If I transfer the money to USA will I need to pay tax?

Generally speaking, inheritances are free of U.S. federal income tax. However, I recommend that you get professional advice on your reporting...

Only shareholders who provide services to the corporation should receive a salary. Otherwise, the IRS could challenge the substance of the...

"Constructive Ownership and Non Resident Spouse"?

You may have tax reporting obligations as a result of your wife's business interests. Because substantial penalties may apply for noncompliance, I...

You should be able to claim a federal income tax deduction for the attorneys fees you paid in the respective years you actually paid those fees. ...

Is ignoring a request to make an accounting of an irrevocable trust a breach of fiduciary duty?

A trustee is generally obligated to provide an accounting to a beneficiary. If the trustee refuses to provide an accounting upon request, you...

The choice of entity for a new business can involve a complex analysis of multiple factors, but here are a few thoughts to consider. As a...

Are the assets that are distributed to me from a trust taxable?

I assume from your question that any estate taxes that may be due have been paid by the executor of your parents' estate as required by law, so...

Selected as the best answer

A life insurance policy in an irrevocable trust has lapsed, with a taxable gain. Who has to pay the tax? The trustees?

The answer to your question depends on whether the trust is a grantor trust or whether it is treated as a separate taxable entity. Most likely...

Who/what agency determines the owner of an LLC?

My rule of thumb is that, if there is nothing else in writing identifying the owner of a single member LLC, the owner is presumably the person who...

In the state of California if a person dies and he only leaves a wife does sibling get half

From your lawyer's advice, it appears that your husband did not have a will. Assuming that to be the case, the division of property titled in his...