An S-corporation is a pass-through entity and the profits/losses/gains are taxed to the shareholders maintaining their character. Distributions in...

My mother died in Broome County, NY and left her 6 children $11,000 a piece. What is my tax responsibility in MD (where I live)

I would like to add to Ms. Johnson's response that for 2010 there is also a $5 Million Exclusion. To have no taxation under the code you will have...

IRS for my single manager managed LLC?

Yes, and LLC does obtain a Taxpayer ID Number. However, if this is also a single member LLC it may be a disregarded entity for tax purposes.

If I short sale my house and I still owe a lot more on my loan than what the home sells for, do I have to pay taxes on the diff?

I would like to add two other potential ways to avoid the cancellation of debt income from being taxable to those listed of the prior attorney. If...

Is there a way to decrease my overall tax burden if I am opening an affiliate office of a European company?

If you are a California resident you must pay taxes to California. California taxes income much like the Federal government on a worldwide bases. ...

Can mine & my children's personal belongings be sold if my husband hasn't claimed his business taxes?

If you filed a joint income tax return with your husband and his business was a sole proprietorship you are also liable for the taxes due on the...

What are my alternatives if citimortgage won't file a proof of claim?

Since you are represented by counsel currently it would not be ethical for attorneys on this site to comment on your situation. You should discuss...

Can I add income from 2010 that was not reported on my 2011 tax return?

No, this is not allowed. You must report the income in the year it is earned. If you forgot to include income in 2010 you must amend the 2010...

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What tax/legal consequences are involved with renting out 2nd, 3rd, 4th properties (so on and so forth)?

There is no prohibition to owing multiple properties individually. You may want to use an LLC or multiple LLC's to own the property for asset...

Will bankruptcy remove a ga. tax lein if it is 4 years old?

No, a bankruptcy does not take off a tax lien. It is possible to discharge the tax debt and then have the tax lien removed. You should discuss...