Question: Non-filing of taxesI have a friend who has not filed tax returns for a lot of years. All of his income comes ''under the table''. I want to help him get out of this situation. He wants to, but says at this point he...
Question: Selling gifted property.20 years ago I received a portion of recreational land as a gift from a relative. Now I am ready to sell. The property has greatly appreciated. What are the tax implications? How do I compute cost basis?Reply: Because you received...
Question: Business Law: Sole Proprietorship. My husband started his own construction/handyman business 3 years ago. It's an LLC and only his name is listed. He originally did not add my name to the business because he just didn't think to do...
An Internet service provider must hand over documents that disclose the identity of a person who sent an allegedly libelous e-mail about an executive director to the company's board, a Manhattan judge has ruled, finding that the First Amendment does not preclude discovery. The Public...
Question: IncorporationShould an independent software consultant (independent contractor) incorporate himself?Reply:Probably not. The better choice in most states would be to set-up a Limited Liability Company. This is a disregarded entity for Federal tax purposes. The LLC "member" would simply file a Schedule C...
The US Supreme Court determined that state laws banning mail order wine purchases from out of state suppliers while permitting local sellers to sell wine by in-state wineries is Unconstitutional. If a state permits direct sales from the winery to the customer, then it must...
IRS has Simpler 941If you've been preparing or even just signing quarterly employment tax returns for awhile, you probably recognize IRS Form 941. Also known as the Employer's Quarterly Federal Tax Return, this is the form used to report wages, tips and other compensation, as...
Good News: IRS Eliminates"Questionable" W-4 Form Requirement for EmployersNew federal payroll tax rules eliminate the requirement for employers to automatically forward to the IRS copies of all employee W-4 forms, Employee’s Withholding Allowance Certificate, that the IRS considered to be problematic. Previously, the IRS wanted...
April 26, 2005Mr. Ronald CappuccioCherry Hill, NJ 08002Dear Ronald:Thank you for contacting me about bankruptcy reform. I appreciate hearing from you on this issue. In recent years, I have voiced support for a comprehensive review of our nation's bankruptcy laws. In...
April 26, 2005Mr. Ronald CappuccioCherry Hill, NJ 08002Dear Ronald:Thank you for contacting me about bankruptcy reform. I appreciate hearing from you on this issue. In recent years, I have voiced support for a comprehensive review of our nation's bankruptcy laws. In...