Archived
Should I enroll in the IRS's Voluntary Classification Settlement Program or just switch some contractors to employees?
Bruce's answer
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Answered on June 12, 2013
Both Mr. Smith and Mr. Nielsen have given sage advice. Our experience, however, is that our clients have felt good as a result of going through...
Archived
YESTERDAY I GET A KNOCK AT THE DOOR! IT WAS A MAN AND HIS FATHER SAYING THEY BOUGHT OUR HOUSE IN AN AUCTION
Bruce's answer
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Answered on June 11, 2013
Ms. Smith and Ms. Liewen have given you good advice. Hire one of them.
Haven't filed Form 568 or paid CA LLC $800 minimum fee for last 12 years. What are my options and what should I do?
Bruce's answer
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Answered on June 10, 2013
If the LLC is not active, then there is nothing to do, and nothing to pay. If the LLC is active, then you need to file and pay. There is one...
Archived
How do I treat (for tax deduction purposes) a $370,000 Roth IRA loss resulting from a ponzi –scheme "Madoff type" investment?
Bruce's answer
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Answered on June 10, 2013
The basic rules are in Revenue Ruling 2009-9. IRS Information Letter 2009-0154 explains that you will not get a loss unless you have basis in your...
Archived
Can a lawyer get a state tax lien off my credit report?
Bruce's answer
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Answered on June 10, 2013
You should contact Mr. Nielsen since he has an office in Arizona.
Tax question: My babysitter wants me to pay her cash - is this legal?
Bruce's answer
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Answered on June 10, 2013
Messrs. Corrigan and Taylor have given you the correct advice: you can pay her in cash but she is not going to be happy to learn that she is going...
Archived
Can the president of a one person LLC or Corporation receive unemployment benefits in CA?
Bruce's answer
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Answered on June 10, 2013
Mr. Kane is correct.
What are the rules for solo 401K opening a margin account at brokerage?
Bruce's answer
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Answered on June 10, 2013
Mr. Kielich is correct that it might turn out to be a bad idea. However, it will not be a prohbitied transaction. If there is trading on a margin...
Archived
Should I still file taxes and pay all the penalties to bring it current?
Bruce's answer
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Answered on June 10, 2013
Both Messrs. Smith and Corrigan are correct: (i) the FTB will not pursue individual liability for the unpaid franchise tax; and (ii) Michael Doland...
Archived
The Federal Estate & Gift tax exemption is now over $5 million and is permanent. When I die I'll leave at most about $1 million.
Bruce's answer
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Answered on June 10, 2013
The other fine gentleman has given you the correct answer. Another downside is that you are violating the law.
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