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Lane. Lane. Hope you're enjoying the holiday weekend. This
Lane. Hi Lane. Hope you're enjoying the holiday weekend. This is really a two part query. So actually, while related, they are two separate questions really. The first concerns an S corp owing to the … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
Lane. OK, so Chris here with the second part of the query;
Lane. OK, so Chris here with the second part of the query; or related. I guess it's not really related; it's just that the civil penalties all stem from Trust Fund issues from the S corp he is 50% own… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
Steve G only. OK. Here's a bit of a complex query. 2
Steve G only. OK. Here's a bit of a complex query. 2 shareholders of an S Corp. S Corp has IRS liens against it. Can the S Corp borrow money from an "investor", then use that money to buy out one of t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
9,340 satisfied customers
LANE, I HAVE A CLIENT WITH 150,000 TAX DEBT. THEY HAVE
HI LANE, I HAVE A CLIENT WITH 150,000 TAX DEBT. THEY HAVE 50,000 EQUITY IN THEIR HOUSE. THIS IS AFTER THEY TAKE THE 80% QUICKSALE VALUE OF THE HOUSE AND SUBTRACT THE LOAN. THE HOUSE HAS AN IRS LIEN AN… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
Hope you are well. If a taxpayer contributes gold coins to
Hi Carter. Hope you are well. If a taxpayer contributes gold coins to his S corp in order to pay off S corp debt that the S corp has no funds to pay for, at what value, and what gain, if any, does the… read more
Carter McBride
Carter McBride
LLM
9,250 satisfied customers
Lane, I have a client that was a silent shareholder of a c
Good morning Lane, I have a client that was a silent shareholder of a c corporation. The coproration defaulted on paying couple of the quarters payroll taxes. The revenue agent interviewed my client f… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
I need to respond to the IRS for penalties and interest
I need to respond to the IRS for penalties and interest imposed on an S Corporation that is no longer in business. I originally requested abatement of penalties and interest as the business was closed… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
Is there any reason to send an IRS Revenue Officer an OIC
Is there any reason to send an IRS Revenue Officer an OIC submission rather than sending it direct to OIC Unit. I have a RO who has previously levied my client and seems antagonistic to client. I subm… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
Is there any reason to send an IRS Revenue Officer an OIC
Is there any reason to send an IRS Revenue Officer an OIC submission rather than sending it direct to OIC Unit. I have a RO who has previously levied my client and seems antagonistic to client. I subm… read more
PDtax
PDtax
Owner
Master's Degree
6,751 satisfied customers
I am an EA with an odd cycle. My client owes 120000 dollars
I am an EA with an odd cycle. My client owes 120000 dollars in IRS tax debt. Makes very little money (less than 2000 dollars per month )and owns her own $300,000 hourse free and clear. To levy the hou… read more
Lev
Lev
44,444 satisfied customers
OK. I have an OIC that has switched to a partial pay
OK. I have an OIC that has switched to a partial pay installment agreement as client could not come up with funds necessary to pay for OIC. This was also partiallly caused by changes in income reporte… read more
PDtax
PDtax
Owner
Master's Degree
6,751 satisfied customers
Dear Mr. Lane, You have given me excellent answers in the
Dear Mr. Lane, You have given me excellent answers in the past. And the first question I have is how does one properly address a a lawyer and a JD. I guess I could call you Dr.??? This was not as you … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
I'm aware of the Fresh Start IA option for $50k or less in
Hello, I'm aware of the Fresh Start IA option for $50k or less in tax debt. On the IRS site it states "Taxpayers in need of installment agreements for tax debts more than $50,000 or longer than six ye… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
can a 100% s/h of an s corp take a loan properly documented the
can a 100% s/h of an s corp take a loan properly documented the s corp s/h has zero basis ? is there case law reclassifying this type of loan receivable to distrbution in excess of basis… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
A taxpayer has a business reported on Schedule C. Taxpayer
A taxpayer has a business reported on Schedule C. Taxpayer incorporates as a Sub S on 4.12.12 using all the same assets as the schedule C. I have reported the disposition of all the assets and reporte… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
27,514 satisfied customers
My former husband and I filed joint returns in years prior
My former husband and I filed joint returns in years prior to our divorce. The income was all his. Due to circumstances we divorced and had a back tax mess on our hands. He filed an OIC as a single pe… read more
Lev
Lev
44,444 satisfied customers
For 2009, I have a loss in a C corp $100k. I kept the bus.
For 2009, I have a loss in a C corp $100k. I kept the bus. going by funding it from my IRA. Now I have a tax bill of $45k for income from my IRA and a loss from the C Corp I can't use. Have not yet fi… read more
Lev
Lev
44,444 satisfied customers
My husband owes trust fund recovery penalty taxes from a former
My husband owes trust fund recovery penalty taxes from a former (now closed) corporation that he owned. He has been personally assessed/liened $100,000. However the former company owes around 300,000 … read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
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