asked
I am beginning a new LLC partnership in San Diego, California, and one of the partners has a personal tax situation. What are the potential negative consequences for both partners if the IRS decides to seek retribution through the LLC for the partner with the tax issue? Additionally, what precautions should be taken, and is there a significant risk factor for one partner over the other when executing the LLC papers?
June 1st, 2024
I have a retirement savings account at a German Bank with a 25-year contract, contributing 150 Euros monthly. The account offers increasing annual premiums and an interest rate of about 1%. I am currently in year 6. Should I pay tax annually on the gains or can I let the account grow tax-deferred until year 25?
January 19th, 2024
What is the tax on inherited land?
September 26th, 2023
Can I claim bonus depreciation or ITC expense on an RV used strictly for business purposes? I am located in North Carolina and purchased the RV on August 10, 2017.
May 28th, 2024
I am preparing a decedent's initial trust return and have two questions: 1) Which beneficiaries need to receive K-1 forms? There are individuals who received outright bequests upon death, two beneficiaries who will receive the trust residue and assets at the end, and two beneficiaries who won't receive their funds until age 18. 2) Some of the beneficiaries qualify as skip persons, but the whole estate is under the exclusion amount. Do I need to check the skip person box on Form 1041?
June 20th, 2024
What is the approximate tax liability on an estate worth $200,000 left by a New York state resident who died, for residents of Pennsylvania?
May 2nd, 2023