Internal Revenue Service which is the US Federal Tax authority.

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151 views

Are client meal “gifts” considered income?

I was foolish and never considered that my client would possibly report my meals as my "income". I would like to consider it a gift, but my client personally dispises me and I now expect to have my ...
4
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2answers
39 views

Confused by IRS policy on whether DirectPay payment is on-time or late

IRS Direct Pay service states... "The payment date below is the date you will get credit for the payment. As long as you have submitted your payment on or before the due date and receive a ...
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2answers
46 views

What are the rules for accounting of late IRS tax filings and tax owed/refunded?

If you filed your 2011, 2012, and 2013 IRS taxes late around March 2015 and had a refund due for 2011 and 2012 that you filed as applied to the next year's taxes, rolling it forward each year until ...
2
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0answers
21 views

Definition of “business” for the purposes of the IRS Foreign Earned Income Exclusion (2555)

Line 14 of the IRS Foreign Earned Income Exclusion form (2555) asks that one lists the days one was present in the US during the tax year. It then asks how many of those days were "on business", and ...
5
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1answer
59 views

What should I use as the cost basis for stock that was purchased before becoming a US resident?

I held some stock in Australia for 14 years and 4 months that has enjoyed some healthy long term capital gains in that time. Recently I became a US Resident for Tax Purposes under the Substantial ...
3
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1answer
199 views

How to correctly deduct purchase of a laptop dedicated to my consulting work?

I was thinking about buying a laptop to use dedicated for consulting. Currently I've been using the same laptop that I do my personal stuff on for my consulting work but I'd like to have a separate ...
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0answers
42 views

How to report a 1099-MISC in a Qualified Joint Venture

"A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate ...
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1answer
72 views

Deal with stock PSEC

I bought PSEC 3000 shares one month ago. Recently I found some rumor about it. Today's the deadline - if you owned PSEC as of 11:59 yesterday then you have to send the IRS 10% of the value of ...
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2answers
74 views

Which IRS address to choose for federal tax return?

Do you choose the IRS address for submitting your federal taxes based on where you currently live (the return address on the envelope) or where your current resident was in that tax year?
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0answers
54 views

IRS (USA) Form 843 - How much time you have to file?

While I was on F1 Visa, my employer witheld social security and medicare taxes for me in error, and has declined to process a refund. IRS has a form 843, which allows you to petition IRS for a refund ...
3
votes
1answer
92 views

How can someone claim themselves as a dependent?

I'm filing my taxes on a 1040A form and I noticed this line No one is claiming me as a dependent, so does that mean I should count myself as an exemption? What would that even mean?
3
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0answers
94 views

Indian won a contest in US. I got 1042-S claiming 30% tax. How to file?

I won a contest and the sponsor paid the money without withholding tax against my W8BEN. I am Indian citizen and I have to file taxes to US from India. I have received 1042-S claiming that I have to ...
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0answers
14 views

83b election - did not submit tax return for the taxable year of the election [duplicate]

I am a holder of vested shares in an USA company. I've bought my shares in 2013 for the FMV (thus I should pay no income on them for 2013) and filed my 83b election with the IRS (and they confirmed) ...
0
votes
1answer
72 views

Can the Philadelphia Center City District Tax be deducted on my Schedule-A?

I'm a full time salaried employee living in Center City Philadelphia. I own my own home and I am wondering if the Center City District Tax can be deducted from my federal taxes on the Schedule-A form ...
0
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1answer
57 views

US Taxes: Married Filing Separately vs Single Filing for NonResident Aliens

My spouse and I are both graduate students in F-1 status for the last year 2014. I thought we could file a joint federal tax return, but now, as per this link on IRS website, it seems non-resident ...
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2answers
79 views

Clarifications On PFIC Rules

I have specific questions related to this post at ZeroHedge. Are these PFIC rules new? When looking at the criteria, I see on point two that 50% or more of its assets are assets that produce passive ...
4
votes
1answer
533 views

How can I file this year's tax return if I haven't got the refund from last year's return?

Here's my situation: For the year of 2013, I did not file my federal return within April 15th deadline (I did not owe any taxes, and I was waiting for my wife to get her SSN so that I could file a ...
2
votes
1answer
163 views

How to deal with IRS response of no action to 83(b) election?

Pursuant to advice on forming a small company that issues restricted stock such as described here. I filed an 83(b) election with the IRS last fall via certified mail return receipt and for which I ...
2
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1answer
128 views

Do tax preparers have to report findings of illegal activities to any IRS?

Do tax preparers have to report findings/suspicions of illegal activities —e.g. failure to file for multiple years— of clients or even potential clients (seeking advice) to either Federal and/or any ...
4
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1answer
93 views

How to correct a tax return filed electronically and already approved?

I know just the basics when it comes to taxes and IRS. So I went to a tax professional to prepare my taxes. He filed my taxes electronically (e-file) and it was approved right there. I double-checked ...
2
votes
1answer
144 views

Can unpaid tax debt to IRS lead to a bad credit?

