asked
What is the tax treatment for a shareholder who is also a lender to a bankrupt corporation? Specifically, how is the worthless stock treated (capital or ordinary) and how is the bad debt treated (capital or ordinary)? Are there related party issues that affect the tax treatment?
April 1st, 2024
My sister is leaving $40K to care for my mother. She is sending it in increments of $10K to her three siblings and mother to comply with the gift tax laws. Where do we put the money to care for my mom while paying minimal tax?
October 20th, 2023
How do I find out if my business status with the IRS is a Corporation or an S Corp? We had filed the papers incorrectly as a Corp initially and were working with HR Block to get the status changed to S Corp, but the person handling our case passed away and HR Block can't help us now.
February 15th, 2024
I received a notice from the IRS with a CP501 code, which indicates an account balance due. However, the notice only asks for my signature to verify my address and my phone number, with no mention of balances or dues. What should I do?
July 19th, 2024
What should I do if my tax return has been intercepted by a municipal court due to an error on their part, and can I sue them?
November 18th, 2023
During a divorce, I discovered that my husband, a surgeon, allegedly did not pay taxes on roughly $50K a year for four years, totaling $200K. He has ignored discovery requests and refuses to provide documentation from his employer or secondary income accounting firm. Should I report him to the IRS now, and what are the potential consequences if I do?
December 27th, 2023