Can I write off bad debt from an unpaid loan given to a family member and receive a tax deduction ?
If you have a real loan situation and you can prove it, you can take a bad debt deduction. Transactions between family members are given close...
Palm Springs, CA
Tax Lawyer at Palm Springs, CA
Practice Areas: Tax, Agriculture ... +2 more
If you have a real loan situation and you can prove it, you can take a bad debt deduction. Transactions between family members are given close...
Based on what you wrote, it is not clear if the IRS is asserting that they received your 2012 return, or not. You need a good CPA . If is not...
You need to hire an experienced tax professional as soon as possible. As the other answers indicate, based on your question, it is not clear...
Increase, maybe. But 6? Maybe too much.. You should aim to get $0 back, that is, try to get your taxes withheld to match your taxes due. If you...
"Reasonable" means just that - reasonable. If you have no income in your S corporation and no capital, then zero is a reasonable salary. When ...
Selected as the best answer
Post-trial briefing is extremely important in a Tax Court case. You should seek counsel right away from a member of the bar of the U.S. Tax Court....
No, your parents do not need to file an amended return to report your income, expenses and other deductions. You need to file your own return. ...
Selected as the best answer
If you mean can you pay yourself as an employee, and withhold and pay over to the government federal withholding, FICA and other payroll taxes on...
Yes, it is possible, if you had check-signing authority for the business checking account and discretion concerning what bills would be paid next,...
Yes, and right away. You may want to have the lawyer hire another accountant to assist, which will give some confidentiality to the communications...