Legally how long does one have to hold on to income tax paperwork for a rental business. Two, seven or more years?

Records regarding what you paid for something must be kept until you sell the property. For everything else the rule of thumb is to keep the...

Just obtained EIN for DBA from 2012, can I claim deductions on my 2013 taxes?

You do not need a taxpayer ID number for a DBA to deduct legitimate expenses.

Foreign bank interest - I did not report my UK Retirement account (about $12k).

The issue is whether you paid the U.S. income tax on the account. If no income tax was due, for example due to the foreign tax credit, then there...

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Is lump-sum settlement amount in lieu of income loss in the future taxed in USA? Thank you.

Mr. Lezon has given you the perfect answer.

What year do i report IRS tax for - I entered into a contract in Nov 2013. but the payments will be received in 2014?

Messrs. Klasing and Halverson, both really smart men, have given you wonderful advice.

Will we owe money?

Messrs. Corrigan and Egli have given you wonderful advice.

MY ACCOUNT HAS CREATED A BIG TAX PENALTY PROBLEM FOR ME WITH THE IRS. HOW DO I EXPLAIN ALL THESE PROBLEMS TO THEM?

There are lots of highly competent CPAs in North Hollywood and the immediate surrounding area. For example, call Brian Stoner, CPA at 818-333-5095.

Do I have to income tax for my corporation and LLC?

Mr. Halverson has given you the correct advice.

Do I need an attorney to set up and/or oversee a scholarship fund in the name of my deceased daughter?

Mr. Ornelas has given you a thoughtful answer.

Separate property & married separate on income tax ?

No.