My uncle was in a joint account and passed away. To close the account out the joint owner sent me a check for what was left
Phillip's answer
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Answered on June 14, 2021
Generally, for federal purposes, the answer is no unless the account was a tax-deferred retirement account like a 401K or IRA.
The federal...
How can I remove my name and add my spouse name without changing name and EIN for the business?
Phillip's answer
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Answered on June 14, 2021
You can transfer a business without changing the name or EIN of a company. You will need to look at your state secretary of state filing...
How do you report a business owner who put someone on their payroll that never worked for them?
Phillip's answer
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Answered on June 13, 2021
So you can report suspected tax fraud to the IRS through Form 3949-A. However, before you go there…
To recap, I believe you stated your friend...
Can or should I amend my taxes?
Phillip's answer
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Answered on June 13, 2021
So you have a divorce decree that addresses who can take the son as a deduction, and you want to deliberately not comply with it?
I believe that...
If I know someone is editing invoices , and not paying taxes, can I be held responsible if I want to inform the police ?
Phillip's answer
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Answered on June 12, 2021
So, the federal government and most states have unique tax whistleblower laws that interact with federal or state False Claims Acts. The result is...
If my wife is paying me out during a separation and doing a cash out refi will I have to pay tax on those funds?
Phillip's answer
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Answered on June 11, 2021
Generally, most transfers of assets between spouses “incident to divorce” is not taxable.
Is there a place I need to report this?
Phillip's answer
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Answered on June 11, 2021
If you can get unemployment and file taxes without hiccups, their paperwork accumulation misdeeds are not your problem.
However, if you run into...
How can I find out where someone is working? I have their social security number.
Phillip's answer
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Answered on June 10, 2021
If you cannot tack that information down through social media, hire a private investigator in your area to find out.
How should 50-50 partners report rental income and expenses on their Sch. E for a property jointly held as community property?
Phillip's answer
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Answered on June 09, 2021
Partnerships are considered pass-through entities for tax purposes. This means the income flows through the partnership to the individual partners,...
Taxes on a 50/50 split: Single or Head of Household?
Phillip's answer
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Answered on June 08, 2021
I will assume that there are no provisions in your divorce decree that address who can take the children as dependents. However, you would want to...
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