In our family LLC, distributions were initially based on each partner's tax liability. After a couple of years, the accountant changed this to carrying the debt as Loans From Partners on the LLC income tax since 2014, without any promissory notes or official filings. Can the heirs of a previous member come after the other partners for this debt?

May 11th, 2023

I need taxes taken out of my Social Security payments. What is the correct form to complete, and how do I submit it?

February 22nd, 2023

I don't have my 2021 tax papers. Who can I see about that?

November 24th, 2023

Is it better to pay for a divorce with cash or credit?

September 21st, 2024

For an LLC owned evenly by two 401k accounts, can we list the 401k plan's Trust as the Partnership Representative (PR) on the Schedule B of the Form 1065, and with the Trustee as the PR designated individual? The goal is to avoid directly listing the 401k account holder. Is this advisable, or is there a better alternative?

September 12th, 2024