As a U.S. resident alien with a green card, can I be employed full-time by an Australian company to work in the U.S. and receive my monthly salary directly into my U.S. bank account, while fulfilling my U.S. tax and green card responsibilities, without requiring the company to register in the U.S.? If not, what steps would the company need to take to comply with U.S. labor and tax laws?

January 23rd, 2023

Can I deduct the mortgage payment of an employee who does bookkeeping work for me from her home as an office expense on my business tax return?

August 8th, 2024

I have a S corporation that was dissolved by proclamation in 2008. I want to pay the liabilities and formally close the business. There is no sales tax issue. I was told by NYS that I have to first reinstate the corporation and then close it. I will have to file returns to 2014 to do that. Is that correct? Can I file a 2008 return and mark it Final? Will that resolve the issue? Business had no activity since 2008. If I file the returns from 2008 to 2014 I will have to pay a huge penalty to the IRS for late filing of 1120S. Is that correct as well?

December 13th, 2023

A Limited Liability Company owes a substantial amount of payroll taxes (about $250,000 in 2014 and about $500,000 in 2015). Can the company request an offer in compromise? If not, can an installment plan be requested, and what is the maximum number of years the IRS will allow for payment of the payroll taxes under an installment plan? Additionally, is there any possibility to request abatement of penalties and interest accrued?

April 22nd, 2024

Which portions of the interest for home equity loans can be deducted for tax purposes, and how does the tax treatment differ based on the purpose of the loan and the property it is against? Specifically, if I use a HELOC to help my daughter with her property, can I claim a tax deduction for it, and can she claim a tax deduction when she repays me with interest?

May 27th, 2024