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Posts filtered by tags: Tax Law[x]


 

Federal Taxes: Deductions for Home Acquisition Debt vs. Refinancing

My question involves real estate located in the State of: CA If I took out a loan before Dec. 15, 2017 but refinanced after this date, am I limited to $1m or am I limited to $750k?
Tags: Law, Tax Law


State Taxes: Core Charge on Battery

Why is it that I get taxed on core charge for buying a battery but when I return the old battery, I only get my core charge back? I do not get the tax that was charged on my core charge back.
Tags: Law, Tax Law


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: Claiming Dependants

State of GA Mother and children live in GA the entire 12 months of the year. Mother is the sole provider. Biological father lives in PA, does not pay child support and hasn't seen the children in 10 years. Bio dad claims children on taxes. Can mom sue? Can mom report dad for tax fraud? What can be done? Can social security numbers be changed due to fraud? Should the police be alerted?
Tags: Law, PA, Tax Law


Many Lawyers Will Be Getting Screwed This Tax Season

You can probably kiss that refund check you were hoping for goodbye.
Tags: Law, Biglaw, Tax Law, Quote Of The Day, Ben Williams, Tax Refunds, Tax Cuts and Jobs Act


Morning Docket: 02.08.19

* Earlier this week, Justice Samuel Alito blocked a Louisiana abortion law, and now a divided Supreme Court has done the same, with Chief Justice John Roberts joining with the Court's liberals to protect women's right to choose without undue burdens. Justice Brett Kavanaugh penned the dissent -- so much for "precedent on precedent." [USA Today] * After some back and forth over the threat of a subpoena, Acting Attorney General Matt Whitaker has agreed to testify publicly on the Mueller probe bef...
Tags: New York, Supreme Court, Law, Washington Post, Court, Cnn, Abortion, Federal Judges, Louisiana, Usa Today, Donald Trump, Rudy Giuliani, Law Schools, Tax Law, Defamation, Trump


5 Reasons Why Your Taxes Might Be Higher Under The New Tax Law

For some, the the Tax Cuts And Jobs Act may not be as great as it sounded.
Tags: Law, Tax Law, Small Law Firms, Tax Cuts and Jobs Act, Steven Chung


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


Pass-Through Deduction.or Principal-Agent Relationship Blurred Past the Point

Apologies for length. In 2018 I won a legal settlement arising from my eviction from my home/studio. Not a passive claim, all administrative, store equipment and editing done there. I ended up moving 30 miles away from majority of my client base. My business is creating legal presentations for trial and mediation. For tenants rights lawyers. Represented by my client's firm AND working for them simultaneously. BUT not being paid for my services. My work greatly exceeded the normal, including hiri...
Tags: Law, Tax Law, Prin


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: Deductions for Expenses Incurred While Closing Sole Proprietorship

Throughout 2018 I closed my sole proprietorship. I incurred a small amount of expenses in 2018 (less than $200) and made one sale of $15 resulting from leaving an online listing up. Do I still need to file a Schedule C with my federal income taxes for a loss as small as $185? Thank you for the assistance.
Tags: Law, Tax Law


A Reflection On Taxes

Hopefully the country does not collapse in on itself from its own weight like a black hole so we can all see my inevitable follow-up piece, Taxes II: A New Bracket. And This Time, It’s Personal.
Tags: Law, Government, Tax Law, Payroll Taxes, Tyler Broker


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


Federal Taxes: Theft and Restitution

If someone steals money from a business, does not report it on their taxes, and is later caught and ordered to pay restitution to the business they stole from, do they still have a tax obligation?
Tags: Law, Tax Law


Federal Taxes: How Many Exemptions Can You Claim on Your W-4

Just curious how many exemptions a person can claim on you w-4. Our accounting place told me i cant put down any more exemptions than what i am going to claim on my tax return. I always thought a person can put down whatever number they want, that the more you claim the less taxes they take out of your check, there are 8 in my family and i put down 11 and he told me that that is fraud.
Tags: Law, Tax Law


Federal Taxes: Depreciating Costs to Convert Rental from Well to Municipality Water

I paid to convert an existing residential rental house from well to municipality water in 2018. I paid about $10,500 in fees to the municipality for extending the water to my property and installing a tap on my property. I paid about $1,000 to get the water from the tap to inside my property. I paid about $500 in other changes/upgrades necessary inside the home to accommodate this switch. Do I just depreciate all these costs over the next 27.5 years?
Tags: Law, Tax Law


