Search results

Is your concern based on how this effects YOUR taxes as the recipient or the 501(c3)? Individuals can give away up to $13,000 without tax penalty. The recipient of the gift does not have any tax liability provided there are documented receipts that comply with IRS specifications. You'll...

Don't panic. This is normal. They are looking to verify that all records match and they have the right to do it. They are looking to see if there is a simply an accounting problem or a systemic attempt at tax evasion. Either way, you can be assured that they will find something to assess a...

What does your response have to do with the subject of this discussion?

No, it isn't a Capital Gain. It is $24,000 of misc income. Capital gains come from the sale of Real Property (as in Real Estate, Stocks, etc.)

Dodd gets a percentage of whatever he can collect. If the debt hadn't been charged-off and was actually valid, the City would have pursued a wage garnishment. City, State and Federal government don't use collection agencies to collect debts. Simply ignore it.

Hire an Attorney IMMEDIATELY.

There is but you'd better consult directly with a CPA certified in Connecticut. Odds are you can probably tell them to go pound sand.

Get a new CPA. You've got a Mr. Fraydy Cat as a CPA. The 30% withholding is nonsense on its face. I guess your CPA has never heard of a 1099 for an independent contractor? The work is being done by someone in a foreign country via a computer in a foreign country. They have no physical...

If you resign as an individual, resign as quickly as possible and do NOT mention the reasons why in your written letter. However, you should realize that it may not protect you at all. If you are a BOD member who knew of the problems and sat silent, the IRS may have a problem. If you are...

No, there are none you need to worry about. Why would you assume there are? 501 (c) status has its requirements pretty well established. You can download them from the IRS. The biggest thing is simply keep good records and refrain from overt political activity.

You are free to hire any contractor you choose.

You are fine. These people will get 1099s from the agency.

An extension is only for filing your return. If you owe money you have to arrange a payment schedule with the IRS. It appears you simply sent in your return without any payment and did not arrange a payment plan. Your CPA can probably get the lien removed after a few payment have been...

Hire an Attorney and make him your corporation counsel. Hire a CPA and make him your Comptroller. You will need both if you wish to operate this way. If you screw up as a 501(c), they likely will pull it. You then would end up with a major tax liability.

You will not to need to collect any sales tax from anyone outside of MN. The purchasers may legally be required to report the purchase for the purpose of paying the proper "use" tax. State sales taxes are legally termed sales and use taxes in their general statutes However, if you have a...

Ignore the collection notices. The fact is that the City has already charged off the so-called "debt". The fact that a collection agency is contacting you is the indicator. It is already off the books as an outstanding 'debt'.

Keep meticulous records. Get a separate account in the name of your organization. Apply for the proper 501(c3) non-profit status if you are indeed a non-profit entity. Hire an attorney/CPA to ensure compliance.

Ignore it. The fact they are using a collection agency indicates they have already classified the so-called debt as a charge-off. It is no longer on their books as an outstanding debt.

No, it is not illegal for him to claim her. If he was the breadwinner of the household he can legally claim her as a dependent if she lived there. It doesn't matter who the actual father is. It matters who has custody and can document that they are providing a home for the child. If his...

You can sue anyone for anything. Whether or not it gets summarily tossed out is another matter. You may have learned a very expensive lesson. The tax code is so complex that no two tax preparers will ever have the same results. In my opinion, you are wasting your time thinking about a...