What will happen if taxes are not paid?

Nothing will happen to you if you just let it go, do nothing and not pay the taxes.

Want to set up a trust to hold a property and give to my niece when she is 25. Will it occur transfer tax, reassessment?

If the equity in the property is more than $15,000 you will have to report it on a gift tax return. However, you have a lifetime transfer tax...

Mr. Cappuccio has given you the correct answer. You should consider having each piece of property in a separate LLC so that if someone dies on...

Can someone just walk away not paying tax owe for their partnership LLC?

You have no obligation to pay the entity's minimum franchise tax as long as you did not withdraw money from the entity when it owed the tax. The...

How is the capital gain determined? on the personal residence sale

The gain is determined by subtracting your basis from the net sales price. Your basis is what you paid for it plus improvements. Your net sales...

There is no reassessment on property received from a spouse.

Do non-residents need to pay taxes for the work done while being outside of the United States?

If you are not U.S. residents you do not have to pay U.S. income tax on your non-U.S. source income. The question of whether you have established...

Well, you can certainly file a lawsuit against H&R Block. Their defense will be that they are not to be blamed for a criminal act. Your response...

Can I sell rental property I have put in trust?

First, a CPA or tax lawyer must read the trust to determine if it is a complex trust. If it is, then the tax is paid at the trust level. ...

Employment litigation settlement

If the recovery is for lost salary then it is fully taxable as salary. You may be able to deduct the legal fees if there was any element of...