I owe the IRS 70K on an active installment agreement and just filed my 2011 taxes, which resulted in an additional 35K owed. Should I pay towards both amounts, and can I have two installment agreements or request a 120-day extension for the new amount?

July 25th, 2024

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