
The court will usually allow either party the extension. However, it is bad practice to file a motion for extension and then not call it up for...
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Can FL probate force sale of decedent's homestead property to pay credit card debt?
Charlotte's answer
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Answered on August 27, 2014
I agree with my colleague that you should seek out an attorney for the matter. The homestead property is exempt from creditors. With the amounts...
Archived
How far back IRS looks into tax filings? If IRS will audit, will they do it under certain period? Or IRS will go back XX yrs?
Charlotte's answer
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Answered on August 26, 2014
I agree with the prior answer but would add that if the IRS suspects fraud, then they are not limited to a particular time frame
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Is it illegal to make my own charity? Or to call a donation page a charity?
Charlotte's answer
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Answered on August 26, 2014
Starting a non profit requires setting up a business organization according to state laws. You will need to include very specific verbiage in the...
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