Taxes Legal Questions and Answers

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Can a nonprofit and a for profit, owned and run by the same Board, legally exist?

Can a nonprofit and a for profit, owned and run by the same Board, legally exist if the nonprofit will train ex-offenders job/life skills, and the profit becomes their 'employer' as contract personnel(1099)? It will be sales positions. By the way, the nonprofit which currently exists is a faith-based 501c3. The for profit has not been recreated yet. If it is legally sound, wha...

03/24/2009   |   Category: Taxes   |   State: California   |   #15743

What can I do if I owe the IRS for not reporting sales of my mutal funds?

I received a letter from the IRS stating we did not report the sale of mutual funds from our 1099-B form. They are saying this sale increased our taxable income $11,075 and we owe $2636 in additional taxes. I think this is an extremely high amount of tax due. Can you tell us what we can do?

03/18/2009   |   Category: Taxes   |   State: Michigan   |   #15677

Where can I get Assistance Regarding Tax Treatment of a Resident Alien?

I have been working in the US with L-1 visa. But I have a contract with (and I am payed by) the main company, which is abroad (in Germany). The company to which my visa was issued is a sister company of the company I work for. My main company did not withhold any taxes for 2008. I am considered a resident alien in the US, and my question is how shall I pay taxes for 2008. I cal...

03/10/2009   |   Category: Taxes   |   State: Illinois   |   #15534

Fighting Local Tax Delinquency With Dispositive Motion in Ohio

I had a pretrial hearing to attempt to settle a RITA tax issue. The attempt was unsuccessful. The City Of Lakewood ask for more then I could pay. I can only pay half and still have a roof and money to live with. It would take me 1 year to be able to pay what they are asking. I need to file dispositive motions. Can you help me with these motions?

03/04/2009   |   Category: Taxes   |   State: Ohio   |   #15443

What happens when a levy is placed against someone by the IRS for back taxes?

We have received a notice of a 'Levy' being placed against us by the IRS for back taxes. We truly DO NOT owe these taxes. We have been calling and sending the IRS numerous documents and materials for months that prove this fact. At the conclusion of these phone calls, the IRS representative says - 'Yes, you are correct, you do not owe these taxes' - 'I will make a notation in...

02/18/2009   |   Category: Taxes   |   State: Pennsylvania   |   #15282

What IRS tax form would I fill out if I received a return from a high yield off shore investment?

What IRS tax reporting form would I fill out if I received a return from a high yield off shore private investment where groups of private investors pool their money into a single short term investment and receive the promised returns? These are non regulated off shore type investments.

02/16/2009   |   Category: Taxes   |   State: Texas   |   #15259

A new farm tractor purchased and filed tax exempt.

A new farm tractor purchased and filed tax exempt. No money is made on the farm. Private use. Can we claim tax exempt? Money was due for rental but it didn't happen. We fear having to come up with tax money now.

01/03/2009   |   Category: Taxes   |   State: Ohio   |   #14911

If I am in the service and reside in one state but am stationed in another, what taxes must I pay?

I am a military member who has just relocated to the state of VA from TX. Both my spouse and I still consider TX as our residency. However, my husband has been told by his employer that because he now has a VA address, he will have to pay the state taxes of VA. My question to you is, is this in fact true. I will also add that he put TX on his W2 form when he first started w...

11/09/2007   |   Category: Taxes   |   State: Virginia   |   #11963

What form should I use to file for property tax exemption?

I own a house in Indiana in which my mother lives. I was told for her to file a property tax exemption, I must have her sign a Life Estate. Which form should I order?

10/03/2007   |   Category: Taxes   |   State: Indiana   |   #9602

Do I have to file a estate tax return for this year?

Where can I find info on what fee, and when, I am entitled to receive as Executrix of my Aunt's estate (slightly less than 1 million) for settling the estate. The will was probated in Texas, where she lived. Have been told that it is 5% of what I have collected for the estate and 5% of what I have had to pay out. I have converted everything to cash in an estate checking acc...

05/24/2007   |   Category: Taxes   |   State: North Carolina   |   #5878
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