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I am a F-1 student and have received gifted money oversea

Hi I am a F-1 student and have received gifted money oversea from my parents around 400k for recent years and I am wondering do i have to report this gifted money? My mom have constantly wire me 50k every couple months for last 3 years and I have deposited them in my US bank accountJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Since I am not a US citizen nor green card holder, but a F-1 international student.. so I am just thinking am I in trouble or I should do something? That's it

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
Lane, I have a client who has contracted work from me. I was

Lane,I have a client who has contracted work from me.I was to develop software for an online product/service. He was to pay money, put forth best efforts to commercialize, establish an operating entity.He is in default on these clauses of the contract. He is no longer communicating. The contract does not define what happens when there is a default or remedies and time to cure. The product/service is complete....each have a non-exclusive right to 100% of the System and all intellectual property developed by the Venture.By the client stonewalling they are enjoying all the benefit of the product/service in their market for free while preventing us from earning any money or other benefit.I do not want to do anything unethical or against business law.The product or service MAY have a large potential. So I want to create a paper trail of facts to deter either their suing us or winning if they do sue. I do not want to sue. I do not want them to cure, I do not believe they will cure, if they do I accept that and will fulfill my responsibilities under the contract.For example;Letter 1; notifying them of the default, setting out the facts and demanding compliance by a reasonable date, or we will be forced to default them out of the contract.Letter 2; You have not responded to the demand letter... you are now in default... you have until (a reasonable time, date) to cure the default... to cure the default you must...Letter 3; The reasonable time has passed, you have not responded, you are beyond the reasonable time to cure... Both parties are free from any and all obligations under the Contract. We will be incurring substantial costs moving forward commercializing the product/service. You have no claims to any future income.I believe something, (maybe more creative than I have shown above) should be a deterrent for them to commence any action against us, and if they did this correspondence should be persuasive to any court.In other words, when their perspective lawyer reads this he will advise them this is a losing suit, You did not give full consideration, you did not put forth best efforts, you did not even respond to their registered notices, and by the terms of the contract you can only sue for the amounts invested and/or amount received in the prior two years of the Venture.If they do not cure, my main goal here is I don't want to make this a huge success in spite of them not doing their part. Their learning of a big acquisition occurring and then threatening to sue to extort part of the proceeded from the acquisition.Can you give me pointers while I draft the letters over a series of JA questions?RegardsSam

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,276 satisfied customers
My father established a irrevocable trust in 2004 with an

My father established a irrevocable trust in 2004 with an elder care lawyer. He has been in a nursing home under Medicaid since 2014. In recertification for Medicaid I was advised by Social Service that he would no longer be eligible because of the trust. They advised that we should have notified them of the trust and that he should have been receiving the interest as income. I advised them that I did not realize and would write a check for the amount that should have been declared as income. They are now saying that they want the entire amount of money in the trust. I am located in New York State.

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Christopher B, Esq.

Attorney

Juris Doctor

5,112 satisfied customers
I'm trying to fill out the CA 593-E form on the sale of a

I'm trying to fill out the CA 593-E form on the sale of a rental home (didn't declare it as rental on tax forms) & it is asking for "suspended passive activity losses, but doesn't explain what that is. Can you tell me what these "losses" might entail?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No - just need an understanding of what these losses might entail to know whether I have any for this form.

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
I have/had a non-qualified annuity. This annuity is

Hello. I have/had a non-qualified annuity. This annuity is collateral for a loan. In 2013, we filed Chapter 7 bankruptcy. Since then, the bank has been taking money out of the annuity to make the payments on the loan. This has caused us a substantial tax event every year since then. The IRS has a tax lien against us because of this. Our CPA says we should just do an Offer-in-Compromise and offer the IRS 20 cents on the dollar to settle. We are not willing to do this because we bankrupted and the annuity should belong to the bank now. He told us to hire a tax attorney, which is ridiculous because the answer seems like it should be simple...we bankrupted on a loan that the bank had collateral for...we should be done with both the loan and the annuity...in my opinion. How can we stop the tax events? Shouldn't the annuity be out of our name? Please help! Thank you, ***** *****JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I know of. The first year this happened (2013) this event more than doubled our income!!! By the way, we had to file bankruptcy because our financial advisor stole all of our money.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,276 satisfied customers
I w1ithdrew $33000 from a stock account. My original

I w1ithdrew $33000 from a stock account. My original investment was 52% taxed income. That was accomplished by the rollover of 3 annuities which I pur chased for a total of $65000 into a stock account in the amount of $120000. Over the life of the account it has accrued no additional value. Obviously a poor showing. What percent of my $33000 withdrawel is taxable?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,276 satisfied customers
I am going to start working as an Uber Driver. It is

I am going to start working as an Uber Driver. It is considered an independent contractor and I understand that I will be subject to double taxation from the Self Employment tax. Are there options for me to avoid/minimize that additional tax (i.e. form a business entity...), and is there an income threshold I would need to meet in order to see any savings?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
I am helping a friend to obtain a EIN number to his

Hi,I am helping a friend to obtain a EIN number to his corporation. My friend is the CEO but he is a foreign person without a SSN. Therefore, we wont be able to apply for the EIN online.Form reading several posts online, I understand that my foreign will have to fill out Form SS4 and designate a lawyer or a CPA (or a business lawyer" ) as a "Third Party Designee".My question is how the lawyer or CPA will fill out the POA (Form 2848) if my foreign doesn't have a SSN?Could you please help.Thanks!

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
I live in NJ. My father just passed. I have 2 sibling and we

I live in NJ. My father just passed. I have 2 sibling and we will inherit a house. At what point to I need to have the house appraised and what steps do we need to do to not pay taxes

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,276 satisfied customers
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