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

I haven't paid taxes in 10 years but I want to make it right. What should I do?

July 8th, 2023

Are the registration fees for marathons, where the taxpayer participates to raise money for qualified charitable organizations, considered charitable deductions? Additionally, what are the rules for deducting mileage, lodging, and meals for these marathon ventures?

August 13th, 2023

Does my doctor get a 1099 from the insurance company which is paying for my visits?

February 21st, 2023

Two business owners want to transfer property from a C Corp to an LLC for liability purposes without incurring a tax liability. The land has a basis of $400,000 and is appraised at $4,000,000. Can the C Corp own the LLC to make the transfer tax-free through a capital contribution? If the C Corp is sued beyond its insurance coverage, can the LLC be liable for the transferred property?

February 2nd, 2024