Tax Attorney Long Island

I currently have a personal e*trade account. I would like to create a limited liability company whose sole purpose is to invest my money in securities-stocks, bonds, mutual funds. My personal e*trade account would be transferred to a new business account. Besides the asset protection, what are the other advantages to doing this. And of course, what are the disadvantages? Is this even possible? Legal? I know I should seek a tax attorney or accountant, but just a little advice would help me initially.

Consider the following two scenarios.

1. Successful individual with six figure income and significant assets hires tax attorney/account to ensure every deduction and technique to reduce tax liability is explored and taken advantage.

2. Same situation as above but individual encounters serious financial downturn due to job loss or failed investments. Decides to exercise bankruptcy protection and hires attorney to ensure he is able to protect as many of his assets as possible and reduce financial liabilities as allowed by the legal process.

Both have acted legally. Is there an ethical difference between them? Is there an ethical duty to pay taxes as required by a democratically elected government? Is there an ethical duty to pay private debt? Is there a difference between the two?
Good answer; I ask because I recently heard an argument that people who use bankruptcy law to their advantage to resolve a financial problem are unethical or immoral.

Alabama:
At Least We’re not Mississippi

Alaska:
11,623 Eskimos Can’t be Wrong!

Arizona:
But It’s a Dry Heat

Arkansas:
Litterasy Ain’t Everthing

California:
As Seen on TV

Colorado:
If You Don’t Ski, Don’t Bother

Connecticut:
Like Massachusetts, Only Dirtier and With Less Character

Delaware:
We Really Do Like the Chemicals in our Water

Florida:
Ask Us About Our Grandkids

Georgia:
Without Atlanta we’re Alabama

Hawaii:
Haka Tiki Mou Sha’ami Leeki Toru
(Death to Mainland Scum, But Leave Your Money)

Idaho:
More Than Just Potatoes…
Well Okay, We’re Not, But The Potatoes Sure Are Real Good

Illinois:
Please Don’t Pronounce the “S”

Indiana:
2 Billion Years Tidal Wave Free

Iowa:
We Do Amazing Things With Corn

Kansas:
First Of The Rectangle States

Kentucky:
Five Million People; Seven Last Names

Louisiana:
We’re Not All Drunk Cajun Wackos,
But That’s Our Tourism Campaign

Maine:
We’re Really Cold,
But We Have Cheap Lobster

Maryland:
A Thinking Man’s Delaware

Massachusetts:
Our Taxes Are Lower Than Sweden’s

Michigan:
First Line of Defense From the Canadians

Minnesota:
10,000 Lakes and 10,000,000,000,000,000,000,000 Mosquitoes

Mississippi:
Come Feel Better About Your Own State

Missouri:
Your Federal Flood Relief Tax Dollars at Work

Montana:
Land of the Big Sky, the Unabomber, Right-Wing Crazies, and Very Little Else

Nebraska:
Ask About Our State Motto Contest

Nevada:
Whores and Poker!

New Hampshire:
Go Away and Leave Us Alone

New Jersey:
You Want a ##$%##! Motto?
I Got Yer ##$%##! Motto Right Here!

New Mexico:
Lizards Make Excellent Pets

New York:
You Have the Right to Remain Silent, You Have the Right to an Attorney…

North Carolina:
Tobacco is a Vegetable

North Dakota:
We Really are One of the 50 States!

Ohio:
We Wish We Were In Michigan

Oklahoma:
Like the Play, only No Singing

Oregon:
Spotted Owl… It’s What’s For Dinner

Pennsylvania:
Cook With Coal

Rhode Island:
We’re Not REALLY An Island

South Carolina:
We Have Never Actually Surrendered to the North

South Dakota:
Closer Than North Dakota

Tennessee:
The Educashun State

Texas:
A Whole ‘Nother Country!

Utah:
Our Jesus Is Better Than Your Jesus

Vermont:
Yep

Virginia:
Who Says Government Stiffs and Slackjaw Yokels Don’t Mix?

Washington:
Help! We’re Overrun By Nerds and Slackers!

Washington, D.C.:
Wanna Be Mayor?

West Virginia:
One Big Happy Family — Really!

Wisconsin:
Come Cut Our Cheese

Wyoming:
Wynot?

