The LLC owns the parcel. The transfer to the LLC is a "capital contribution" on behalf of the former parcel owner.

You need to consult a CPA who is familiar with FBAR and FATCA regulations. The penalties for non-compliance are severe, so you want to play it safe.

You should have this issue addressed in your divorce decree --- you will save yourself lots of hassles and headaches later on if you do.

You are starting on a new business arrangement. At a MINIMUM, you need the following: 1) a bookkeeper; 2) a CPA; 3) a business attorney. ...

You received a gift, and gifts are not taxable in the U.S. (The giver sometimes has to pay tax, but the recipient of the gift does not). ...

Yes, if you owe back taxes the government can seize your income tax refund ---- this encourages taxpayers to pay their taxes on time.

You need to consult a tax professional who can help you deal with the 1099 from 2022. But whatever you do, you need to get your tax returns for...

You may deduct business expenses that are "ordinary" and "necessary." IRS determines what is ordinary and necessary based on the facts and...

The lender is required to file 1099-C with IRS in the year that they write off the account, which apparently didn't happen until 2023. You do not...

Most offer applications that are submitted by individuals without professional assistance are rejected by IRS. If you want your offer application...