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Discharge of IRS Tax Liens In Connection With A Florida Short Sale Part II

Federal tax liens are not automatically discharged upon short sale. The IRS has the power to object and prevent the sale if there is a federal tax lien on the property. A short sale will not necessarily discharge a tax lien but the taxpayer has the option of applying for such discharge if certain conditions are met.

Meeting Supreme Court Justice Sandra Day O'Connor

On June 21, 2004, I had the distinct honor of meeting one of my mentors after having been sworn in to the Supreme Court of the United States. In1981 Sandra Day O'Connor became the first woman to serve as a justice in the 191-year history of the Supreme Court of the United States. President Ronald Reagan nominated Sandra Day O'Connor to the Supreme Court on July 7, 1981. In September of 1981, Sandra Day O'Connor became the Supreme Court's 102 justice and the first female member.

Discharge of IRS Tax Liens In Connection With A Florida Short Sale Part I

The IRS uses powerful methods to collect unpaid taxes. At the heart of the IRS collection procedures is the federal tax lien which arises automatically after the conditions precedent to the creation of the tax lien have been satisfied, i.e. - assessment of tax liability, demand for payment, and failure to pay.

Do You Qualify For A Principle Residence Exclusion On The Sale Of Your Home?

Internal Revenue Code (IRC) § 121 provides an exclusion from gross income for gain from the sale or exchange of property if, during the five year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as the taxpayer's principal residence for at least two years. IRC § 121(a).

Discharge of Indebtedness Income from Short Sale - Will You Receive a 1099?

A taxpayer should be very wary when entering into a short sale without considering the tax consequences. A short sale looks better than foreclosure because the taxpayer is forgiving a debt and the lender essentially agrees to take the loss. However, although the debt is forgiven to the lender, the IRS does not generally afford the taxpayer such favorable treatment.

How Do You Know if Your Non-Compete Clause Is Taxable?

In general, non-competition provisions are deemed against public policy. However, they will be enforced if the duration and are of restriction are reasonable. In order to determine what is reasonable, a court will look at the individual facts of each case. Thus, there is no one definitive rule to determine whether or not a non-competition clause is reasonable and consequently valid.

IRS Haiti Disaster Relief Information for Charitable Contributions

Many individuals, businesses, and charitable organizations wish to provide assistance to the victims of Haiti's recent earthquake. Contributions to domestic, tax-exempt, charitable organizations that provide assistance to individuals in foreign lands qualify as tax-deductible contributions for federal income tax purposes, provided that the U.S. organization has control and discretion over the use of funds. Donors should ensure that they make contributions to qualified charities.

Fraudulent Transfers In Florida

A corporation is a separate legal entity, with its own identity. Once funds are deposited into a corporate account, those funds become the property of the corporation. Decisions with regard to a corporation's property are made by the shareholders and carried out by the board of directors and officers of the corporation. Florida law requires that a corporation has a board of directors and that the board exercise all corporate powers. Any action of the board must be approved in a meeting and if no such meeting occurs, then by written unanimous consent of the board of directors. The board of directors has the authority to execute bylaws, which detail the methods through which these decisions and activities occur.

Taxation of Nonresident Alien Crew Members Working Onboard a Foreign Flagged Yacht

Yachts Nonresident alien crew members working onboard a foreign flagged yacht may not be subject to the United States Internal Revenue Code's federal tax withholding requirements found in I.R.C. §§ 3402 or 1441, so long as that yacht is engaged in transportation between the U.S. and a foreign country or U.S. possession.

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