I have a client who put his real estate assets into an intentionally defective grantors trust for his children about two decades ago. The trustee found 8 properties with liens on them that expire in 2027, under the grantor's name, even though the grantor was not the owner. The IRS won't release the liens until 2027, despite the ten-year statute of limitations on collections due to a late assessment. Is there any solution other than waiting until 2027?
August 13th, 2024
How can I change my tax address and obtain my missing tax transcripts from the IRS?
March 24th, 2024
Do I need to report the allocable share of deferred DISC income from a K-1 from an S corporation as interest on Form 1040 for the taxpayer?
October 30th, 2024
Can passive losses only offset passive income, and are there exceptions to this rule, such as the $25,000 allowance for real estate professionals or those with modified adjusted gross income (MAGI) under $100,000?
October 16th, 2023
I worked in Canada for 11 years and in the US for 18 years. I would like to maximize my retirement pension from both countries. I am concerned about the Windfall Elimination Provision (WEP) and how it might affect my Social Security benefits. Additionally, I am wondering about my eligibility for the Canadian Old Age Security (OAS) pension and if I qualify for any benefits from my ex-spouse's pension. I also want to know if I have to pay taxes on my Social Security or Canadian Pension Plan (CPP) income and when the soonest I can retire from both countries.
December 11th, 2023
I am seeking to hire a lawyer to apply for Medicaid for my elderly father who is in short-term rehab. He has made transfers to his girlfriend/partner of 50 years, which may affect his Medicaid eligibility. What should I look for in a lawyer, and what can I expect from the process?
December 18th, 2024