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Business Ownership: Using By-Laws to Claim Ownership of Non-Profit Corporation Assets

My question involves business law in the state of: Iowa Can a defendant claim ownership of corporate assets of an Iowa nonprofit corporation that was organized (As stated in the Iowa Nonprofit Articles of Incorporation) under the Iowa Nonprofit Corporation Act, Chapter 504A of the Code of Iowa (1999) and within the meaning of Section 501(c)(3) of the IRS code of 1986 by making the claim within the revised by-laws at a later date? The claim in the by-laws is stating that should the corporatio...
Tags: Law, Iowa, Irs, Business Law, Claim Ownership of Non Profit Corporation Assets, Iowa Nonprofit Articles of Incorporation, Iowa Nonprofit Corporation


DOL vs. DRS: Battle of the Employee / Independent Contractor Misclassification Tests

Employers who want to (or need to) use independent contractors often scratch their heads at a disconnect – how do you determine who is an independent contractor?  I recall at one speaking engagement years ago, an employer who came up to me and asked: “So are you saying that there are TWO tests to determining if someone is an independent contractor?” Yes, that’s exactly what I was saying. The Connecticut Department of Labor and the Connecticut Department of Revenue Services (the state equivalent ...
Tags: Law, Irs, Shipman Goodwin, Department of Labor, DRS, Connecticut Department of Labor, Human Resources (HR) Compliance, Laws and Regulations, Wage & Hour, Manager & HR Pro’s Resource Center, Misclassification, Abc Test, Featured Content, Control Test, Factor Test, Indpedent Contractor


Federal Taxes: Tax Basis for Capital Investment in a One-Member LLC

I'm considering setting up an LLC or S corporation for my new business; it will be a one-owner business. I understand that a one-member LLC is treated as a sole proprietorship by the IRS, and thus, there is no tax basis treatment applied to a one-member LLC with profits unless I take the IRS Form 2253 election for S corp treatment. I'm stuck on the tax-basis treatment of profits and resulting tax treatment. It seems if I invest $10,000, my tax basis is $10,000. If I earn $20,000 first year, only...
Tags: Law, Irs, Tax Law, LLC, Tax Basis for Capital Investment


Federal Taxes: Non-Custodial Parent is Claiming Children on His Taxes

The mother of my stepchildren whom me and my husband share legal and primary custody of has claimed the kids for the past 3 years and again for 2018. They have not lived with her since 2015 yet the IRS still allows her to claim them. We've had to ammend our taxes every year and eventually get whats owed to us. My question is why is the IRS still allowing her to claim them after weve sent them proof every year that said kids have been living with us since 2015? What can we do? Can we sue in civi...
Tags: Law, Irs, Tax Law


Non Custodial Parent Claiming Children

The mother of my stepchildren whom me and my husband share legal and primary custody of has claimed the kids for the past 3 years and again for 2018. They have not lived with her since 2015 yet the IRS still allows her to claim them. We've had to ammend our taxes every year and eventually get whats owed to us. My question is why is the IRS still allowing her to claim them after weve sent them proof every year that said kids have been living with us since 2015? What can we do? Can we sue in civi...
Tags: Law, Irs, Tax Law


Federal Taxes: Offer in Compromise

Hello All, The long and short is I owe $32,000 in Fed taxes. I am in a current installment agreement. The problem is, the interest and penalties in comparison to my monthly payment, I am only really paying around $73.00 toward principle. At this rate, it is going to take a lifetime to pay off. LITERALLY! Now here is where it gets tricky. I used the OIC tool on the IRS site and I "could" qualify for an OIC. Sounds great, right? NO!!! In reading the qualifications, it lists all monthly expenses...
Tags: Law, Irs, Tax Law, Fed, OIC