I closed August 12. This is the e-mail I just got from the closing attorney:

THE TAX BILLS HAVE BEEN MAILED BY FULTON COUNTY. WE HAD ESTIMATED @ INCOMPLETE. THE TOTAL BILL IS $1712.90. THE SELLER HAD GIVEN YOU CREDIT FOR $214.21 ON LINE 211 OF THE HUD SETTLEMENT STATEMENT. WE HAVE COLLECTED AN ADDITIONAL $834.12 FROM THE SELLER. WE NEED TO COLLECT A CHECK FROM YOU FOR $878.78. IN 2009, YOU WILL HAVE FILED HOMESTEAD EXEMPTION, AND THE COUNTY TAXES SHOULD BE LESS FOR THAT YEAR.

Paula Halford

Is there a way to get out of paying this? help!

My $50K back tax debt to the IRS has been classified as “currently not collectible” for the past two years. I recently won a Disability settlement from Social Security and received a check for 4 1/2 years of back SS Disability payments (FYI: I am no longer disabled and am now working part-time). What I wanna know is, can I open a new bank account (I don’t presently have one) and deposit the lump-sum SSA check without having some kind of alarm go off at IRS HQ which results in their hoovering that account dry the second it clears? I fully intend to use a big chunk of the money to work out some kind of payment or offer in comprimise plan with them, but I need to be able to use some of it for urgent medical, dental and other essential expenses (such as a good tax attorney) first. Any information and or suggestions would be greatly appreciated. Where possible, please cite references, regulations, IRS publications, etc. so I can make sure I have my facts straight.

Hypothetical question …

A man in France (French citizen), who owns real property (house and farm), dies. One of his three descendants lives in the US (US citizen), the other two remain in France.

Can the descendant in the US in some way transfer his share of the inheritance (and his share of the tax liability) … to the siblings? … to any other relatives?

The descendant in the US has no desire to return to France and become a farmer.

I have read through some tax law in an attempt to gain an answer, but I think you need to be a French tax attorney to answer my hypothetical question.

Thanks.

I have given my Mother power of attorney over my property in the UK. I will receive £20,000 from the sale. How can I transfer this money to the US without paying taxes?
The £20,000 from the sale is after UK taxes. I just want to be sure I’m not taxed on the money again once it is in the US.

Alabama:
At Least We’re not Mississippi

Alaska:
11,623 Eskimos Can’t be Wrong!

Arizona:
But It’s a Dry Heat

Arkansas:
Litterasy Ain’t Everthing

California:
As Seen on TV

Colorado:
If You Don’t Ski, Don’t Bother

Connecticut:
Like Massachusetts, Only Dirtier and With Less Character

Delaware:
We Really Do Like the Chemicals in our Water

Florida:
Ask Us About Our Grandkids

Georgia:
Without Atlanta we’re Alabama

Hawaii:
Haka Tiki Mou Sha’ami Leeki Toru
(Death to Mainland Scum, But Leave Your Money)

Idaho:
More Than Just Potatoes…
Well Okay, We’re Not, But The Potatoes Sure Are Real Good

Illinois:
Please Don’t Pronounce the “S”

Indiana:
2 Billion Years Tidal Wave Free

Iowa:
We Do Amazing Things With Corn

Kansas:
First Of The Rectangle States

Kentucky:
Five Million People; Seven Last Names

Louisiana:
We’re Not All Drunk Cajun Wackos,
But That’s Our Tourism Campaign

Maine:
We’re Really Cold,
But We Have Cheap Lobster

Maryland:
A Thinking Man’s Delaware

Massachusetts:
Our Taxes Are Lower Than Sweden’s

Michigan:
First Line of Defense From the Canadians

Minnesota:
10,000 Lakes and 10,000,000,000,000,000,000,000 Mosquitoes

Mississippi:
Come Feel Better About Your Own State

Missouri:
Your Federal Flood Relief Tax Dollars at Work

Montana:
Land of the Big Sky, the Unabomber, Right-Wing Crazies, and Very Little Else

Nebraska:
Ask About Our State Motto Contest

Nevada:
Whores and Poker!

New Hampshire:
Go Away and Leave Us Alone

New Jersey:
You Want a ##$%##! Motto?
I Got Yer ##$%##! Motto Right Here!

New Mexico:
Lizards Make Excellent Pets

New York:
You Have the Right to Remain Silent, You Have the Right to an Attorney…

North Carolina:
Tobacco is a Vegetable

North Dakota:
We Really are One of the 50 States!

