Legal Question in Tax Law in California
investment tax question
invested money in secured promissory note on advice of estate planner. i ''assumed'' taxes would be deducted from monthly check-they are not. now i owe irs/state more money than i have and cannot raise estate planner. help, please.
Asked on 3/29/06, 2:44 am
1 Answer from Attorneys
Donald Field
Donald L. Field, Jr., Attorney at Law
Re: investment tax question
under both federal and state law taxes and interest (and usually penalties) are the responsibility of the taxpayer. if you believe someone else has made an error in advising you or in preparing your return and you wish to attempt to recover some of the amounts paid (usually only penalties), you will need to bring a lawsuit and prove negligence or fraud.
Answered on 4/01/06, 12:36 pm
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