How do I report the losses to LLC's members?

File Form 1065 and 568 if your LLC is taxed as a partnership. Forms K-1 will be given to each member indicating their allocated share of the...

Wrong Social Security and Tax

Have your employer correct the Form W-2 and then verify that it was done.

My son has not filed taxes in 2 years. How do we go about correcting this issue?

First, determine whether he has a filing requirement. If he does, then file the returns. Have a local tax preparer assist you if you do not know...

You must still qualify under the tax code to claim the dependency exemption. The immigration form is not determinative and is irrelevant for tax...

They should not have done this. Inform them of the issues and ask them to file an amended return for you to correct the problems at no charge if...

I hired a tax preparer to do our taxes but he made a lot of mistakes and now we owe IRS almost $9000. Should we consult a tax la

You can always consult with an attorney and determine what rights you have and whether there are any statutes of limitations you need to be...

Can a person who is not an active member in an LLC transfer shares to their spouse who is active without tax penalties?

I agree with attorney Sutton. Spouses can make unlimited gifts to each other without gift tax consequences.

I HAVE TO PAY 50% OF THE VALUE OF MY TAX BENEFIT AS CHILD SUPPORT

Consult with a family law attorney to review your support order to make sure you properly comply and are not holding yourself out for a contempt...

My husband and I were discharged in CH 7 BR in 2011, Does our Discharge obligate us to file a 982 with our 2011-1040 tax return?

Yes, you will need to file Form 982 to properly adjust the basis of your assets due to the bankruptcy.

The irs had a lien on my property and when sold took the proceeds. Can I file this as a loss on my tax return?

Regardless of whether the IRS took your proceeds, if you had a loss on the property you still have a loss. If this was and investment or business...