Posts filtered by tags: Tax Law[x]


 

A VC’s Take: Global Volatility Hurts U.S. Venture Ecosystem

As Xconomy’s editors looked back at the year just passed, we asked technology leaders to comment on the trends they’d observed in 2018, and the developments they expected in 2019. Some leaders responded with their views on the business impact of the Trump era, pointing to specific policy positions such as tax code revisions, curbs on immigration, and the decision by federal regulators to roll back net neutrality requirements on telecom carriers.Alex Niehenke, a partner at Foster City, CA-based ...
Tags: Startups, Mobile, Hardware, Net Neutrality, Internet, Entrepreneurship, China, Russia, Funding, Immigration, San Francisco, Trends, Tech, Investment, Eu, Web


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


State Taxes: How to Remove a 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


Are Tax Laws Threatening To Kill The Buzz On Legal Marijuana Sales?

When you are facing large tax bills totaling several million dollars due to Section 280E, you will do odd things to minimize the tax burden.
Tags: Law, Marijuana, Tax Law, Shannon Achimalbe


Morning Docket: 11.30.18

* Senator Tim Scott has effectively killed the district court nomination of Thomas Farr. At this point, the administration could just grab another name out of the hat of tons of nominally qualified North Carolina Republicans. But instead they'll just wait until the next session and redo this whole thing with their newly expanded majority to own the libs. [Courthouse News Service] * It looks like Trump may actually be zeroing in on a new AG. [CNN] * The tech industry expects federal data privac...
Tags: Privacy, Law, Divorce, Cybersecurity, Fbi, House, Department Of Justice, North Carolina, Biglaw, Tax Law, James Comey, Trump, Reuters, AG, Comey, Tim Scott


The End Of The Race (Part III): Tax Advice, Student Loans, And My True Identity

After all these years, it's time to find out who 'Shannon Achimalbe' really is.
Tags: Law, Tax Law, Shannon Achimalbe, Solo Practitioners, Small Law Firms, Steven Chung


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


Biglaw Firm Raided By Authorities For Second Time In Connection With Financial Scandal

The practice is estimated to have cost taxpayers there €12 billion ($13.7 billion).
Tags: Law, Germany, Scandals, Raids, Biglaw, Tax Law, Freshfields Bruckhaus Deringer, Freshfields


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


Morning Docket: 11.07.18

* Republicans' control over the Senate grew after the midterm elections, but Democrats managed to take the House. Here are six interesting reasons why that means President Donald Trump could be in "huge legal trouble" now. [Law & Crime] * Florida voters approved an amendment to their state constitution to restore felons' voting rights, which will now be automatically restored after prison time is completed and restitution paid. That's at least 1.4 million more voters! [Orlando Sentinel] * Reme...
Tags: Florida, Politics, Law, Australia, California, Kentucky, Government, Senate, White House, Donald Trump, Cryptocurrencies, Law Schools, Biglaw, Constitutional Law, Tax Law, Kim Davis


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


Local Taxes: L.a. County Real Property Sale

In a conventional home sale in L.A. County, with a reputable escrow company used for the sale.....EXACTLY which entity is responsible for filing the new deed? Buyer? Seller? Or the Escrow company? If the deed is properly filed, does the name change from seller to buyer necessarily automatically occur? ***I ask because 7 months after the home sale the County of L.A. Tax Assessor's office is still sending me, the seller, tax statements. The County obviously hasn't made the name change and cle...
Tags: Law, Tax Law


Federal Taxes: What is the Cost Basis when a Life Estate Ends

My question involves figuring the cost basis for capital gains tax on a sale of an inherited farm. In 1996 my uncle died and his will left my father a life estate in a farm with me inheriting the farm. Inheritance taxes were paid at the time by the estate. In 2002, my father died and I became the remainder man of the Life Estate. I sold the farm in 2018 and need to pay the capital gains on the sale. Would my basis for capital gains purposes be the value of the farm at the time of my uncle's d...
Tags: Law, Tax Law, Life Estate


Federal Taxes: My Tax Preparer Still Hasn't Filed My Taxes

I brought my 1099s (pension, SSI and bank statements) to a self-employed tax preparer back in February. I've hired him before and he completes my tax forms, mails copies to me, I sign a paper allowing him to file the return and mail that back to him with his fee, usually within a week. On April 1st, I still had not heard anything about my taxes and sent him an email. The reply was: "Please be patient and know that he is working hard to accommodate all of his clients." On April 9th, and still n...
Tags: Law, Tax Law


Federal Taxes: Are Reward Points from a Credit Card Considered Income That Must Be Reported

I assume that rewards from a personal CC (not used for business expenses) are not considered income on a personal account because the payments are from after tax income. But on a business card (or personal) were expenses are business expenses that are deducted, that they would be taxable income and must be reported. Is the assumption correct?
Tags: Law, Tax Law