Ohio:
We Wish We Were In Michigan

Oklahoma:
Like the Play, only No Singing

Oregon:
Spotted Owl… It’s What’s For Dinner

Pennsylvania:
Cook With Coal

Rhode Island:
We’re Not REALLY An Island

South Carolina:
We Have Never Actually Surrendered to the North

South Dakota:
Closer Than North Dakota

Tennessee:
The Educashun State

Texas:
A Whole ‘Nother Country!

Utah:
Our Jesus Is Better Than Your Jesus

Vermont:
Yep

Virginia:
Who Says Government Stiffs and Slackjaw Yokels Don’t Mix?

Washington:
Help! We’re Overrun By Nerds and Slackers!

Washington, D.C.:
Wanna Be Mayor?

West Virginia:
One Big Happy Family — Really!

Wisconsin:
Come Cut Our Cheese

Wyoming:
Wynot?

I have been working for a small company for the last 6 months, tying to fix the last 4 years of tax issues. The previous bookkeeper worked there for 15 years the last 4 years were not great, she never filed or paid sales and use tax, I did all the filing and of course being that 4 years of no payments it just about doubled the amount owed. He owes about 125,000.00 in back taxes. He knows its his fault he should have checked her work. The state was at his house last week and took his work truck. They also said they sent everything to attorney general office. I called them and they are willing to set up payment plan which is nice. The tax man said if he walks away from is mortgage, and closed his business they would shelve the file and not ask for any money until he got back on his feet..He worried about the house but The house has tax liens on it. I’m stuck in the middle, He has been to a few lawyers who don’t want to help because it state taxes..any advice would be nice..
I dont think I am responsible to fix his problem, but he came to me for some kind of help..

I am living with somebody and we are both almost out of graduate school. For the first time in a long time, we will both have a good income. But we will also have school debts and we have other goals, like getting a house, minimizing our taxes and cleaning up our past credit issues. What kind of financial professional should we consult with? Tax attorney, financial planner, accountant, or something else? We are in the USA. Also, if you have approximate rates we can expect to pay and how long this sort of planning would take, that would be great.

said I owed them. They sent me their calculations. They are wrong. I didn’t make the amount of money for last year like they say. I made less and I sent them the exact place where it shows how I arrived at my calculations. How long is this going to take before I receive my state tax return refund. It was their mistake and it should have been mailed to me weeks and weeks ago. Is there such a thing as a tax attorney that I can go to? They are dragging this out as long as they can. I’m all ready to take this to an attorney. Anyone have a phone number I can call for help in this?

My husband’s ex-wife has not followed the court’s orders outlined in their settlement agreement. She has not given him half of the family photos, she has not paid the taxes on the home that they still own together, because it just hasn’t sold yet, she didn’t put that house on the market by the deadline that the court gave her, she does not follow the rules of our insurance, yet expects us to pay half of the charges incurred due to going out of network ($150 instead of $25), she is constantly trying to poison the children against their father, etc., etc. She knows she is in contempt, and she doesn’t think he will take her to court, since we can’t afford an attorney. Anyway, does anybody know how we can get forms and detailed instructions on how to do this on our own? The goal is not to get her fined or arrested. The goal is just to get her to obey the court, like my husband does each month when he writes her a check for $725…even though the kids live with us 1/2 the time.

Well, it looks like the Obama campaign is pulling out all the stops…and they’ll most likely get away with it.

Illegal get-out-the-vote drives are being held in swing state mosques, Central Ohioans Against Terrorism is reporting:

The group, Muslim Americans for Obama, has announced a series of “get out the vote” events at mosques in Michigan, Pennsylvania, New York, New Jersey, Virginia, and Ohio this week during Ramadan celebrations. As can be seen in the announcement reprinted below, the organization admits these are “get out the vote” events masquerading as “voter registration”:

Muslim Americans for Obama will be working to get out the vote for Sen. Obama, and they need help registering voters! Volunteers need not be Muslim, though appropriate attire is advised (no sleeveless tops; long pants and ankle-length skirts recommended).These get out the vote events, of course, flagrantly violate the tax exempt status of these participating mosques, including our own local Noor Islamic Cultural Center, which are strictly prohibited from supporting or endorsing any kind of partisan political activity — even when they claim it is only “voter registration”. In fact, it was these kinds of activities that eventually sunk the Christian Coalition’s tax exempt status with the IRS.

