Mr. Wolf is correct and is describing the Origin of Claim Doctrine that tax treatment of recoveries depends on the nature of the loss and what loss...

That is an accretion of wealth that is taxable income which must be reported as interest income or the IRS will automatically assess the tax and...

Since your father owns the LLC he’s taxed on its income. Since the bank account is in your name, the IRS is very likely to try to tax you on all...

Unless the partnership agreement states otherwise, either partner is free to terminate the partnership. You each need a lawyer to work this out but...

No it’s not required. You can operate as a sole proprietor. The primary benefit to the PPLC is if you are leasing property and aren’t required...

It depends. Under some circumstances forfeiting the charter can make owners and directors liable for LLC or corporate debt....

There are more details needed to determine whether you would qualify for bankruptcy discharge under the “means test.” See...

Stop paying. When you hear from the lawyer, communicate your hardship situation and offer them $30/month for a year to release the debt. If they...

How can you get out of a title loan you signed? Since you probably can’t afford to pay it off early, you probably can’t escape from it without...

The discharge occurred before you had the legal right to claim the refund and was probably below the Tx Property Code Ch 42 exemption amount so I...