Choosing to Not Issue Shares to Founders with Consent

My question involves business law in the state of: Delaware. We have a C corp in the state of Delaware. It is just me and my friend doing our tech startup as a hobby. According to our Founder's Agreement the shares delegated to the Founders partially vest as of last year. Can we not issue shares if we both agree? If we issue shares as per the Founder's Agreement, there will be a huge franchise tax for Delaware (around 25% of 5,000,000 shares would partially vest). This would be a burden to our...
Tags: Law, Delaware, Irs, Business Law


Federal Taxes: Filing Returns for Past Unpaid Taxes

I received a $190,000 of a $300,000 settlement from a car accident in 2003. I was told this was not taxable. I've had multiple surgeries and it still effects me today. I took 50k and invested in stock through Scottrade and 3k into a Roth IRA. I was going through a really bad time and let a lot of stuff go. I drained the accounts in 2005 I think. I never filed taxes on any of it. The IRS has never contacted me regarding this. The state of Missouri did file a tax lien on me 8-10 years ago for 11k....
Tags: Law, Missouri, Irs, Tax Law, Scottrade


Federal Taxes: Streamlined Domestic Offshore Program and Statute of Limitations

Hi, I filed under the SDOP because I had (unwittingly) failed to declare some bank accounts in my home country. I am already disgusted at having had to pay a penalty of over $9k on a tax liability of just over $450 (IRS just notified acceptance). However, I thought - and the attorney I used had led me to believe - that the penalty would at least be partly offset by substantial refunds I was due upon amending my tax returns for 2013-2015. There was a bunch of exemptions I had never bothered takin...
Tags: Law, Irs, Tax Law


IRS Claims I've Tried to Falsely Claim My Children As Dependents

Ive been dealing with this issue since 2006 and it's been stopping me from filling. My ex claimed my oldest daughter and so did I I also have another daughter with my current girlfriend. I've tried to send the IRS documents they've asked for. But it wasn't acceptable idk what to do I've raised both my children they're whole lives they have lived with me but the mother was getting welfare so all the documents say she had her but infact that's a lie. Someone please help me tell me what to do. Irs ...
Tags: Law, Irs, Tax Law


2019 Maximum HSA Contribution Limits – How Much Can You Save for Your Medical Expenses?

Health Savings Accounts, or HSAs, are growing in popularity among people who need affordable health insurance and among employers looking to save on health insurance costs. HSAs have many benefits beyond cost savings. Let’s dive in and take a look at what exactly is a health savings account, the HSA contribution limits for each calendar year, how HSAs are one of the most flexible financial accounts you can open, and why it’s a good idea to max out your annual HSA contributions. What is a Health...
Tags: Marketing, Insurance, Ira, Irs, HSA, ROTH IRA, Health Savings Account, HDHP, HSA Bank, High Deductible Health Plan High Deductible Health, Tax Advantages of Health Savings, Health Savings Account However, HSA IRS


Morning Docket: 12.19.18

* Eighty-three judicial ethics complaints against Brett Kavanaugh have been tossed out by the Judicial Council of the Tenth Circuit due to an "intervening event": his SCOTUS confirmation. The Council, set up to fail by Chief Justice John Roberts, "[l]ack[s] statutory authority to do anything more." [National Law Journal] * The Senate passed the First Step Act in an 87 to 12 bipartisan vote, and now the sweeping criminal justice reform legislation will move on to the House for approval before be...
Tags: Google, Law, Washington Post, Senate, White House, Brooklyn, House, Donald Trump, Council, Irs, Law Schools, Biglaw, ABA Journal, John Roberts, D.C. Circuit, Dentons


Michael Cohen sentenced to three years in federal prison ... and joins ranks rooting hard for passage of the FIRST STEP Act

As predicted by some, Prez Trump's former lawyer Michael Cohen received a below-guideline and below-the-prosecutor-recommended sentence today from US District Judge William Pauley in New York City.  This Fox News report, headlined "Michael Cohen, former Trump attorney, gets 3 years in prison for tax fraud, campaign finance violations, lying," provides these details: Michael Cohen, the president’s former fixer who once famously claimed he was willing to "take a bullet" for Donald Trump before la...
Tags: New York, Law, Congress, Russia, New York City, US, United States, Manhattan, Fox News, Donald Trump, Irs, Trump, Cohen, William Pauley, Michael Cohen, Daniels


Any recommendations or predictions for Michael Cohen's upcoming sentencing?

