Archived
What is the allowed amount of time a creditor can ask for items to be surrendered after discharge and closure of chapter 7?
Magda's answer
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Answered on April 13, 2016
Since the creditors were secured creditors, they can pursue the collateral at any time. The fact that you did not reaffirm simply means that they...
Archived
Can payroll change my exempt status without my signature or my telling them?
Magda's answer
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Answered on April 12, 2016
Fill out the required form (W-9) to instruct your employer regarding your status so that they can withhold appropriate amount.
Archived
Should a caregiver for his parents pay tax on money they give him or consider it a gift?
Magda's answer
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Answered on April 12, 2016
Although it could go both ways I think you have to determine whether your parents' intent to give you a gift. If it is then you should consider it...
Archived
Wld my Dad's bnifciarys pay full CG tax on the "business" part of the house, or wld the cst basis b upped to FMV as of his DoD?
Magda's answer
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Answered on April 12, 2016
Per the IRS:
Inherited Property
The basis of property inherited from a decedent is generally one of the following.
1. The FMV of the property...
Can i file chapter 7 bankruptcy, if i am in a Debt relief program??
Magda's answer
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Answered on April 12, 2016
Yes you may file bankruptcy even though you are in a debt relief program. The trustee may have some avenues to collect from the company, but that...
Archived
Will my being on these accounts put my mother's money at risk from the IRS?
Magda's answer
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Answered on April 12, 2016
Placing your name on the title of the account as a joint owner may put your mother's investments at risk with the IRS since they will garnish/levy...
Archived
Is a $1 deed from myself to my LLC liable for the gift tax?
Magda's answer
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Answered on April 12, 2016
A contribution of property from a member to its entity may be a tax free transaction as a capital contribution. I recommend that you meet with a...
Archived
Does it make sense to create a family foundation given the amount we give annually?
Magda's answer
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Answered on April 12, 2016
I recommend that you speak to a tax attorney who is familiar with tax exempt organizations. There are a lot of tax rules involving what you can or...
Are intercompany sales subject to sales tax in PA?
Magda's answer
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Answered on April 11, 2016
I recommend that you speak to a tax attorney or CPA who is well versed in state and local PA taxes. It will be worth it.
Archived
As a purely digital business who sells no tangible items, do I need to register for the TN franchise/excise tax?
Magda's answer
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Answered on April 11, 2016
I recommend that you speak to a tax attorney or CPA in your community who is well versed in state and local taxes. It is much wiser to hire a...