I filed a joint tax return with my undocumented wife, but I did not include her off-the-books income of approximately $20,000. What are the potential consequences, and how can I amend this situation?

March 29th, 2024

A potential client's fiancée, who has a green card and was a dependent of her mother in the USA, wants to apply for citizenship and then get her husband, currently in the USA on a tourist visa, approved to stay. Her immigration lawyer suggested obtaining her mother's tax returns to prove her dependent status, which could expedite her citizenship application. However, the mother may not be willing to sign a Power of Attorney to release the tax documents. Is there any way the daughter can obtain proof of her dependent status without her mother's cooperation?

February 3rd, 2024

Is there an issue if you give an interest-free loan to your S corporation, as long as you document the loan and give it a specific date to be paid back? Do you have to charge interest on the loan?

November 2nd, 2023

If my wife and I don't contribute to our child's college expenses, which are financed by student loans in her name and paid by relatives, can either of us take educational credits if she is our dependent? What if she is not our dependent, can either of us take educational credits?

December 1st, 2024

Is a cash payment to Online Trading Academy in the first year considered part of my startup costs or an ordinary expense for professional training, especially if I started the business in 2015 and only engaged in the training and opening a trading account that year?

May 12th, 2024