Do i have to pay gift tax ?

Generally, gift from your father to you is nontaxable. Hover, it you receive more than $100K in a year, you are required to file the form 3520,...

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What can I do to see that the contract is followed.

After a contract has been formed, any new compensation to one part should be supported by consideration to the other party. If you have a valid...

Also, how do I tell the IRS that I want to be taxed as C-corp? is it by filing my LLC tax return Form 1120?

Generally, you make the election when obtaining the Fed Tax ID the IRS form SS-4 at the inception. Thereafter, you may use the IRS from 8832. I...

I am now divorced and have a daughter who is 5 and currently with my ex wife. Can I claim my child for tax purposes?

Generally, the spouses can consent on the matter and only one of them can claim the child. There are some specific issues to discuss with a tax...

How can my brothers and sister get this money back from the franchise tax board?

I believe I answered this very question in a different place. Information presented herein is for general purposes only. It is not intended to, and...

Sorry for the trouble. This happens often. You may sue the sub as a third party beneficiary. I hope I am not repeating an answer provided by...

Can a foreigner have a Limited Liability Company in Texas as a non resident with no work permit?

I am a US Treasury Office of Foreign Assets Control (OFAC) Attorney, and know that a foreigner from a country sanctioned by the US is not permitted...

Trying to understand how taxation works on inherited U.S. Savings Bonds (I-bonds) when some of the bonds are titled to a trust.

I would like to add one more point to the answers already published. When a property transferred to a trust, it retains the original title to that...

How do we get it out of the trust and into my name and my brothers name so we can sell it?

I would recommend you consult one of the lawyers who responded before me to your question. This appears a simple issue to be resolved by a brief...

What can my sister or brothers do to get this money back from the tax board

My colleagues have provided you with good points to follow. To prevent and preempt any potential problems, I would recommend you consult a local...