I am a US citizen living in Illinois and I am about to inherit money from a relative who used to live in Wyoming but moved to Canada for business opportunity. Has since deceased. Is there a federal inheritance tax on the money (approx. 6-7 million) when I file my tax return?

October 14th, 2024

I have a New York state tax liability from 10 years ago. I have been living in Nevada for the last 5 years. Can New York state garnish my Nevada wages?

November 14th, 2023

I need help filling out Form 966, specifically sections eight through 11 and box 3. The corporation is voluntarily dissolving, and there is $1000 of common stock left. Is there anything required to be done with that for the final closing? Also, is it mandatory to attach a certified copy of the resolution or plan and all amendments? This is my first time filing a final SCorp.

December 11th, 2023

I have a C Corporation that was lent $250,000 from a private investor. Interest has not been paid, but I understand that interest must be accrued at the Federal Applicable Rate each year even if not paid. Is that interest fully deductible by the corporation even though not paid and picked up as income by the lender? If yes, does the C Corp need to send the lender a 1099-INT? Additionally, if the arrangement is such that when the company sells, the investor is to get a certain percentage, how will the company and investor record the amount paid in addition to the accrued interest and loan payback?

September 21st, 2023

I have started a new C Corp in Texas and want to buy a service van to establish corporate credit. My father is willing to co-sign on the loan, but he faces possible liens for unpaid back taxes. If he co-signs, could the service van be subject to a lien? If the corporation pays all payments on time and the vehicle is titled in the corporation's name, wouldn't it be exempt from attachment by the IRS?

August 22nd, 2023