61–70 of 71 posts
Can anyone confirm this please?
If you're wondering (like I was) why MA thinks this guy owes anything at all, it's buried in the middle: "Again, I hadn't lived there or worked there since 2003, but I did own part of a business that was headquartered in MA, and the state was using this fact to harass me for income tax money." So is the MA tax bill based on the profits of that business, or is the state just using it to say "you should pay all your in…
If you're wondering (like I was) why MA thinks this guy owes anything at all, it's buried in the middle: "Again, I hadn't lived there or worked there since 2003, but I did own part of a business that was headquartered in MA, and the state was using this fact to harass me for income tax money." So is the MA tax bill based on the profits of that business, or is the state just using it to say "you should pay all your in…
The first part could easily explain it, particularly if the company was an LLC. If you own a stake an LLC, you are liable for the taxes on the profits on your share of the ownership regardless of whether or not you see any of it(at least in GA). Since the author seemed fairly oblivious to this requirement maybe he hadn't paid them since moving out of the state? Since this seems to be from a couple years ago, do anyon…
Can you explain?
The author mentions he keeps his money in a foreign bank that I presume the MA department of revenue cannot get at. Does anyone have any recommendations of overseas banks that are easy to open accounts with without travelling to said country.
I think you'll find it very difficult to achieve that with a bank you want to trust your money to; anti-money laundering treaties have cranked up the requirements on banks to verify the identity of new customers.
If you're wondering (like I was) why MA thinks this guy owes anything at all, it's buried in the middle: "Again, I hadn't lived there or worked there since 2003, but I did own part of a business that was headquartered in MA, and the state was using this fact to harass me for income tax money." So is the MA tax bill based on the profits of that business, or is the state just using it to say "you should pay all your in…
More to the point, the update makes it clear he doesn't really have a beef with MA: he did owe the taxes.
Earlier quoted context omitted.
The first part could easily explain it, particularly if the company was an LLC. If you own a stake an LLC, you are liable for the taxes on the profits on your share of the ownership regardless of whether or not you see any of it(at least in GA). Since the author seemed fairly oblivious to this requirement maybe he hadn't paid them since moving out of the state? Since this seems to be from a couple years ago, do anyon…
you are liable for the taxes on the profits on your share of the ownership regardless of whether or not you see any of it Can you explain?
I heard somewhere that when you stop living in a certain state (say California in mid 2014) you should still file state tax in California in 2016 to show that you made no income in 2015 in California. This is supposedly a recommended way to end your 'relationship' with the state. Can anyone confirm this please?
> Every financial institution in the world is going to roll over for a state government like that, and leave you to sort out of if the request was legit or not. There’s no place to hide. So Chase isn’t actually the bad guy here.
I don't see the logic here. Everyone does it, so it must not be bad? I don't agree.
Strangely enough, almost this exact same thing happened to me. Apparently I was accountable for my ex-wife's tax bill (for a year in which we were not married) well after our divorce...in a state I never worked in.
Did you wind up having to pay?
They just took it. I happened to have a little in savings, and had just gotten my paycheck the day they took everything...so they got a decent amount (relative to me at least).
Also, once they decide to take your money it's nearly impossible to get it back.
So random that this has popped up now. I should post an update, but I can do a quick one here. This is resolved, but here are the bullet points of what happened and what I learned: - All of my assets were not frozen. 99% of our assets are with Barclays, and we just use Chase so that we can have a local checking account. (Barclays doesn't do that in the US.) So everything tied to Chase and our credit cards were frozen…
On the last point, if the CPA retired 10 years ago, and some state government (e.g. CA) comes after you, does the CPA's insurance still work?