When establishing a closely held corporation, can you qualify sweat equity as owners equity with a monetary value

To answer your specific question, yes. That is, if you have an "arm's length" arrangement whereby a vaule is established then that value will be...

Should I have my corporate financials reviewed by a CPA before the company files bankruptcy?

If you are going to pay any money for professional help in this matter your first professional hire should be a bankruptcy attorney. He/she will...

Is the trust attorney suppose to represent the trust or just the surviving spouse?

He is supposed to zealously represent his client's best interest. THe ethicla rules he is referring to is most likley that there is a conflict of...

I claimed three dependants on my taxes, I only have one. How do I rectify this?

Filing an amended return should not increase your risk of an IRS audit. However, before filing that amended return, you should closely scrutnize...

I am not aware of any minimum compensation; however, the IRS will be on the lookout for reasonable compensation. The game in the corporate world...

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What are my options?

I sounds like you need an attorney in your state to review the matter. First, you must review the current written and signed agreement to see...

Can an attorney writing in lower tax assessment?

I agree with the previous attorney. That is, you don't necessarily have to hire an attorney for this. An attorney that can write well and is...

Can a "personal guarantee" in a loan mean a "corporate entity guarantee"?

It depends on whether your corporate guaranty really means anything. That is, if the corporation is guarantying $1 million dollars, but it only has...

My dad passed away in May of this year He had a will and a trust, I was a beneficiary on both my brother is the executor My d

Yes. Wills can change without notice. Situations change rather quickly and what a person desires to do with his/her possessions are a private...

What is the standard of review in U.S. Tax Court when no statutory notice of deficiency was sent to the petitioner?

I am not sure how you got to tax court without a Notice of Deficiency. This is typically known as the "ticket to tax court" because the tax court...