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Debtor's Income
LW:
Based on the facts of the hypo, she may have a income tax problem since
the income should not be reported on line 22. I would inform her of this
risk and note it.
Good Luck starts with a strategy and a plan. Form a strategic alliance
with
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922
Income Tax for Attorneys, Bankruptcy, IRS representation,
Fiduciary income tax returns, Estate and Gift tax returns,
Trust Protector, Independent Trustee, Court Accountings
In a message dated 2/17/2010 1:37:23 P.M. Pacific Standard Time,
easky1@yahoo.com writes:
Larry:
Trustee will close a shoe store, a contruction site, and anyplace the
trustee can sell, or where parties can be injured.
Trustee cannot stop a debtor from just working, so a service business,
personal to the debtor, like the one you have described, cannot be sold (no
covenant not to compete can be given), and will not be "closed."
d
The post was migrated from Yahoo.
Larry:
Trustee will close a shoe store, a contruction site, and anyplace the trustee can sell, or where parties can be injured.
Trustee cannot stop a debtor from just working, so a service business, personal to the debtor, like the one you have described, cannot be sold (no covenant not to compete can be given), and will not be "closed."
d
The post was migrated from Yahoo.
Debtor is a bookkeeper who works part time as an independent contractor.
She invoices her employer under a DBA and receives 1099. Her tax preparer
does not prepare a schedule C, and shows the 1099 as other income on the
1040. My question, is this a business that she cannot operate while in
chapter 7?
Larry Webb
email Larry@Webbklaw.com
Law Office of Larry Webb
484 Mobil Ave. Suite 43
Camarillo California 93010
805 987 1400
Fax 805 987 2866
WARNING And Tax disclaimer
This E-mail is covered by the Electronic Communications Privacy Act, 18
U.S.C. 2510-2521 and is legally privileged. This information is
confidential information and is intended only for the use of the individual
or entity named above. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited. It is for the use of
the named addressees and may not be disclosed to anyone else without the
express consent of the originator. If you have received it in error you must
not use, disclose,copy, or rely on its contents and should destroy it
immediately. If you need any further information, please contact the
originator of this message.
IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any
U.S. federal tax advice provided in this communication is not intended or
written to be used, and it cannot be used by the recipient or any other
taxpayer (i) for the purpose of avoiding tax penalties that may be imposed
on the recipient or any other taxpayer, or (ii) in promoting, marketing or
recommending to another party a partnership or other entity, investment
plan, arrangement or other transaction addressed herein.
Debtor is a bookkeeper who works part time as an independent
contractor. She invoices her employer under a DBA and receives 1099. Her tax
preparer does not prepare a schedule C, and shows the 1099 as other income on
the 1040. My question, is this a business that she cannot operate while in
chapter 7?
Larry Webb
email Larry@Webbklaw.com
Law Office of Larry Webb
484 Mobil Ave. Suite 43
Camarillo California 93010
805 987 1400
Fax 805 987 2866
WARNING And Tax disclaimer
This E-mail is covered by the Electronic Communications Privacy Act, 18 U.S.C.
l
information and is intended only for the use of the individual or entity named
above. If the reader of this message is not the intended recipient, you are
hereby notified that any dissemination, distribution or copying of this
communication is strictly prohibited. It is for the use of the named addressees
and may not be disclosed to anyone else without the express consent of the
originator. If you have received it in error you must not use, disclose,copy,
or rely on its contents and should destroy it immediately. If you need any
further information, please contact the originator of this message.
IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any
U.S. federal tax advice provided in this communication is not intended or
written to be used, and it cannot be used by the recipient or any other
taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on
the recipient or any other taxpayer, or (ii) in promoting, marketing or
recommending to another party a partnership or other entity, investment plan,
arrangement or other transaction addressed herein.
The post was migrated from Yahoo.