Deceased father leaves 2 children and spouse an apartment building in trust approximating $2 million. The entire appreciation in the building, originally purchased far below market value escapes taxation on the transfer. Our clients, the recipients of the trust, bring us prior tax returns and trust documents to review and prepare current year tax returns. No recipient of the trust... Read More
EA is a married, US citizen, who obtained employment as a defense contractor in Afghanistan early last year. EA was initially contracted to work a period of 10 months at his new job. US Citizens are generally required to file a US Tax Return reporting worldwide income including earnings overseas. However, certain exceptions apply to taxpayers who earn monies abroad... Read More
When times are good, they’re really good. And when times are bad, there just appears to be no hope in sight. That’s what DD thought when he came to see us with no money, no prospects of money and over $40,000 in tax debt. DD is a typical victim of today’s troubled economy. Owing more than $40,000 in tax debt... Read More
KW is a married, real estate developer that was looking at over $675,000 in income taxes on the cancellation of indebtedness associated with the abandonment of various real estate properties that received various 1099-COD or 1099-SA tax forms for 2009. Recent enacted tax legislation provided economic relief where a taxpayer can attribute the debt cancellation to his primary residence, or... Read More
TT is a young, divorced, single individual that was assessed $35,000 in back taxes, primarily from self-employment earnings attributable to a former spouse. TT was married at a young age upon entering the U.S. and divorced shortly thereafter. The IRS can assert collection of taxes against spouses where the spouse signed a joint tax return, had knowledge or should have... Read More
