15 to 20 years ago, I bought a small stucco company from my father on Hilton Head Island, SC. After his death, the IRS closed the company and sold off all assets due to a $63,000 lien. I was unaware of the debt. A tax lawyer informed me that the IRS did not refile the lien, so I no longer owed the money. However, the lien remains on my credit report, affecting my credit score of almost 700. I want to buy a house through the VA, but this issue is a problem. How do I get this lien removed from my credit report?

September 17th, 2023

I have six children. Can I give $13,000 to each child and claim a deductible of that amount for each child? Will each child (all are over 50 years old) then pay tax on his gift?

August 13th, 2023

I don't receive a W-2 or 1099 and need to file my taxes. I'm filing for bankruptcy and need my taxes done. What should I do?

December 9th, 2023

As a 100% owner of a C corporation, if you personally guarantee a floor plan loan for inventory and subsequently have to pay the guarantee after the corporation fails, is that considered a business bad debt? Is the taxpayer's trade or business the C corporation?

March 9th, 2023

I am traveling for business in a foreign country. To be able to deduct the cost of travel, what percentage of the hotel stay is deductible and what receipts or support need to be shown? As an alternative, if I rent an apartment, my understanding is that only the percentage of the apartment used for business is deductible, correct?

June 16th, 2024