Archived
Can I file "Final" S-Corp returns w/o formal dissolution?
Bruce's answer
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Answered on November 16, 2014
Mr. Atchley has very helpfully given you the way to dispose of your "S" corporation on your own.
Archived
Would bankrupcy free me from past due monies due to the IRS? We owen$500K in back taxes and will never be able to catch up.
Bruce's answer
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Answered on November 16, 2014
Yes, as long as these are not trust fund taxes, bankruptcy will help if the taxes are old enough. However, before you go the bankruptcy route,...
Archived
If we do a quit claim deed for a rental party to a 3rd person can we write off the loss in tax return?
Bruce's answer
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Answered on November 16, 2014
Yes. You can take a loss for your basis (purchase price minus depreciation). That is a terrible story. You have my best wishes.
Archived
VFW BAR STEWARD NEVER PAID IRS TAXES FOR 2013 / 2012 AND NO RECORDS FOUND FOR SGOC. IS THIS DISHONESTY?
Bruce's answer
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Answered on November 16, 2014
If the club has been damaged, call the police. If the club has a tax problem, have the club's CPA handle the problem.
Archived
I'm a foreigner in Asia and receiving payment via PayPal for freelance work from a company in the US. Any tax forms or docs?
Bruce's answer
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Answered on November 16, 2014
The IRS explains how to determine the source of income at...
Archived
I just received 50,000 from my dead sister. It came from the sale of her stocks. How much tax do i pay?
Bruce's answer
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Answered on November 16, 2014
Probably you pay nothing in income tax and nothing in estate tax. However, as the other two fine lawyers have suggested, it depends upon how soon...
Archived
I am incorporating a new business in WI. What # of shares should I if I seek for investment capital? Tax fees on # of shares?
Bruce's answer
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Answered on November 16, 2014
For the state tax on the number of shares you should talk to a competent business attorney in Milwaukee such as Sean Sweeney at 414-312-5737. In...
Archived
Is it a business to make cake for my friend for money? Will i have to pay income tax?
Bruce's answer
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Answered on November 16, 2014
If you make cake for a living, yes that creates taxable income. As for the cheapest way, a sole propietorship does not require you to spend money...
Archived
I was told in the Obama Care package, when selling your home, you would have additional taxes to pay?
Bruce's answer
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Answered on November 16, 2014
The additional tax to which you refer is 3.8% tax on net investment income. It applies to unearned income such as a sale of the personal residence...
Archived
How can I get an assignment order to receive a tax refund of a debtor owing me 2000.
I have a court judgment
Bruce's answer
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Answered on November 16, 2014
As a private creditor you are not eligible to seize a debtor's tax refund. You are limited to the other remedies available under Kentucky law.
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