Suspended corporation and removal of a shareholder

There is nothing that prevents you from tendering your shares back to the corporation. The suspended status of the corp. does not prevent you from...

IRS Form 1099 Misc - Tax Treatment of Awards and Settlements

The reality of your circumstance is that teh 1099 has been reported. See a good tax preparer who can deduct the damages to your tire so that the...

Am I liable to pay my corporation utility bills?

No, unless you have guaranteed these debts or otherwise indicated that you would be personally liable for the debts. Good luck! Phillip M....

We have a farm corporation for boarding and cair of horses. We have not been profitable for 15 years.

You can continue to claim losses until your "basis" [you capital investment in the business] is used up, unless the IRS audit your corpo. and...

Can I force a family owned corporation to hire family members, that are experienced and have a vested interest in the company?

If you are shareholder you have certain rights depending on the corporate documents. You need to consult with a business attorney to determine what...

Is shifting incomes out of state considered tax evasion?

Yes for California state tax purposes. Because there is no economic substance to the sales to the Nevada Corps.

I am filing a tax return based on estimates, including real estate transactions and gains / losses. I do not have the original

You are required to file by law, so file your best estimates. There can be significant civil tax liabilities assessed against, but probably not...

If I have a gross income of $40K be reduced to $25K taxable income?

See a tax preparer.

No because the articles have been filed. Good luck! Phillip M. Smith Jr. Los Angeles Tax & Business Attorney Licensed in the United...

Will the IRS intercept my California State tax refund if I owe them taxes from previous years and have an installment agreement?

I checked on this earlier this year and was informed by a tax employee of the State of California that there is not agreement with the IRS to allow...