Archived
Does filing for LLC Dissolution ( 1 Member / California ) paper work makes your personally liable for State Tax?
Rex's answer
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Answered on May 15, 2017
In other words, you can simply walk away based on the facts as described. You cannot be held personally liable. However, the FTB will probably...
Archived
Will I pay the same property tax?
Rex's answer
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Answered on May 12, 2017
Yes. The transfer of real property to a child is not a change in ownership. Thus, there will not be a reassessment of the property as a result....
Archived
I am the USA citizen and I live here and pay taxes, How can I prove domicile?
Rex's answer
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Answered on May 03, 2017
Domicile is an individual’s permanent home, the place to which the individual, whenever absent, intends to return. A person can only have one...
Archived
I was audited by the IRS for employment re-classification. Should I expect an audit from the state?
Rex's answer
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Answered on May 02, 2017
Yes; you should expect an audit by EDD. In my last employment tax audit controversy, EDD contacted the client a year after the IRS audit was...
Can husband & wife establish separate residency in order to minimize state taxes?
Rex's answer
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Answered on April 25, 2017
I would add that trying to change your domicile to Nevada requires numerous changes, e.g., bank accounts, dentist, church, hospitals and doctors,...
Archived
1099-Misc Income (box 7) - Can it be reported as other income received because of a hobby?
Rex's answer
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Answered on April 19, 2017
Yes; you can reflect your 1099-MISC income as Other Income on your return. I would also recommend that you cease referring to it as "hobby income."...
Archived
Does California's tax code provide for relief from late filing penalties for corporations similar to IRM 1.2.12.1.2?
Rex's answer
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Answered on April 18, 2017
The California FTB will follow federal "reasonable cause" law. That is, if the IRS granted you relief due to your reasonable cause arguments, the...
Archived
California Income Taxes
Rex's answer
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Answered on April 17, 2017
The 1099-MISC amount is shown as Other Income on line 21 of your Federal 1040. Thus, it is included in your federal AGI (adjusted gross income). ...
Archived
Do I have to pay taxes?
Rex's answer
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Answered on April 12, 2017
Probably not IF the home was inherited and got a step up in basis to its FMV on the date of his death. Talk to a tax attorney or CPA so that your...
Archived
Owe to IRS tax return
Rex's answer
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Answered on April 12, 2017
You can pay when you file your return OR make monthly payments. Both of these options are better than not paying anything and waiting for the IRS...
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