If I close my business, will the IRS pursue failure to file penalties for late filing for tax years 2013 through 2017, even though all taxes have been paid?

October 16th, 2023

If I take $1,000,000 from an investor at a pre-money valuation of $4,000,000 and the convertible note converts in 12 months, with the investment offered at a discount of 20% of the price per share of the new preferred stock sold in the equity financing or a valuation cap of $5,000,000, how much stock does the investor get? If the company has 100 shares, would the investor get 25 shares because their investment was based on $4M pre-money, or 20 shares because the post-money valuation was $5M, or something else?

February 1st, 2023

What are the main differences between S-Corps and C-Corps in terms of taxation, and what are the tax savings with an S-Corp?

May 1st, 2024

I live in Arizona, a community property state, and filed joint taxes with my wife. Our joint refund was taken to offset my past due child support obligation in Texas. Are the rules for injured spouse different in a community property states, and should we file Form 8379?

July 8th, 2024

If my wife is totally disabled, is there any break in paying taxes? We are 81 and 80 years old. She receives workmen's comp and social security, and we made $51,000 this year. We also have lots of medical expenses and medications. Does this make a difference?

February 19th, 2023