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Cancellation of debt - debt was from family business
Apr 07, 2015 - 2:26 PM - by nixadm
Hello,

We had a family business that went under, Unfortunately I was the one that had used my personal credit to get lines of credit and a business credit card that everyone used for materials/fuel etc.

After the business failed we still owed 25k on the card, I could not pay this so after many years of working with them I settled for less and slowly and painfully paid it off.

Now I get a large cancellation of debt and when I put it into my taxes it... [Read More]
Can I claim a child tax credit of previous year 2011 now in 2014, which I did not claim on 2011 as my son does not have ITIN
Mar 30, 2015 - 3:26 AM - by purilokesh
Can I claim a child tax credit of previous year 2011 now in 2014, which I did not claim on 2011 as my son does not have ITIN and applied first time in 2011.

I came here in US in Feb11th, 2011 and my wife and son joined me later on July 4th, 2011. My wife and I filed taxes, Married jointly as a resident aliens for 2011. My son is living with us here in USA from 2011.

His total days of presence in US for 2011 was 181 days.

When I filed a federal tax... [Read More]
help i got audited
Mar 23, 2015 - 6:00 PM - by josephcallaway
i was audited for my 2013 return i claimed my gfs kids and wasnt supposed to i have to pay back all the money i got returned can my gf now wife claim the kids for that year
Can a taxpayer change their Corporation from an S corporation to a C corporation?
Mar 03, 2015 - 3:02 PM - by TaxGuru
In general, a taxpayer can convert an S corporation to a C corporation by voluntarily revoking the S election at any time.

Shareholders of an S Corporation may wish to convert to a C corporation because of changes in the tax laws or to provide the corporation with more flexibility as the business requirements changes.

The process of Converting to a C corporation clearly offers more potential for increasing the investor base and raising equity capital (if the... [Read More]
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