http://www.mlhorwitzlaw.com The Law Offices of Mark L Horwitz defends those who are charged with or under investigation for criminal conduct and related civil litigation. For criminal defense, call a lawyer in Orlando, Florida. 407.843.7733.
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Republican State Sen. Greg Brophy of Wray, Colorado comments on a pending lawsuit challenging the legality of Gov. Bill Ritter’s property-tax hike.
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IRS tax audit help, IRS tax examination, http://www.myirstaxrelief.com/irs-audit-help-representation.php, by tax relief expert Mike Habib, EA – http://www.myirstaxrelief.com
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Mail this post My grandfather had a litigation open. He also had a will that left everything to me (bypassing his 4 children). The litigation office says that the litigation will be split among his children, even though the will leaves it to me. Is there something I can do or can I fight for this? The litigation would be enough to pay off the taxes on the house they left. Which was sold at a tax auction that needs to be redeemed. Any helpful advice would be welcomed.
My lawyer is just being a pain at the moment. I can never get a hold of and is taking his precious time.
I am in the us. I am from Alabama if that helps, sorry I didn’t mention it before. I do have a lawyer who is trying to probate the will. The litigation office is an office of lawyers who are handling my grandfathers claim.
You need a lawyer. The ‘litigation office’ (whatever that means? Your lawyer? The defendant’s?) is wrong.
When a person dies, their estate becomes the litigant in any ongoing suit. When it is settled, the estate gets the proceeds. Since you got the entire estate, the settlement is yours.
Mail this post Is sufficient to have credit card statement if IRS audits you as an individual taxpayer?
Credit card statements are not sufficient to substantiate a deduction. However you can present your statements as part of your substantiation.
You need to keep your own records of your deductible expenses. For example, a business travel expense may show on your credit card statement, but you need your own records indicating when you did the business activity, who you met, the purpose of your meeting, etc.
Keep a log of all of your deductible expenses. The CC statements may show that some of these expenses were paid by CC.
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J. Raymond Karam
Attorney and Counselor at Law
Board Certified – Tax Law
Board Certified – Estate Planning and Probate Law
Texas Board of Legal Specialization
Master of Laws in Taxation
Certified Public Accountant
El Hidalgo Law Offices Building
110 Sprucewood
San Antonio, Texas 78216
Phone: (210) 828-1241
Your Tax Attorney
Serving the public
with commitment
and dedication
since 1985
Taxation
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What is the IRS audit letter? Visit http://www.irstaxuniversity.com to learn all about the audit letter.
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Mail this post A company at the end of 2007, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:
Income before taxes (Pretax Financial Income) 900,000
Estimated litigation expenses 1,200,000
Extra (Accelerated) depreciation for taxes (1,800,000)
Equals
Taxable Income $300,000
The estimated litigation expense of 1,200,000 will be deductible in 2008 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of 600,000 in each of the next 3 years. The income tax rate is 30% for all years.
What is the Income tax payable in 2007?
What is the income tax expense for 2007?
What is the deferred tax asset to be recognized in 2007?
What is the deferred tax liability to be recognized in 2007?
How many hours of CPE is that supposed to get you?
You also haven’t specified whether the company is a "C" corporation, whether it’s on the cash or accural basis, etc. Also your depreciation schedule doesn’t make any sense, on either a tax or accounting basis.
Mail this post If I have 300K in checking account from poker winnings and I happen to get audited or whatever can they freeze my account? Would I be able to go withdrawl everything?
Shahlavegas -
In short, yes. Even if you withdraw it all and put it under your mattress, if the IRS finds out about it, they will come after your for the tax money, and penalties, and interest. How quick they find out about it all depends on how you won the money. If it was from a Vegas (or other US) casino, that casino may have asked for your SSN in order to report the winnings. If the amount was too low, or it was from some "underground" venture, etc., then they may not find it right away, but they’ll likely figure it out.
You won’t like to hear this, but the safest thing is to come clean and pay the taxes now. You may be able to negotiate lower penalties. Also if you had any gaming losses, you can deduct those against the winnings.
You probably should hire a CPA – there are many CPA’s online that you can use. Plus, CPA’s are probably the most knowledgeable in terms of tax law and regulations and during this time of year, many charge extremely competitive rates – sometimes better than HR / JH or the software packages. In fact, the one I use (linked below) each year only charges around $50 for my return – it’s really a great deals compared to the other guys.
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