Hello, I did not earn any money last year. I still filed a 1040. Should I explain why I didn't make any money to the IRS? Thx!
Kaye's answer
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Answered on January 18, 2023
Agree with Mr. Doland --- if they want more info, they will ask for it. However, it is surprising that you earned absolutely no income during the...
Do managers of an LLC need to receive a 1099 if they did not take a pay distribution?
Kaye's answer
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Answered on January 18, 2023
Nobody should ever start a business without the following three things: 1) a bookkeeper; 2) an attorney; and 3) a CPA. This is a question for...
Is trustee responsible to inform beneficiary what types of distributions qualify as health, education, maintenance and support?
Kaye's answer
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Answered on January 17, 2023
There is no "bright line" test for what kinds of distributions qualify as HEMS distributions and which do not. The trustee will always have a...
In Idaho, what happens if a child inherits by a trust, to receive it when she is 25, but when she turns 25 she is not found?
Kaye's answer
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Answered on January 17, 2023
My first advice is to hire an attorney --- you are way out of your depth if you are trying to do this on your own. If this were my case, I would...
I WANT MY COMPANY TO BE THE GRANTOR, SOLE TRUSTEE AND SOLE BEENFICIARY OF MY TRUST
Kaye's answer
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Answered on January 17, 2023
It's not at all clear to me what you are trying to accomplish. You need to sit down with an attorney who specializes in trust law. Explain what...
What kind of lawyer handles trust accounts...etc
Kaye's answer
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Answered on January 17, 2023
It's probably not worth your while to worry about this. Once you are free, you will have much better things to think about than a few dollars...
Do I apply for a Trust EIN or an Estate EIN?
Kaye's answer
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Answered on January 17, 2023
If you are the successor trustee of this trust, you are extremely foolish to try to administer it on your own without the assistance of an expert...
Took 2020 NOL carryback to 2015 via 1040-X, but I also lived in California in 2015, but not 2020. Do I have to file amended CA?
Kaye's answer
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Answered on January 17, 2023
No. If I understand your question correctly, you carried back a NOL to 2015, which would not increase the amount of tax that you would owe to...
Applying for federal id for a revocable living trust for deceased parent in Dec. 2022. Should I apply for section 645?
Kaye's answer
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Answered on January 17, 2023
You need the assistance of an expert probate/trust law attorney in administering this trust. Such an attorney can apply for the tax ID # for the...
How do we report overseas inherited property 5 years after death?
Kaye's answer
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Answered on January 17, 2023
This is definitely NOT the kind of question that you want to be asking online. You and your siblings should hire a tax attorney who understands...
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