Several members of an adult community have formed a hobby club with about 15 members who will pay annual dues of $100. We wish to open a bank account in the club's name in Pennsylvania. What is required to open such a bank account, and are there federal filing requirements to be met, considering we do not expect significant revenue other than the dues?

December 3rd, 2024

Can a couple with a combined Modified Adjusted Gross Income (MAGI) of 174,325 each make a $5,000 Roth IRA contribution if neither is covered by a qualified plan?

December 2nd, 2023

In 2010, I bought a car from Illinois but I live in PA and did not pay state taxes. I just received a letter from a law firm/debt collector obtained by the state to collect the amount. What will happen if I ignore them? What is the process for this type of situation?

September 20th, 2024

I am transferring $100,000.00 from two of my accounts to a third account in my and my daughter's name. Will the IRS be notified of such a transfer, and is there any penalty or tax on the transfer?

August 12th, 2024

My husband had an LLC for a small business that was only in his name. He passed away a month ago, and I found out he never filed regular taxes every year, although he paid quarterly payroll taxes. My children and I need the income from the business and can keep it going, but I'm not sure what to do. I don't want to be liable for his debt to the IRS. What should I do to handle the tax situation and continue the business?

June 23rd, 2024