Federal Taxes: Rental Property Taxes and Expenses

Hi All, New member and just joined. What a great forum. Historically I've always prepared my own taxes but my situation has changed substantially in 2018 so I will likely hire a competent local CPA that I know from doing some work for. Anyway, wanted to run a few items past you all to be sure I have at least a general understanding of how my deductions will work. I own 3 homes and several vacant rural lots. One home is my family's primary residence. Another a family member lives in rent-f...
Tags: Law, Tax Law, Freeloading


Federal Taxes: Is a Donation to a Church, That is Not a Recognized Denomination, Deductible

My cousin is a pastor of an independent group of Christians who do not belong to any particular denomination even though he is an ordained Baptist pastor. He is looking to construct a building in which to conduct services (he is currently renting a public venue for that) and seeking donations for the building fund. I wanted to know if the donations are tax deductible since it is not a recognized religious denomination, just general Christian.
Tags: Law, Tax Law


Don’t Expect 2019 To Be A Perfect Year

Let’s remember that life isn’t perfect and we shouldn’t expect everything to happen the way we want it to.
Tags: Law, Advice, Social Media, Tax Law, Small Law Firms, Steven Chung


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


State Taxes: What to Do After a State Tax Return is Rejected

My question involves tax law for the state of: North Carolina So, after some very complicated stuff in a previous year due to moving abroad, foreign income exclusion, multiple state returns, and the like, I ended up having to file my 2015 NC individual income tax return (and Federal and State returns) quite late in 2016 (in October) with an extension. I filed and paid the balance due on the return (plus the penalties) prior to the extension deadline. However, it turns out that, several months l...
Tags: Law, US, Tax Law, NC


State Taxes: Rejected North Carolina Return Issue (from 2015)

My question involves tax law for the state of: North Carolina So, after some very complicated stuff in a previous year due to moving abroad, foreign income exclusion, multiple state returns, and the like, I ended up having to file my 2015 NC individual income tax return (and Federal and State returns) quite late in 2016 (in October) with an extension. I filed and paid the balance due on the return (plus the penalties) prior to the extension deadline. However, it turns out that, several months l...
Tags: Law, US, North Carolina, Tax Law, NC


Is It Worth It For Congress To Obtain Trump’s Tax Returns By Force?

And would Trump have a constitutional defense to the release of his tax information?
Tags: Law, Government, Donald Trump, Tax Law, Trump, Tax Returns, Steven Chung, Congress To Obtain Trump


Morning Docket: 12.17.18

* President Trump wants a court to step in to determine whether Saturday Night Live may continue to "defame & belittle" him, wondering if it could be "collusion." That's our Trumpy! [New York Daily News] * Aww, you thought you could build a natural gas pipeline across two national forests and the Appalachian Trail? Cute. The Fourth Circuit is so pissed that a three-judge panel quoted The Lorax in their opinion: "We trust the United States Forest Service to 'speak for the trees, for the trees ha...
Tags: New York, Celebrities, Law, Spain, Shakira, Ruth Bader Ginsburg, Tax Law, New York Daily News, Trump, Fourth Circuit, Nina Totenberg, United States Forest Service, Appalachian Trail, Morning Docket, Attorney Misconduct, Trumpy


Tax Attorneys: How Are Your Research Platforms?

Tax lawyers devote more of their time to research than their peers in other practice areas.
Tags: Law, Research, Surveys, Tax Law


Federal Taxes: Step Up Basis on Husbands Ownership of Home After Death

A married couple purchase a home together back in the 60's for $30,000. In 2018 the husband passes away and the homes value is about $1,000,000 on the date of his death. If the wife sells the home, does she receive a step up in basis for his half ownership in the house? Thanks!
Tags: Law, Tax Law


Is Getting A Tax LL.M. A Good Idea?

A Tax LL.M. can be a good investment depending on what you are expecting out of the degree.
Tags: Law, Law Schools, Tax Law, Law Students, LLMs, Steven Chung


State Taxes: California State Tax Lien

Looking for some advice/guidance from experts or others that may have experienced a similar circumstance. Some background on situation: 3 friends purchased vessel together. Myself being 1 of the 3. Vessel is documented with the US Coast Guard Bought from individual (without use of Broker) that executed/signed Purchase Agreement and Bill of Sale of behalf of a corporation he is President of. Both documents stipulate vessel is sold free and clear of all liens, mortgages and oth...
Tags: Law, California, Bill, Tax Law, Coast Guard, US Coast Guard, Lien, California Dept of Tax



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