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Even More Tax FAQs!
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Question:
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Category: Tax and Taxation Law
Location: IN
Subject: Tax levy
After the government has seized a property for a tax auction, who is
responsible for the remainder of the mortgage loan?
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Reply:
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Category: Tax and Taxation Law
Location: IN
Subject: Re: Tax levy
Normally, a Federal Tax Lien is like any other judgment. Presuming the
mortgage was recorded prior to the tax lien, the person buying the
property would take the property subject to the mortgage.
The Mortgage company could also sue any of the note signers.
Because this is such an extremely fact sensitive matter, you should
immediately speak with a local 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: tax help
What would someone do if when he filed taxes he found out that he owed
money. He didn't go through the process because he knew he would not
have the money to pay the taxes and the accountant.
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Reply:
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Category: Tax and Taxation Law
Location: NJ
Subject: Re: tax help
ALWAYS file your tax returns on time. First, failure to file causes a
5% per month penalty (up to 25%) and failure to pay is 1/2% per month
(up to 25%). Further, the statute of limitations on assessment and
collection does not start running until you file your return.
You should hire a tax lawyer to help you negotiate an installment
agreement or other collection remedy.
I hope this helps!
Ron Cappuccio
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Name: tory
Subject: starting a business with a partner
Question: I am interested in starting a business with a partner. We
will try to get an SBA loan. I have sufficient collateral but need
equity(cash). The total loan needed is $1,000,000. The problem is that
I need $200,000.00 cash for equity from a partner. They will not have
much to do with running the business. I have the relationships to
guarantee the business.
What is fair in terms of ROI to partner and possible ownership in the
business. They will be silent partner in a business that will net
$1,000,000. yearly. Can you help provide insight or guidelines to move
forward. thanks, Tory
Answer: Tory:
This is the traditional problem in a new business "what is the return
to a capital investment vs. the operating people." Frankly, in my
experience, there is a high likelihood that both sides will ultimately
feel cheated. The investor will say "I took all of the risk, why
shouldn't I get the reward." The operating person says " I did all the
work, why shouldn't I get all the reward."
There are several possible creative solutions. One is to
simply borrow the money from the investor. This will provide a fixed
(and probably high) rate of return without having to deal with the
equity issues.
Another was is to provide a higher rate of return to the investor until
the investment is paid back, then the rate of return is reduced.
You need a good tax and business attorney to help find a solution.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Business Law
Location: NJ
Subject: Pro bono Attorney in South Jersey
How can I find a Pro bono Attorney in South Jersey for a small church in
need of a lawyer?
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Reply:
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Category: Business Law
Location: NJ
Subject: Re: Pro bono Attorney in South Jersey
Tax Attorneys that perform services for non-profit organizations and
churches need to be paid for their services. Every non-profit takes the
position because they are non-profit they would love to have free
services.
Unless you have a church member that is a lawyer with non-profit
expertise, I would suggest that you realize your church needs to hire
an attorney.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: IN
Subject: 2006 taxes
what i want to know is the guy who did our taxes last year to us we did
not have to file last year because all we had was my husband Social Security now we
are in bankruptcy and they want our 2006 taxes can you tell me what we
have to do thank you
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Reply:
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Category: Tax and Taxation Law
Location: IN
Subject: Re: 2006 taxes
First, you should ALWAYS FILE a tax return every year. The reason for
this is the Statute of Limitations does not start running until the tax
return is filed. So your tax adviser was correct in having you file
your tax return.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: FL
Subject: taxes
what do i do if I have never filed for taxes
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Reply:
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Category: Tax and Taxation Law
Location: FL
Subject: Re: taxes
The failure to file tax returns means the Statute of Limitations on
assessment and collection never begins to run. Even 20 years from now,
the IRS can assess, audit and collect taxes since you did not file.
Because the failure to file tax returns for 3 years or more creates a
presumption that you WILLFULLY failed to file, you could be criminally
charged. You should immediately call a Tax Lawyer (not an accountant!)
You will have attorney-client privilege.
I hope this helps!
Ron Cappuccio
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Question:
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Category: Tax and Taxation Law
Location: FL
Subject: Spouses unpaid student loan
Can the IRS keep my refund if I file joint with my wife who owes unpaid
student loans from before we were married. She does not work now and on
our joint return shows no income. What are my options?
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Reply:
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Category: Tax and Taxation Law
Location: FL
Subject:
Re: Spouses unpaid student loan
The IRS will keep your refund unless you file an Innocent Spouse claim.
This is a problem with all joint returns where one of the taxpayers
owes the IRS.
You should seek the help of a tax attorney.
I hope this helps!
Ron Cappuccio
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