In a unanimous decision, Rousey v. Jacoway, the Supreme Court held that creditors may not reach IRAs for petitioners who file bankruptcy. This means IRA's are treated the same as other pension type plans for Bankruptcy purposes. As a basis for its decision, the US...
If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption (currently $3,100) for him or her. There are five tests to determine whether...
Telecommuters Must pay NY State Income TaxA closely divided New York Court of Appeals upheld a controversial tax policy that has made New York state the bane of telecommuters, and something of an outcast among its neighbors. The state's high court held in a...
Can Trust Fund Penalties be Discharged in Bankruptcy?Some employment tax obligations are dischargeable in Bankruptcy. For instance, a proprietor employer's share of FICA tax more than 3 years old at time of bankruptcy petition would be dischargeable. 11 USC 523(a)(1), referencing 507(a)(8)(D).see: http://www.TaxEsq.com...
1031 Exchanges Exempt from NJ Non-Resident Withholding Tax The tax law effective August 1, New Jersey P.L. 2004, C.55 (N.J.S. 54A:8-10), which demanded real estate tax withholding from nonresident New Jersey sellers, no longer applies to sellers in a §1031 exchange. The new Seller’s Residency...
IRS Commissioner Brags abour Profitablity of Increasing IRS Budget for Collections and Audits Remarks of IRS Commissioner Mark W. Everson at National Press Club IR-2005-30, March 15, 2005"The Administration has called for a 4.3 percent increase in IRSfunding in the...
Question:My accountant recommends an "S" Corporation rather than a LLC becasue LLC's are taxed as partnerships and that is more complex. What do you think?Answer:The LLC offers more flexibility than an S corp. Remember only qualified persons can hold S stockwhereas anyone or any entity...
There is no reason to believe that as to liability arising from within the LLC, such as a slip and fall on the premises being held, that a single-member LLC will offer any significantly less protection from liability to the member than a sole shareholder...
===========Question: ===========Category: Probate, Trusts, Wills & EstatesLocation: NJSubject: My Mother Died without a WillMy Mom died in 2003 w/o a will. My siblings appointed me administrator, i am one of 9. The only property to be divided is the house. which comes with it's...
Congress is trying to increase taxes on small businesses that are LLCs LLPs and S corporations. Presently, if a shareholder of an Scorporation or a Limited Parter of a Limited Liability Partnership or investor Member of a LLC has no participation in the management of...