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I need advice on something my father proposed, My father is

I need advice on something my father proposedJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My father is a truck driver (owner/operator) who has failed to do his taxes for a few years now and currently has a tax lien on him for roughly $12,000. I am a full time student with a lack of income. Addressing his tax situation is my fathers #1 priority but he wants to lower his taxable income regardless. He plans to retire to his ranch in Mexico in the next 3 to 5 years, but wants to leave my younger brother and I some money before he goes. So he proposed a plan: He claims that if we simply transfer the ownership of his semi truck and trailer to my name and he files some paperwork with the company he works under currently, his paychecks will be made out to me instead. I would then open a business bank account for those paychecks and pay my father as a 1099 employee $2000 a month. He currently grosses about $10,000 a month before expenses and nets about 4 to 5 thousand after fuel, truck maintenance, repairs, etc. This proposition would provide my brother and I with a good amount of money in the bank over time and, more importantly, an income on paper that would allow us to get approved for a better rental property, improve our credit, or even one day be able to buy a home of our own. My concern is that my father is oversimplifying this process or maybe he might be misinformed and its not even possible at all. If it is possible I need to know how it would effect me and what I would need to do to make it happen. How would I go about doing my own taxes? Are there any negative consequences that can arise from doing this? Any advice, insight, or opinions will be greatly appreciated. Thanks!JA: Is there anything else the Accountant should be aware of?Customer: I think thats everything

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
It is about an S Corp that was improperly dissolved (i.e.

JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It is about an S Corp that was improperly dissolved (i.e. final return filed but paperwork not submitted to the Secretary of State). The Franchise Tax Board is asking for their minimum tax ($800) plus penalties and interests. I would like to know what could happen if those taxes are not paid.JA: When we are ready I'll take you to the appropriate web page.Customer: I assume there is a cost to answer my questions, what range are we talking about?JA: Is there anything else important you think the Accountant should know?Customer: There are no assets of the dissolved corporation or its previous shareholders in California.

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Mark D

Master's Degree

988 satisfied customers
I have a check from an oil company for royalities. A little

I have a check from an oil company for royalities. A little background. Had a levy placed on my bank account. Called the IRS and set up an installment plan to pay back taxes. Understood there would be a release. Installment plan starts Feb. 1. I received a check and it has my name on it and also IRS Levy. Does this mean if I deposit the check into my account that the IRS will take it?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I believe that is it. Not sure how all this works

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PDtax

Owner

Master's Degree

7,370 satisfied customers
The end of December will be 10 years and Zthe income taxes

The end of December will be 10 years and Zthe income taxes that I owe will expire. However, I received a letter from the IRS telling me to call within 10 days to discuss payment or they will send to my file enforcement. I made a $300 payment after I received the letter. What are my rights? I cannot pay $12,000 (balance). Thanks

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,942 satisfied customers
I have been sued by an attorney for non payment of fees from

I have been sued by an attorney for non payment of fees from my divorce in 2010. The amount is 18k. I make 22k a year, and have a child to support. There is no way I can pay off this debt. What do I do?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
I have a federal tax debt from 2016 of $24,000. I make

I have a federal tax debt from 2016 of $24,000. I make $350,000 per year, and can pay half now, and the balance when I get my bonus at the end of February. Do I need an installment plan, and how do I go about satisfying this debt without credit impact or loans?

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
Recently married and my husband has tax debt with his

Recently married and my husband has tax debt with his ex-wife. He arranged to make monthly payments with the IRS - solely on his own. I have a prenup stating that all my assets remain my sole and separate property and his accumulated IRS dept is his sole responsibility - no liability on my part.I will be filing married, separate. Will the IRS try to withhold my refunds for his previous debt?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
I moved from Hawaii to California. Do I need to see Social

I moved from Hawaii to California. Do I need to see Social security to report my change in residence?JA: Has anything been filed or reported?Customer: Yes I have been receiving social security benefits in Hawaii for 10 years.JA: Anything else you want the lawyer to know before I connect you?Customer: Must my social security checks be deposited in California? Why can't I keep he checks going into my Hawaii checking account. I have a Hawaii Tax that I have to pay in the amount of 30,000. Can Hawaii put a lien on this account?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,422 satisfied customers
I own shares in an S Corporation currently in the process of

I own shares in an S Corporation currently in the process of winding down and possibly filing for chapter 7 liquidation. The S Corporation has about 95K in debts and 20K in inventory assets. The assets have liens against them by 3 creditors.The shareholders are considering putting in personal money to clear some or all of the corporate debt, but are concerned that this will then become income for the corporation and transferred back to them as personal income.Is there a best way for the shareholders to contribute personal money to clear corporate debt for this scenario?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
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