Trust Fund Penalty - Is Offer in Compromise a good option, what are the chances of acceptance? Legal process is cost prohibitiv

My colleagues have provided good advice. If you have already tried unsuccessfully to prove your case, consult a tax attorney. I wonder what...

My wife and I recently received a bill from the IRS for an incorrect deduction taken and how tax guy has retried .

You have not present sufficient facts for a more elaborative answer. Consult a tax attorney to review the validity of the IRS’s reason for...

My S corp owns one rental property. Since the income of this property is passing income to my personal tax return,

I agree with my colleagues that it is unusual to put a real state in a corporation. Consult a tax attorney or tax CPA to make sure that the so...

Do you needed to register a foreign checking account using a FBAR form even though there was no tax filing requirement?

FBAR is required for the accounts in excess of $10K. Regardless, the schedule B still must be answered “yes” to make the return “not false”. I...

Limited partnership (LP) California LP is a partnership formed by two or more persons to carry on a business for profit, and must file the form...

Can my aunt be my ca registered agent?

Anyone of legal age that you trust to receive the potential legal notice regarding your business in a state should qualify. Generally, you update...

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Does a LLC taxed as S corp have other S corp traits besides the taxation or is everything else about the LLC like a regular LLC?

When an LLC is elected to be taxed as an S corporation, it is for tax purposes only. This means property distribution, reasonable compensation, and...

Life insurance non taxable benefits has to be file on tax by law or not?

Generally, life insurance proceeds are not taxable income, but may be included in the decedent’s estate tax return if the estate owns the policy....

What do I need to know about a new business being a continuation of my old business? Do I need to worry about this?

Generally, your personal liabilities, contractual, regulatory and other obligations, related to the old business will follow you until exhausted....

Do I need a lawyer

There are important legal issues involved in your case and the short answer to your question is that you should seek legal advice from a lawyer....