Forming an S Corporation can help with tax savings. The primary area of tax savings are on the self employment taxes. However, since a...

I agree with the responses that if the compensation is a "gift" you do not have to pay taxes on the gift. However, you may be required to file a...

Can someone file late tax returns for the past 10 years?

Generally, the IRS looks for past due returns for the last six years. This time period usually corresponds with the criminal statute of limitations...

I think you may be able to demonstrate to the Franchise Tax Board that you are facing a financial hardship. I agree that you will need to contact...

Notice from IRS .

Cancellation of debt is considered income for tax purposes unless an exception applies. One such exception is to the extent the taxpayer is...

Should I let my ch 13 be dismissed so I can sell my small business and then file an offer in compromise with the IRS?

I think that bankruptcy is a useful tool when it comes to dealing with taxes and in some cases a better plan can be obtained than dealing with the...