I will assume that you are talking about real estate. The date acquired is the closing date. Now, if you're talking about purchasing tangible...

We are 80yrs old, can we give 10K each to our 3 kids and 6 grandkids without report to IRS

You can give each of your 3 kids and 6 grand kids $10,000 without triggering any gift tax or obligation to file a gift tax return but that doesn't...

IRS Offer in Compromise question regarding personal + civil penaltl

I assume that the civil penalties that you are referring to are tax penalties. If so, it is totally appropriate to combine all of them with the...

We did not give Notice to Franchise Tax Board on time. What should we do?

Simply contact the FTB Taxpayer Advocate at 916-845-4300. Explain the situation and ask them to direct you to the right resource. You may also...

I am going to assume that you have a personal bank account and live outside California but FTB alleges that you owe back taxes, interest and/or...

IRS Garnished Wages for 2010 Taxes Last Year. I recently filed 2010 taxes for reimbursement. Is this acceptable?

I am only going to comment on timing of a refund. The California FTB takes 6 months to process a return as old as 2010. The refund follows months...

If I haven't filed in 14 years & I call the IRS to ask for Hardship/Offer in Compromise, will they require I file all the years?

I agree with my colleagues but would add that the payroll garnishment will not end until the returns are filed AND you come to some sort of...

California LLC taxes

At this time, it is highly unlikely that the FTB will be able to require that you pay the LLC's taxes as the liability is on the LLC and not the...

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How should I file my W-9 tax details to Google?

You've asked a lot of questions and many of the answers depend on FACTS that you should discuss with an attorney. As a sole proprietor, you can...

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Looking for a tax attorney

Talk to your CPA, a tax attorney in your area and/or a stock brokerage firm. All will be able to help. A SEP-IRA may allow for the maximum...