There is no gift tax applicable to you, the donee. The donor, however, must report the GIFT to the IRS unless the gift is exempt from such...

Is an independent contractor who telecommutes from IL 100% of the time taxed in CA if he/she has clients in CA?

If the worker worked and lived in IL for all of 2017 and 2018, he is not required to file a California PIT return. If he worked in California for...

Got duplicate IRS audit bill/letter even though it has been paid months ago?

Ignore the duplicate bill as the IRS is very very slow in processing and updating its records. If you really feel uncomfortable, you can call the...

Tax setup recommendation for Single-member LLC>?

I think you will be fine with a SMLLC, i.e., treated as a disregarded entity but seek out an attorney to assist you with this decision if your LLC...

LLC owned by my wife and I are closed and my wife filed for bankruptcy. However, we received a letter for unpaid sales tax.?

Sales tax is not discharged in bankruptcy unless the CDTFA approves same. That is extremely rare. Also, the CDTFA is likely to dual the two of you,...

Monetary gift and taxes

Your father can make a gift to you of $15,000 in 2019 without a requirement that he file a gift tax return and reporting it. If his gift is larger,...

Is my art considered a hobby or business?

You must report the income on your federal and California income tax returns whether it is from a business or hobby. I would recommend that you...

Pending audit 2015 with amount owed $30k. Should I agree on amount and file OIC later on with the collection dept?

Who told you that? The specific facts of your case are critical to an analysis and strategy. I usually recommend that a taxpayer fight at every...

The beginning date is 12/2/18 and the ending date is 12/31/18. Forms 3522 and 568 are due on 4/15/19 and not 3/15/19. Two forms 3522 are filed on...

My advice - Get the past due tax returns prepared and filed even if you cannot pay the tax. That starts the statute of limitations. Then, negotiate...