I wish to set up a LLP or LLLP to hold income property. Can i make my LLC the general partner and myself the limited partner?
Henri's answer
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Answered on July 27, 2013
It is fairly common for people to hold real estate in an LP or LLLP with a corporation as the minority general partner. The idea is that the LP...
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Is my current employer guilty of tax evasion if I signed a W-9 but treated as an employee instead of an independent contractor?
Henri's answer
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Answered on June 30, 2013
As has been suggested, you may want to consult with an employment attorney before turning this over to the IRS. If you want to get the IRS...
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Do I have to declare a property in India valued at approximately $100,000? The property generates rental income of $200 / month.
Henri's answer
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Answered on June 27, 2013
Take a look at the instructions to Form 8938: http://www.irs.gov/uac/Form-8938,-Statement-of-Foreign-Financial-Assets Also, don't forget about the...
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Would a non-owning spouse be liable in any way for taxes on "income" from a foreclosure on property owned by the other person?
Henri's answer
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Answered on June 27, 2013
If the foreclosure results in cancellation of debt income after you are married, you should consider filing separate tax returns. If you file a...
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Gift
Henri's answer
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Answered on April 23, 2013
If you are thinking of the federal gift tax the answer is no. The person giving the gift might have a gift tax liability and will probably have an...
Archived
Tax return
Henri's answer
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Answered on April 23, 2013
If you are not a U.S. citizen and are planning to leave the country, you should determine if you are required to apply for a tax clearance...
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Use tax question. az state delays paperwork for 5 years then charged interest for those 5 yrs Is this legal?
Henri's answer
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Answered on April 23, 2013
In many states the taxpayer is obligated to self-report the use tax when the taxable item is brought into the state. You should find a tax...
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What documents should be submitted with ITIN application for foreign nationals?
Henri's answer
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Answered on April 08, 2013
You can also contact an IRS authorized Acceptance Agent to apply for an ITIN. Here's a link to the agents in Washington...
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What can I do if I have not filed tax return for my small business for years, but can't afford a tax consultant/lawyer?
Henri's answer
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Answered on April 08, 2013
You can also look up an IRS Volunteer Income Tax Assistance (VITA) location. I don't know if they will help with prior year returns, but they can...
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My husband is $40,000 dollars in debt with the IRS. He's scared, I'm scared. We don't have the money to pay it off.
Henri's answer
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Answered on April 03, 2013
You probably have options, but they depend on the type of taxes and penalties, how old the debt is, and the administrative status of your account. ...
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