Tax and
Business Law
FAQs
Index to Tax
FAQs
Tax
FAQs Part 2
Tax
FAQs Part 3
Tax
FAQs Part 4
Real
Estate Tax FAQs
Tax Protestor FAQs
International Tax FAQs
Tax Collection FAQs
Tax FAQ's -
Part 1
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Question:
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Category: Tax and Taxation Law
Location: CT
Subject: taxes
can taxes be discharged through
bankruptcy
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Reply:
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Category: Tax and Taxation Law
Location: CT
Subject: Re: taxes
Personal income taxes that were filed or due (whichever is later) more
than 3 years from the date of filing the Bankruptcy petition can
usually be discharged. "Trust Fund" or Civil Penalties (for employer
withholding or sales and use taxes) are usually not dischargeable.
I have more information on my website:
www.taxesq.com
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: CO
Subject: Who's liable?
Can an officer of a legal corporation be held responsible for sales tax
collected after the business was sold? The corporation has since been
dissolved.
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Reply:
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Category: Tax and Taxation Law
Location: CO
Subject: Re: Who's liable?
It is possible that an officer may be liable. The reason is most states
require sales tax to be determined and paid on the accrual basis (even
if the company is on the cash basis.) Therefore, an officer may be
liable when the item is sold or the tax is actually collected.
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Question: 1/12/07
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Category: Tax and Taxation Law
Location: OR
Subject: Statute of Limitations on Federal Taxes Owed
The IRS has filed a levy against my wages. This is from my 1992 tax
return. Has the statute of limitations run out on this?
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Reply:
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Category: Tax and Taxation Law
Location: OR
Subject: Re: Statute of Limitations on Federal Taxes Owed
The statute of limitations on collections by the IRS is 10 years from
the date of filing or the date the return was due, whichever is later.
This can be extended by Bankruptcy, consent, or filing a request for an
Offer in Compromise.
You should immediately review this with a tax attorney. My website has
information on tax collections:
www.taxesq.com
I hope this helps!
Ron Cappuccio
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Question: 1/11/07
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Category: Tax and Taxation Law
Location: NJ
Subject: Owed Sales Tax
I just received a bill for $4000 for Cigarettes I ordered on line 7
years ago. Is there a Statute of Limitations on
that.
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Reply:
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Category: Tax and Taxation Law
Location: NJ
Subject: Re: Owed Sales Tax
Were these for personal use? If so, and if you filed a New Jersey 1040,
that is also a USE tax return. Therefore, there would be a 3 year
Statute of Limitations from the date of filing. You should contact a
tax lawyer to handle this matter for you.
My web site has more information concerning tax issues:
www.taxesq.com
I hope this helps!
Ron Cappuccio
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Question: 1/10/07
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Category: Tax and Taxation Law
Location: PA
Subject: federal tax law
the IRS claims i owe 20,000
in back taxes.I am unemployed and have no assets.can they put me in
jail?
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Reply:
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Category: Tax and Taxation Law
Location: PA
Subject: Re: federal tax law
No. The failure to pay taxes is usually not criminal. In law there are
always exceptions, but this should not be a concern for you. The first
thing you should do is contact a tax attorney. The tax attorney will
review the documents and determine into what stage the IRS collection
has progressed. By hiring a tax attorney the IRS will speak with the
attorney and not you. This will protect your rights.
I have more information on the tax collection process at:
www.taxesq.com
I hope this helps!
Ron Cappuccio
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Question: 1/07/07
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Category: Business Law
Location: NJ
Subject: LLC vs. Owner Operator
What are the advantages and disadvantages between LLC and owner
operator for a truck driver?
When becoming LLC, is worker compensation required?
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Reply:
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Category: Business Law
Location: NJ
Subject: Re: LLC vs. Owner Operator
A Limited Liability Company adds an extra layer of legal protection.
Nevertheless, if you are the driver and are in an accident, you will be
sued. But, if you are not the driver, the LLC would be sued and you may
POSSIBLY avoid personal exposure. In New Jersey, you may opt out of
Worker's Compensation insurance for you in the LLC.
I have more information about LLC's and business entities on my web
site:
www.taxeq.com
I hope this helps!
Ron Cappuccio
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Question: 12/22/06
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Category: Business Law
Location: NJ
Subject: LLC in NJ. Other States?
I am considering starting a website that matches manufacturers with
stores in the US. Everything will be done online and through email. I
will be paid a commission from manufacturers based on the total sales
of a successful match. I would like to form an LLC. Do I need to
register or do anything in other states. The manufacturers and chain
stores are located all over the US.
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Reply:
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Category: Business Law
Location: NJ
Subject: Re: LLC in NJ. Other States?
First, you have a nice idea but it is already being done by large
companies such as Walmart and independents. You should investigate the
marketplace before entering the business.
Also, you might be classified as providing "information services." This
may be subject to sales tax in NJ. Therefore, you should consider
setting up the LLC in another state.
My website has some information about business www.taxesq.com
If you have a question, please call me.
I hope this helps!
Ron Cappuccio
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Question:Category: Tax and Taxation Law
Location: NJ
Subject: Tax question
Hello.I host a radio show on blogtalkradio & I do it from my
apartment.
I have not registered it as a business,because I do not own
blogtalkradio,but I do host a show on it.
If people pay me to advertise on my show,should I get that taxed when I
receive those payments or wait until the end of the tax year?
Also,is it considered a business if I am running it out of my
apartment,but do not have documents saying it's a business?
Am I allowed to write off certain business expenses?
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Reply:
Category: Tax and Taxation Law
Location: NJ
Subject: Re: Tax question
Yes, you are in business. Your classification is a "sole proprietor."
You will need to file a Schedule C on your US 1040 and attach it to
your state income tax return. You should establish a separate business
checking account. Deposit all advertising and other income into the
business account and pay your business expenses from this account. You
should consider getting Microsoft Money or QuickBooks to keep track of
your expenses.
Formerly, having had a radio talk show, I know how interesting it can
be and also how difficult it is to get established. Good luck with your
show!
I hope this helps.
Ron Cappuccio www.taxesq.com
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Question:
Category:
Tax and Taxation Law
Location: NJ
Subject: Aircraft sales tax in NJ
In New Jersey is the ''casual sale'' between two individuals
with no dealers involved, of an aircraft still exempt from sales tax or
has that the law changed? State Bill s-2210 from 2005 was going to
resend the exemption, I don't know if it ever became law
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Reply:
Category: Tax and Taxation Law
Location: NJ
Subject:
Re: Aircraft sales tax in NJ
Sales of an Aircraft to a NONRESIDENT, who does not operate a business
in NJ and who will not hangar the aircraft in NJ for 12 months is
exempt.
I hope this helps!
Ron Cappuccio http://www.taxesq.com
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