Voter registration drives at religious institutions are only legal if the organization is non-partisan.

“Muslims for Obama”, the sponsor of these events, is unquestionably a partisan organization, and thus, any participation by these mosques is illegal and violates their tax exempt status. Additionally, since the Muslims for Obama announcement says that these voter registration drives are intended to “get out the vote for Sen. Obama”, they are considered partisan under the law and illegal on that basis as well – in addition to the fact that these events are sponsored by a partisan organization.

Is anybody going to do anything about this?

Who are the attorney generals in the states involved?

Nancy H. Rogers, D, Ohio.

Mike Cox, R. Michigan

Andrew Cuomo, D. New York

Tom Corbitt, R. Pennsylvania

Ann Milgram, D. New Jersey

Bob McDonnell, R. Virginia

Via: Gateway Pundit, who also reports:

More… Ohio Obama supporters are dragging homeless people off the streets in to vote.

and:

It figures… The Iraqi Parliament just banned using mosques during election times:

…The law includes a provision that allocates 25 percent of the seats to women and a prohibition on the use of mosques, pictures of clerical leaders and government institutions during the campaign season.But, they don’t have Barack Obama on the ballot.

Andrew McCarthy reports on Obama’s “funny money”:

My pal Diana West points me to Ken Timmerman’s must-read Newsmax column — which naturally is getting no coverage in the MSM — about Sen. Obama’s eye-popping fundraising operation. Bottom line: the would-be President of the World is raising goo-gobs of money from foreigners outside the United States (a violation of federal law), and matching goo-gobs of money inside the United States from phantoms who are blowing out the individual contribution limits by, among other devices, making up identies and breaking up contributions in amounts less than $200, for which reporting requirements are less rigorous.

According to Ken, the Obama campaign has raised nearly half a billion
dollars ($429.6M) but refuses to provide the names of most of the
donors. Election law requires the campaign to track this information
but not for it to disclose the names of those who donate less than
$200, which is most Obama donors. (Sen. McCain discloses the names of all donors.) The Obama campaign has raised millions upon millions of dollars from outside the United States. Only Americans living overseas may lawfully contribute, but because the Obama vetting machinery is negligent (or worse), the probability is that enormous sums are coming from foreigners. The campaign knows the FEC is a lethargic agency and won’t have a full accounting until perhaps years after the election.

This typifies the domestic fundraising issue:

In
a letter dated June 25, 2008, the FEC asked the Obama campaign to
verify a series of $25 donations from a contributor identified as
“Will, Good” from Austin, Texas. Mr. Good Will listed his employer as
“Loving” and his profession as “You.”

A Newsmax analysis of the
1.4 million individual contributions in the latest master file for the
Obama campaign discovered 1,000 separate entries for Mr. Good Will,
most of them for $25. In total, Mr. Good Will gave $17,375.

Following
this and subsequent FEC requests, campaign records show that 330
contributions from Mr. Good Will were credited back to a credit card.
But the most recent report, filed on Sept. 20, showed a net cumulative
balance of $8,950 — still well over the $4,600 limit.

Blah. Go read the entire thing if your heart can tak

I thought I’d try doing our taxes this year asked DH for his W-2 and he handed me a stack from 2000 – 2006 and told me the last time he filed was 1999! Looking the W-2’s over noticed one year had $0 Fed tax withholding and the rest were only a little over $1000.00 in Fed withholdings. He makes between $30 – $46 a year. He then tells me he prefiled with his employer to go tax exempt for one year and the rest of the years as having 8 dependents when there’s only DH, my son and I.

#1, DH says to do nothing until we can get a tax attorney.
I want to get these things filed ASAP and see where we stand.
Which would be best?

#2, I don’t work DH wants to file Married filing jointly to try and get the most to offset his owed amount. My understanding is if we file jointly I become responsible for this as well. After years of this kind of crap, divorce is afloat and I don’t want to be stuck with his idiots debt. Any advice?
Been married since 1995
Rent our home
Have no assets

Should I file these ASAP or wait to get a tax attorney?

After years of being in the hole I was given control of our finances in June 2006 and just got us paid up on all our debts. Now this. Can I claim the first $12,000.00 of DH’s life insurance as a tax free gift? I am only joking……. ha ha yeah ha