Prez Trump's former lawyer, Michael Cohen, is scheduled to be sentenced by US District Judge William Pauley in New York City on December 12 after his guilty plea to charges including campaign finance fraud and lying to Congress.  As detailed in prior posts linked below, Cohen is asking for "time served," while federal prosecutors seek a "substantial term of imprisonment" of around 3.5 years.  This lengthy CNN commentary by Elie Honig, headlined "Why sentencing judge may not show Cohen 'mercy'," ...
Tags: Law, Congress, White House, New York City, US, Cnn, Irs, Trump, Cohen, William Pauley, Michael Cohen, Mueller, Pauley, Douglas A Berman, Prez Trump, SDNY


Feds request for Michael Cohen a "substantial term of imprisonment" though with a "modest downward variance" from Guideline range of 51-63 months in prison

Michael Cohen is scheduled to be sentenced by US District Judge William Pauley in New York City on December 12 after his guilty plea to charges including campaign finance fraud and lying to Congress.  As noted in this prior post, late last Friday, Cohen's lawyers filed this 30-page sentencing memorandum making a plea for leniency and a sentence of "time-served and restitution to the IRS."  Today it was time for federal prosecutors to weigh in, and the Acting US Attorney for the Southern District...
Tags: Law, Congress, Office, New York City, Court, US, United States, Irs, Cohen, William Pauley, Michael Cohen, Southern District of New York, SCO, Douglas A Berman, Prez Trump, Michael Cohen Prez Trump


Heirs and Beneficiaries: Is a Beneficiary Liable for a Distribution Improperly Made by an Estatee

My question involves estate proceedings in the state of: Texas This is a real doozy of a situation involving the distribution of funds from an estate and whether it was done correctly. I have a feeling it was horribly screwed up and that my wife might be on the hook for a large amount of money, or worse. First, a quick summary of the players and events in question (names changed, obv.): My father-in-law, Bob, had two kids by his first marriage: my wife and her older brother Brian.He then married...
Tags: Texas, Law, Brian, Bob, Estate Planning, Irs, Administration And Probate, PAUL, Paula, Pam, Brian He, Pam Pam, Paul Pam, Paul Bob


Estate Assets and Debts: Confusion About Money Received from Estate

My question involves estate proceedings in the state of: Texas This is a real doozy of a situation involving the distribution of funds from an estate and whether it was done correctly. I have a feeling it was horribly screwed up and that my wife might be on the hook for a large amount of money, or worse. First, a quick summary of the players and events in question (names changed, obv.): My father-in-law, Bob, had two kids by his first marriage: my wife and her older brother Brian.He then married...
Tags: Texas, Law, Brian, Bob, Estate Planning, Irs, Administration And Probate, PAUL, Paula, Pam, Brian He, Pam Pam, Paul Pam, Paul Bob


Michael Cohen makes pitch for "time-served and restitution to the IRS" based largely on his continuing cooperation

Michael Cohen is scheduled to be sentenced by US District Judge William Pauley in New York City on December 12 after his guilty plea to charges including campaign finance fraud and lying to Congress.  Late Friday, Cohen's lawyers filed this 30-page sentencing memorandum which makes a substantial plea for leniency.  Here are two good accountings of the filing: From Lawfare, "There's a Lot Going On in Michael Cohen's Sentencing Memo" From the New York Times, "Michael Cohen, Ex-Trump Lawyer, Asks U...
Tags: New York, Law, Congress, New York City, Court, US, United States, Irs, Michael, Trump, Cohen, William Pauley, Michael Cohen, SCO, Douglas A Berman, Prez Trump


