Can my single member LLC, which is a disregarded entity and owned by a holding company, gift my 3 children money instead of having them as members? If so, how should this be structured, and what are the tax implications?

September 29th, 2024

What verbage should be included with a tax return regarding the safe harbor for the 199A deduction for an owner of rental houses, and does the safe harbor letter need to be physically signed or can it be e-filed with the word 'signed' typed?

August 7th, 2024

I received money from an age discrimination case in California. Part was for wages and part for pain and suffering. Taxes were taken out on the wage compensation, and my attorney received the pain and suffering money, deducting his fees before sending me a check. I also received a 1099 for that amount. Do I have to pay taxes on the pain and suffering money? Are the attorney fees deductible or just not reported on my taxes? I have no medical claims related to the pain and suffering (emotional or physical).

May 27th, 2023

Can a charitable organization from Florida legally raffle a house located in Virginia, where the charity will hold an option to buy the house and then give it as the grand prize of the raffle?

January 4th, 2024

I am a police officer for the City of Pensacola and provided police protection to Gulf Power Company utility workers during Hurricane Michael recovery efforts. Gulf Power sent me a 1099-MISC with $3,600 shown in Block 7 (Nonemployee compensation) and did not take out any taxes. Where do I report this temporary income to avoid self-employment taxes, as I do not own a business and this work is in line with my regular employment?

February 6th, 2023