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More Tax and Business Law FAQs
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Question:
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Category: Tax and Taxation Law
Location: NH
Subject: taxes
my son owes $60,000 in past IRS taxes. He needs to pay it by Oct
29,2007. What can he do to stay out of jail?? no way he can come up
with that much money.
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Reply:
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Category: Tax and Taxation Law
Location: NH
Subject: Re: taxes
Owing taxes to the IRS is not criminal. Therefore, the IRS cannot put
your son in jail just because he owes money to the IRS. The best thing
your son could do is to immediately hire a tax attorney to negotiate
with the IRS. Rather than your son speaking with the government, the
tax attorney will represent him.
I have a lot of information on my web site:
http://www.TaxEsq.com
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: SC
Subject: lending fraud and taxes owed
HFC loaned me 110thousand on a 60 thousand mill house and I was making
10.00 an house. I lost the house and now I get a bill from IRS and they
say I owe 18,000 for this forgiven debt on this house.what should i do?
I signed a paper a long while back before i understood the IRS rules
... papers that gave one thousand and i would not sue household
finance. I am so poor now and scared.
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Reply:
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Category: Tax and Taxation Law
Location: SC
Subject: Re: lending fraud and taxes owed
There is no lending fraud. This is called "Cancellation of Indebtedness
Income" and is taxable. There are proposals to change this for a
primary home. Also, if you have nothing, you may be able to argue the
issue with the IRS.
You should hire a tax attorney to fight this.
I hope this helps!
Ron Cappuccio
http://www.taxesq.com
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Question:
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Category: Business Law
Location: NJ
Subject: Sole Proprietor
To operate as a Sole Proprietor, will I be required to complete a
certificate of formation or any other legal form to open a bank
business account?
Thank you
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Reply:
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Category: Business Law
Location: NJ
Subject: Re: Sole Proprietor
If you operate under your own name, you do not have to file a
certificate of formation. You would simply complete an SS-4 with the
IRS to get a taxpayer identification number and Reg-1 with New Jersey.
You should consider discussing this with a tax and business lawyer. A
Limited Liability Company is usually the entity for operating a
business. My website has a lot of information on this.
http://www.taxesq.com
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: NV
Subject: Assessment Date
When someone owes the IRS for unpaid withheld employment taxes and the
IRS has been retaining the personal income tax refund due to the
taxpayer how is the 10 year statute of limitation determined?
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Reply:
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Category: Tax and Taxation Law
Location: NV
Subject: Re: Assessment Date
The answer depends on whether you are a sole proprietor or a corporate
or business officer. If you are a sole proprietor, the 10 year statute
of limitations on collections starts from the date the 941 Tax Return
was filed or due, whichever is later. If you are a corporate officer,
the IRS can assess a tax as a "responsible person." The Statute of
Limitations on collections begins to run from the date of assessment
against you, not the date against the corporation.
You should contact your tax lawyer for guidance.
I hope this helps!
Ron Cappuccio
http://www.taxesq.com
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Question:
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Category: Tax and Taxation Law
Location: TN
Subject: Tax Fraud? My husband hired a woman who works out of her home
to keep his books for his 2 companies. She is not a licensed
accountant, but yet she charges him $3000 a month and does his taxes,
but then puts in there SELF PREPARED like she never did them. Like HE
prepared them. Isn't this illegal?
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Reply:
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Category: Tax and Taxation Law
Location: TN
Subject: Re: Tax Fraud? This is not technically tax fraud. The tax
return preparer MUST sign the returns she prepares. SHE is subject
preparer penalties.
It sounds like you are paying a lot for the services. You should call
your attorney to review the work and to determine if the bookkeeper is
legitimate. Unfortunately, I have seen many clients who have had poor
work done for them and it was only discovered when they received the
IRS audit notice.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: OH
Subject: Getting Married, Fiancee has debt.
My fiancee owes the IRS. If we get married, will this affect me? He
collect this debt years before we got together.
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Reply:
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Category: Tax and Taxation Law
Location: OH
Subject: Re: Getting Married, Fiancee has debt.
You are not liable for the debt of your finance' when you get married.
Nevertheless, if you file a joint Income Tax Return, the IRS will keep
any refund even the part that should be yours. You would then have to
file to try to get the money back.
The smart thing to do is for you and your fiancee' to discuss this with
your tax attorney right away.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: SC
Subject: federal income tax
can wife's property be liened for
husband's tax debt
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Reply:
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Category: Tax and Taxation Law
Location: SC
Subject Re: federal income tax
No, a wife's independently owned and acquired property cannot be
attached by a Federal Tax Lien. Please note, if the property is in
JOINT names or was transferred from the Husband, the IRS can seek to
impose a lien or transferee liability.
You should talk to your tax lawyer about this.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: CT
Subject: Independent Contractor - W-2
Can we give independent contractors a w-2 instead and not have to offer
them benefits?
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Reply:
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Category: Tax and Taxation Law
Location: CT
Subject: Re: Independent Contractor - W-2
Giving an Independent Contract a W-2 makes them an EMPLOYEE. You MUST
withhold Federal and State Taxes, and provide the benefits you give to
other employees in similar circumstances.
Frankly, most businesses would prefer to operate with independent
contractors rather than employees. The workforce also likes the
additional deductions.
DO NOT DO THIS before you talk to your tax attorney.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: NJ
Subject: Capital Gain on Vacation Property
I currently have two homes. I moved into my primary residence in
Hillsborough, NJ, 14 months ago, but can no longer afford the expenses
due to personal circumstances. I also have a townhouse in Point
Pleasant, NJ, which I purchased 7 years ago. I will lose about $50,000
on the Hillsborough property if I sell it now but may make over
$250,000 on the Point Pleasant property. Will I get creamed by the IRS
in capital gains taxes if I roll that money into a more expensive home
OR pay off my mortgage in Hillsborough?
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Reply:
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Category: Tax and Taxation Law
Location: NJ
Subject: Re: Capital Gain on Vacation Property
If your townhouse was your principal residence prior to acquiring your
Hillsborough property, you are in luck! If you have a property which is
your principal residence for 2 of the past 5 years, it can have $250k
excluded from capital gains tax.
My suggestion is you talk to your tax lawyer to make sure your Point
Pleasant Townhouse is your principal residence and meets the
requirements of the Internal Revenue Code.
I hope this helps!
Ron Cappuccio
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