I have a client who is an LLC partnership. They have stated in their operating agreement that any member with a deficit balance at the end of the year has an obligation to restore the deficit under section cost 1.704-1(b)(2)(ii)(c). How do I interpret this to the client who does not understand?
December 1st, 2024
My wife and I are residents of Washington state and work overseas. We plan to buy a house in Virginia that we will move into once we retire. Will buying a house in Virginia make us liable for Virginia income taxes?
January 9th, 2024
I have a CA state tax lien posted on my credit last week. I was never notified about this and never received any letters from CA state mentioning that I owe any taxes. The last time I worked in California was in 2009 for 3 months, after which I have lived in Texas. My address was forwarded, but I never received any mail from the state. As a result of this tax lien being posted on my credit, my score has plunged more than 100 points, ruining our plan to buy our first house. What are my options for getting this removed? I read that this stays on credit for 7-10 years. Why didn't the state contact me about back taxes, and why after 3-4 years has it posted this on my credit? I need possible options to get this cleared out.
April 6th, 2024
How should a small company correctly purchase an item from an individual, and is there any issue if the item costs less than $600?
April 30th, 2024
I'm building a model to calculate returns for investment units. I'm starting with Net Rents and subtracting Property Taxes, Utilities, Maintenance, and Interest to get to EBTD. Then, I subtract Depreciation and Taxes to get to Net Income. Am I missing anything? Is the interest deductible?
September 19th, 2024
Besides California, what other states require mandatory unitary filing if our subsidiaries meet the unitary tests of the supreme court? Can you suggest good references to research this issue?
March 22nd, 2023