Archived
Can a sports club retain money if the athlete quits before the season starts and if the practices are not what they were advert
Phillip's answer
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Answered on December 05, 2011
This is a very vague questions. It would depend upon the express terms and conditions of the contract which are not adequately explained here.
Archived
Work hasn't been taking out federal taxes?
Phillip's answer
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Answered on December 05, 2011
It does not matter whose fault it is. Your father is liable for the income taxes on his tax returns. The only action that can be taken now is to...
Do i need to pay the $800 minimum tax requirement to the franchise tax board pursuant to california revenue and taxation code?
Phillip's answer
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Answered on December 05, 2011
You are required to pay the annual franchise tax fee of $800.00 every year. Do not apply for your LLC until you have the revenue to pay the fee....
Archived
Do I have to sell myself shares from my own company when incorporating? Or, do I already own the 100% of the stock?
Phillip's answer
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Answered on December 05, 2011
No. You do no automatically own shares in the corporatoin. You need to purchase the stock. Stock can be purchased in three ways: cash, labor or...
Archived
Corporate Bankruptcy and Business Line of Credit
Phillip's answer
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Answered on December 05, 2011
I agree with Mr. Jackson. The bank can sue you on debt based upon your guarantee. Hire an attorney and see if you can negotiate something with the...
Archived
If I am Canadian, but am living in the U.S. as a permanent resident, will I be taxed on any inheritance I receive from Canada?
Phillip's answer
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Answered on December 04, 2011
No. Only a citizen of the US could be taxed on inheritance that is non-us source income.
Archived
Is a church congregation responsible for making up for minister social security benefits?
Phillip's answer
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Answered on December 04, 2011
There is not law that requires that a minister be compensated for the 15.3% if he opts out of social security taxes and benefits. See IRS...
Archived
If our C Corp owes the IRS taxes and we have not earned any money for 2 years should we dissolve the Corp or file bankruptcy
Phillip's answer
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Answered on December 04, 2011
Hire a tax professional. Ten years of tax liabilities is too much to ask of an attorney to analyze on AVVO with the information you have provided....
Archived
Is rental income loss not tax deductable if you income is over a certain limit? What limit?
Phillip's answer
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Answered on December 04, 2011
You are not allowed to deduct your rental losses if your modified adjusted gross income is $150,000.00 on your tax return or more. The exception...
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Archived
Tax suits leading to criminal charges
Phillip's answer
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Answered on December 04, 2011
The answer to your question is yes. The state can do this because you have not paid the tax. You need to hire an tax attorney immediately to...
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