asked
I'm recovering from a gambling addiction and owe the IRS $12k in October and $37k next April. I don't want to file for bankruptcy because I have a business loan secured by property. I'm considering a $500 monthly payment plan starting in October, increasing to $1k a month from April. Will the IRS accept this, and do I need to pay down to $25k to qualify for an installment agreement?
March 5th, 2023
If an individual is the sole shareholder of two C corporations (Company A & Company B) and then contributes his shares in Company B to Company A, making Company B a 100% subsidiary of Company A, with no cash or added stock received in exchange, does this qualify as a tax-free exchange, and is there an issue with respect to Section 382?
September 25th, 2024
How does income reported on Form 1040, line 21, affect Social Security benefits for a person aged between 62 and 66, and is this income subject to self-employment tax?
March 28th, 2023
Husband is 51% owner and wife is 49% owner of an S corp. The wife has been handling the money and has co-mingled and cooked the books. The husband does not want her handling money anymore and wants to open a new account without her access. He is legally separated from her. What are his legal rights, and should he continue using the old accounting or start a fresh set of books?
March 30th, 2023
I have had issues paying the minimum monthly payments required for an IRS payment plan due to extreme financial hardship. I have had to restart various payment plans after defaulting. Currently, I have not been able to pay the monthly amount and my payment plan is about to be defaulted. What would be some options with the IRS?
August 16th, 2023
Should we try to buy the duplex in Culver City, CA now that it's worth close to $1,000,000, and what are the tax implications for both us and our friend who originally purchased it for us?
March 1st, 2024