This is a huge area of the tax law. To oversimplify the matter, settlements for personal bodily injury are exempt per Internal Revenue Code (104...

Generally, gifts recipients are not subject to taxes or penalties. Any filing or tax payment obligations rest with the donors. Recipients of...

As long as joint settlor parents (trust creators) are alive, there is no reason to obtain an FEIN for the trust. When one spouse dies, the...

Any money spent on the residential rental property that increases the value of the property or its life is capitalized. Others maybe considered...

Considering the circumstances, I would call the local Bar Association for an Attorney referral specialized in banking laws. I hope this helps and...

You need to include the K-1 information in your annual individual tax returns each year until they mark it " Final". I hope this helps and good...

In order for all the assets to be distributed per terms of the trust, I would transfer all assets to the trust ASAP. Zaher Fallahi, Esq, CPA (CA...

Explain the error to the money recipient and demand the return of the money before hiring a lawyer. I hope this helps. Zaher Fallahi, Esq, CPA (CA...

The money he is taking from the business you co-own with him to pay someone working in his other business is his draw from the business you co-own....

I would consult a tax professional regarding your “California residency’, which is lengthy list to determine whether you can exclude your income...