Can I take money out of my regular IRA to pay off my exwife as part of settlement and not be taxed on it?

No; and, if you are not yet 59 & 1/2 years old, the federal and California penalties of 10% and 2.5% will apply as well. Having said that, if you...

Filing twice may cause confusion and may be misinterpreted as an attempt to recover a refund twice. The statute of limitations for federal income...

I just purchased a cell Phone from the RadioShack, it was on sale but they charged me tax on the original retail coast,

Sadly, the answer to your question is "Yes". The California Board of Equalization long ago ruled that a customer must pay sales tax on the retail...

I haven't filed my taxes for the last 4 years. I'm not currently employed but I am ready to begin taking care of this mess.

I agree with most of the other attorneys but I would add that a tax accountant may charge less than a CPA for filing tax returns. Since there is...

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Can we stop filing federal and California state Sub S corporate business tax returns on a business that was closed in 2009?

I would advocate paying the $800 minimum tax for each of the years in question despite the fact that the S Corp did not have any activity other...

What constitutes "substantial nexus" for foreign qualification for an online business?

"Substantial nexus" is a tricky ever-moving term of art depending on the state that you are doing business in; but, it is essentially brick and...

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IRS tax question - is there a one time forgiveness for paying IRS

Sadly, the IRA withdrawals are subject to income tax as the IRS believes the dollars initially deposited into the IRA were not subject to income...

In India, my mother lent me money to get a degree. Can I pay her back now both of us are in USA? Tax?

I assume that both of you viewed this transaction as a loan from the get go. Paying her back will not trigger an income tax with regard to the...

Is it possible to get an offer in compromise for payroll taxes?

The Offer in Compromise (OIC) option is available for both federal and California payroll taxes. The federal form is Form 656. The following URL...

Does living on a money that i receive from my family taxable ?

Money received from your family is not income to you unless you are working for them. I assume that you are not working for your family since you...

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