ADDITIONAL INFORMATION: My tax preparer did not include my wife’s Social Security income on my 2015 Federal and State taxes. Now I received a bill from the IRS, plus interest charges. ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: You are still responsible for the tax whether or not he failed to input the data into the return. As a taxpayer, it is your responsibility to review the return before you sign and submit it to the
ADDITIONAL INFORMATION: My mom passed away in September 2014. Her mortgage co filed foreclosure a month later. $74,000 was owed on the original debt, but unpaid taxes and fees made it closer to $104,000. Property sold for a profit in June 2016 and her estate received a check for $10,000. Mortgage co reported original debt of $74,000 and sale price of $114,00, meaning it looks as though her estate earned $40,000 instead of the $10,000 received.
ADDITIONAL INFORMATION: I do not want to accept any inheritance that my parents may leave me. Can I just write a letter and have it notarized or is there some type of legal form/letter that I need to fill out? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: To decline a gift or inheritance, you need to execute a disclaimer. In order for the disclaimer not to have any effect on you for estate or gift tax
ADDITIONAL INFORMATION: My sister is disabled and living in our mother’s home. My mother now resides in a memory ward of a senior living facility. My other sister wants to kick my disabled sister out, but she’s on disability and can’t afford housing. She claims that they need to sell the house in order to pay the $5000/mo facility cost. Please advise ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: Assisted living bills need to be paid
ADDITIONAL INFORMATION: The person who has the will, is the Mother of 4 children. She is also diagnosed with mild dementia. She has decided to give one piece of her property to one dependent, but it was set to be given to another in her will. The 4 dependents are all in favor of this gift. However, there is a piece of property that the dependent who is going to be gifted this property is due
ADDITIONAL INFORMATION: A non grantor complex Massachusetts trust has a North Carolina trustee and one beneficiary in Massachusetts. There is no Massachusetts sourced income to the trust such as real estate rental income, only income and gains is from stock and bond portfolio. Should the trustee file a Massachusetts or NC trust tax return along with the federal return? The trust language allows the trustee discretion to allocate income and capital gains back to the corpus
If you have a policy that requires drug testing after a workplace accident or injury, you may need to change it as a result of new rules issued by OSHA. The new rules generally require that companies have a reporting procedure in place for work-related injuries and illnesses, and prohibit them from discouraging workers from reporting injuries. The catch is that, according to OSHA, a policy that requires drug testing after a workplace accident could discourage
Many companies have flexible spending accounts that allow employees to pay health care and dependent care expenses with pre-tax dollars. The biggest drawback to these accounts is that they’re “use it or lose it” – so if employees put money into an FSA and don’t spend all of it on qualified expenses during that calendar year, they forfeit the remainder. So what happens to the money they forfeit? The short answer is that the business can
All businesses are scared these days of having their data stolen by highly sophisticated foreign computer experts – and yet a surprisingly large number of “hacks” are actually very low-tech affairs, carried out by people with minimal computer skills. The good news is that some simple measures can reduce the risk. According to a study by the Ponemon Institute, the vast majority of CEOs view sophisticated intentional hacking as the biggest data security problem they face.
The maximum penalties that can be imposed on businesses by federal agencies are being dramatically increased, as a result of a new law passed by Congress. OSHA’s civil penalties hadn’t increased since 1990, but that changed on August 1, 2016, when they jumped roughly 80%. The top penalty for a serious OSHA violation went from $7,000 to $12,471, and the top penalty for a willful or repeated violation went from $70,000 to $124,709. What’s more, if
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