Federal Taxes: Self-Employed - Should I "Move Up" from Schedule C

I'm in business with two friends, and we have an unusual structure. Our managing partner was in business alone, as an LLC, and the other friend and I joined him a year and a half ago. For the sake of the discussion I'll call the managing partner Adam and the other friend Bill. We don't have a formal partnership agreement. Just a written revenue and expense sharing agreement. Bill has his own LLC and Adam pays Bill his net share of revenue less expenses. I just file a Schedule C, and, as wi...
Tags: New York, Law, NYC, Bill, Irs, Tax Law, Adam, LLC, Bill Adam


Mueller says Manafort violated his plea deal by lying to investigators

Breaking News: Robert Mueller says former Trump campaign chairman Paul Manafort violated his plea deal by lying to investigators. Paul Manafort and Donald Trump thinking they're going to outmaneuver Robert Mueller: pic.twitter.com/HhSZjntb3c — Rex Huppke (@RexHuppke) November 27, 2018 Federal investigators wrote in a court filing [which you can read here in PDF] that Manafort’s “crimes and lies” during a series of interviews with prosecutors working for FBI and special counsel Robert M...
Tags: Post, Politics, News, Justice, Law, Washington, US news, Ukraine, Fbi, New York Times, Npr, Jackson, District Of Columbia, Donald Trump, Irs, Trump


Taxes for 2016 and 2017

Hi everyone, I have a business but I have never filed taxes on/for the business... I, this year 2018, requested an EIN for the business. I set up an LLC and I want the LLC to be taxed as an S-Corp. I did (and continue to) make money for the past 2 years in my business... How do I go about filing back taxes for 2016 and 2017? Do I just download the forms for 2016 & 2017 and complete them and mail them into the IRS? I don't want to cause myself an audit or any IRS headaches... but I do want ...
Tags: Law, Irs, Tax Law, S Corp


Full Coverage Extended for Loss of BitCoin

    The Court of Common Pleas in Ohio determined that BitCoin was property and denied the insurer's motion for judgment on the pleadings seeking to establish there was limited coverage for the loss.  Kimmelman v. Wayne Ins. Group , 2018 Ohio Misc. LEXIS 1953 (Ohio Misc. Sept. 25, 2018).      James Kimmelman submitted a claim to Wayne Insurance Group based upon a loss of $16,000 of BitCoin that had been stolen. The insurer investigated the claim and awarded $200 to Kimmelman. The insurer determin...
Tags: Insurance, New York Times, Ohio, Irs, Tred Eyerly, First Party Insurance, Bad Faith, Court of Common Pleas, Cyber Risk, Kimmelman, Wayne Insurance Group, Wayne Ins Group, Ohio Misc, James Kimmelman, Wayne Insurance, CNN CNET


Title Insurance: Transfer Tax Increase Title Company Contacts 4 Months After I Sold House

My question involves real estate located in the State of: Pennsylvania. Greetings, I recently received the below email 4 months after selling my home from the title company. A post-closing audit of the above reference file revealed that the Transfer Tax the City of Philadelphia debited from our account was greater than what you were charged at closing. Transfer Tax in Philadelphia increased for all documents they received for recording after 4pm on Friday June, 29th. The total Philadelphia Tra...
Tags: Law, Pennsylvania, House, Philadelphia, Buying, Irs, Selling and Conveying Real Estate


Argument analysis: Hating on Chevron

It wasn’t until the very end of her rebuttal time in BNSF Railway Company v. Loos on Tuesday morning that BNSF Railway’s counsel, Lisa Blatt, finally mentioned the dreaded C-word. “I hate to cite it, but I will end with Chevron,” Blatt told the justices. “I mean, [the respondent] has to win under the plain language for you to affirm.” “Chevron,” of course, refers to Chevron U.S.A. v. Natural Resources Defense Council, the 1984 case that held that federal courts should defer to an agency’s reason...
Tags: Featured, Supreme Court, Law, Congress, Ruth Bader Ginsburg, Chevron, Irs, National Labor Relations Board, Bnsf, Sonia Sotomayor, Blatt, Loos, U S Court of Appeals, Sotomayor, Breyer, Frederick


