Am I liable for unpaid withholding taxes for both Minnesota and federal owed by my husband's now closed business

You may be entitled to "innocent spouse relief." Please contact a tax attorney in your area t o discuss.

What events in the life of a convertible note would trigger tax liability? Holding note? Conversion? Sale of notes or stock?

converting the note to shares should not be a taxable event, except to the extent that accrued interest is realized at the exchange. But selling...

Selected as the best answer

There is a substantial exemption for foreign earned income, please take a look at IRS form 2555 and instructions for more information, available at...

How does it work.

Have your husband hire a probate lawyer immediately, in the county were your father in law resided. Even answering all of these questions would...

I have been appointed by an executor to handle the financial payments pertaining to the estate. On the estate checking account,

Omitting assets to avoid inheritance tax is tax fraud, a criminal offense. Do you really want to be involved in this?

I purchased equipment for 75000 in 2000 and am going to sell for 80000. do I pay capital gains on all 80000?

ordinary income on 75k, capital gains on 5k. consider an installment sale if you want to spread over more than one year.

My dad owed irs prior to his death. Am I required to pay them from inherited money?

yes, transferee liability under the IRS code. Sort this out now rather than later, otherwise you will continue to accrue interest and possibly...

I live in Indiana and purchased a car in Ohio. They collected a 7% tax from me. They wrote a check to IN BMV for 1%. Correct?

Sounds like Ohio charged you 6 and Indiana got 1, since Ohio charged you less than 7. You need to register your care in IN, they will want to...

Is it illegal to have an offshore bank account?

No its not illegal to have an offshore account, but its illegal not to report the income for income tax purposes. There are also other reporting...

How much gift tax do I have to pay for financial year 2014?

You may transfer up to 14,000 per person for 2014 without worring about gift tax reporting. You should investigate your obligations under FBAR if...