Archived
What is the process for filing a tax return for a trust?
Bruce's answer
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Answered on June 14, 2015
A regular, competent tax return preparer can handle the filing of an IRS Form 1041. Usually the trust is on a calendar year and will be due, as...
Archived
Do I need a lawyer if my tax return was filed incorrectly and I was not told about it. Putting me in a serious hardship.
Bruce's answer
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Answered on June 13, 2015
I would contact Legal Aid of North Carolina at 866-210 5262 and see if they will help you.
Archived
Why do penalties and interest continue to accrue when you are in an installment plan with he IRS for back 941 taxes?
Bruce's answer
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Answered on June 13, 2015
An installment agreement stops collection actions. It does not stop the accrual of interest and penalties.
Archived
Why am I responsible for excess tax on a home I lost, when the lending company sells it for less than the loan amount?
Bruce's answer
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Answered on June 13, 2015
The relief of debt is called CODI - cancellation of debt income. Internal Revenue Code Section 108 has had a specific exclusion for home debt for...
Archived
Can i file a delinquent FBAR this year? Will there be any penalties as I do not owe any taxes to the govt?
Bruce's answer
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Answered on June 13, 2015
If you failed to file the FBAR but for those years you had no taxable income in those accounts, then you can file the late FBAR without fear of...
Archived
If someone wins money in a contest, and donates the amount owed in taxes to a recognized charity, would he/she still owe taxes?
Bruce's answer
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Answered on June 13, 2015
If you win money in a contest, that is taxable income. The donation to charity is a deduction against up to 50% of your gross income. So it is...
Archived
I am conservator for my son, he's now 30 yrs old. How long to I have to keep tax records, bank statements, etc.
Bruce's answer
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Answered on June 13, 2015
As a court appointed officer you have to keep the records for at least three years after you filed the accounting for the period for which the...
Archived
Connection between IRS and FBAR?
Bruce's answer
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Answered on June 12, 2015
There is plenty of time between now and the end of the month to file for 2014. As for past years, you cannot handle this on your own. You need a...
Archived
How do I sue a stock broker who did not do his fiduciary duty?
Bruce's answer
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Answered on June 12, 2015
You need to hire a lawyer, like John Singer 310-461-1390, who specializes in going after brokers.
Archived
What happens to real estate agent commissions when there is insufficient funds at the close of escrow on the sale of a property?
Bruce's answer
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Answered on June 12, 2015
The escrow will not close unless it has sufficient funds. So no one will get paid.
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