Bloomberg: High Profile Fund Adviser Claims In Legal Filing That 9/11-Related Trauma Made Him Bad At Paying Taxes

Joshua Rosner, who advises John Paulson and Paul Singer, is telling the IRS that he has a “financial disability.”
Tags: Law, Bloomberg, Irs, Tax Law, Paul Singer, John Paulson, Joshua Rosner


WIRTW #530 (the “trick-or-treat” edition)

Imitation is the sincerest form of flattery, correct? View this post on Instagram It’s so embarrassing when someone shows up wearing the exact same costume. #sorcle #twinning A post shared by Jon Hyman (@jonhyman) on Oct 28, 2018 at 2:27pm PDT Here's what I read this week: Discrimination SCOTUS Watch: 2 High-Profile LGBTQ Cases Before The High Court — via Above the Law To...
Tags: Law, Connecticut, Irs, Nlrb, New Jersey Law Journal, Eric Meyer, Browning Ferris, Jeff Nowak, OSHA, Dan Schwartz, FMLA, Jon Hyman, Suzanne Lucas, PhRMA, Hunton Employment Labor Law Perspectives, Verge Trump


The Tax Returns of the Top 400: A Deeper Dive

Assistant Professor Daniel Hemel on taxes paid by the highest earners in the United States: The IRS released data this week on the 400 individual income tax returns with the highest adjusted gross incomes (AGIs). According to the IRS data, the average federal income tax rate for the top 400 was 22.9% in 2013, down from a peak of 29.9% in 1995 (though up from a low of 16.6% in 2007). Much has been written about the IRS data already (and no doubt more will be written in the coming days and weeks)...
Tags: New York, Law, California, United States, Agi, Irs, Daniel Hemel


An Alaska Tax Puzzle

Assistant Professor Daniel Hemel on the Alaska governor’s plan for a state income tax:  Alaska Governor Bill Walker wants to institute a state income tax and reduce the dividend that state residents receive each year from the Alaska Permanent Fund. As the New York Times explains: Mr. Walker’s recovery plan would take more from residents through the income tax and would give them less as well, by changing the formula under which the dividend is paid. The income tax would be 6 percent of the a...
Tags: Law, Alaska, New York Times, Irs, Bill Walker, Internal Revenue Service, Walker, Pease, Daniel Hemel, Alaska Tax Puzzle, U S Tax Court, Maines


Vanguard Fund Fees To "Quadruple"? (Not So Fast)

Assistant Professor Daniel Hemel on the Vanguard Group’s potential tax liabilities: CBS News posted a story on its website last week headlined, “Vanguard investors, your fund fees could quadruple.” The report follows a Newsweek article earlier this month asserting that Vanguard may have to quadruple its average fee in response to claims that the mutual fund company has been avoiding taxes. The University of Chicago, like nearly 2,000 other employers, offers retirement plans to its employees thr...
Tags: Law, Cbs News, Pennsylvania, Arizona, SEC, Ira, North Carolina, Delaware, Irs, Jpmorgan, Morningstar, Vanguard, Newsweek, Vanguard Group, The IRS, Daniel Hemel


Tinkering with the Tax Court

Assistant Professor Daniel Hemel on a new bill that could affect the constitutional status of the U.S. Tax Court: The House of Representatives voted 318-109 on Thursday to approve a package of tax breaks that will cost an estimated $680 billion over the next decade. The big-ticket items in the package include permanent extensions of the business research credit and the child tax credit, as well as a two-year delay of the controversial “Cadillac” tax on expensive employer-sponsored health insura...
Tags: Supreme Court, Law, Obama, Congress, Washington Post, Senate, Cnn, United States, House, House Of Representatives, Staten Island, Department Of Transportation, Irs, Executive Branch, Committee, Amtrak



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