What are the tax/other implications of gifting/selling business to family members?

Your mother can make almost 11 million dollars of gifts during her lifetime. All that would be required is the filing of a gift tax return. No...

The State of California Franchise Tax Board (FTB) is most certainly an aggressive tax agency to face. A taxpayer will face collection actions by...

Does a Gaming Community in which uses paypal to store funds from members who donate to keep our servers and website up, taxable?

Code section 61 defines income from all sources defined as any accession to wealth and is about as broad as can be....

Debt Question - 1099 = Debt Forgiveness?

Debt forgiveness is generally ordinary income but there are exceptions, the two most common of which are that you are either in bankruptcy or...

Tax levies result from either owing the IRS or a state tax agency. In order to contact the right tax agency, you need to first determine who has...

I found this answer by AVVO's own Rex Halverson for you... ATTORNEY ANSWERS (1) Licensed in CA Rex Wenstrom Halverson Rex HalversonPRO Tax...

It’s seems unfair or unjust to be subject to a levy from the CA FTB when you don’t even live in California anymore especially when it’s a debt that...

Tax question, Bitcoin?

The transaction you describe is not taxable if actually a gift. If gifts received in this manner exceed $100,000 in one tax year file a form 3520...

In your case, it appears that the lack of tax withholdings from your wife’s paychecks led to the liability over the course of three consecutive tax...

The best address to send the form as a resident of California is as follows: Internal Revenue Service Center Fresno, CA 93888-0010 The...