Here in USA, some debts to the government (such as certain school loans) can lead to a bad credit if the person defaults on the debt. How is it with tax debt to IRS, can that lead to a bad credit?
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1answer
49 views

Not sure whether to File this Year

I am supposed to apply for the FAFSA each year, and on the FAFSA it asks about our taxes (in case we file). I am not receiving a W-2 this year since I was not on a payroll for the entire year 2014. I ...
3
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1answer
98 views

Who can I contact for free help with certain IRS forms?

As part of my US personal tax return to the IRS this year I need to fill out some esoteric IRS forms that are not supported by most personal tax filing software so I have to fill them out manually, ...
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2answers
50 views

Is a child also a dependent in IRS withholding calculator?

I am trying irs.gov website's withholding calculator. I am confused with this page: . I have one minor child. Should I mention her as dependent here, "Select the number of dependents (other than ...
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1answer
693 views

“Occupation” field on IRS Form 1040

At the bottom of IRS Form 1040 and its relatives, there is a field for "Occupation". I can think of a lot of different words I could use to describe my occupation. Are there any requirements or ...
8
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1answer
1k views

Correct way to get paid from a web design?

I did a website design for another company (Basically, I sold them a completed website) for a flat $500. They're telling me I need to file a W-9, but I don't see why because I'm not a contractor for ...
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1answer
53 views

What tax filings are required for real estate transactions?

I intend to purchase real estate with cash from a family member via quitclaim. What tax forms are we required to file reporting the sale?
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1answer
66 views

What quarter does a payment on the first of the month belong to? [closed]

We pay employees on the first of the month for a pay period from the 26th of two months ago to the 25th of the previous month. That means the period worked and the paydate often occur during ...
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1answer
194 views

Non US-resident, need to file 83b election TODAY with the IRS - I have an SSN but it says “valid for work only with DHS auth” - is this OK?

I am Canadian and are back in Canada. Last year I had a J1 visa to work in the US and I obtained an SSN while there, it says "valid for work only with DHS authorization" on the SSN. My J1 visa has ...
3
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0answers
35 views

How to get reimbursement of the wrong taxes collected by IRS? [duplicate]

I was working as an intern with F1 visa status at a company but that company's HR didn't know that I shouldn't be charged for medicare & SSN tax, so they put me in that tax status and now I have ...
3
votes
1answer
204 views

What are my HSA contribution limits if one, but not all members of the family are covered by an HSA-eligible plan?

My understanding is that when a person enrolls in an HSA-compatible health plan, he may contribute $3300 to an HSA. For example, if Adam is enrolled in an HSA-compatible plan, he may contribute $3300 ...
2
votes
1answer
155 views

W-4 Worksheet for Spouses Filing Jointly: Who Files the W-4?

I've tried finding an answer to this issue both here and elsewhere on the web and haven't been able to so far. My husband got a new job last month with a significant salary increase, and I've been ...
6
votes
1answer
255 views

What are the consequences of IRS “reclassification” on both employer and employee?

To begin, let me clarify that this question is not about how to avoid IRS reclassification. I want a better understanding of the consequences when it happens. Here, I am referring to when the IRS ...
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1answer
65 views

How to know more about my tax situation in the States

I've been part of an LLC that actually never started to operate. My management opened it, and then closed it after 2 years. No income, no business bank account, no EIN. Basically it was just ...
1
vote
1answer
58 views

Can amended tax return filed before tax return cause errors?

I'd like to ask about a notice I received from the IRS today. The notice requests more information about a certain line and correction of figures on a certain column on my 2013 amended tax return. I ...
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vote
1answer
61 views

Mortgage loan and move money to US

If I re-finance or get mortgage loan from my existing property in my home country, and move money to the United States, which taxes do I need to pay (Income tax? Interest Taxes?) or what shall I take ...
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0answers
22 views

How do you get your tax transcript if you are a citizen of another country?

My parent is not a citizen of the United States and my school is requiring that they get a tax transcript from their country. Is my parent going to have to go to that country to get the physical ...
3
votes
2answers
583 views

Square reported girlfriend's business income under her SSN, triggering IRS issues (2012). Square support is awful, what recourse does she have?

My girlfriend received a certified letter from the IRS telling her she owed almost $20,000 to the IRS for the 2012 tax year. She called the IRS and learned that the reason for the charge was that ...
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1answer
323 views

Why does the IRS only return half of your money when you overpay on taxes?

I was using the IRS tax caclulator and came across this oddity. If I'm overpaying on my taxes, i.e. paying money I don't owe, then why is the expected amount I will be given back less than half by the ...
2
votes
1answer
130 views

Amendment After 3 Years That Increases the Tax

I had filed 2010 US tax returns to the best of my knowledge using one of the famous online websites. Fast forward now (2014), I realized that I was in US for half a year and should have filed as ...
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0answers
409 views

What should I do if I have not received my income tax refund 7 months after I filed?

I am a non-resident alien, and I sent my 1040NR-EZ together with other supporting documents in March 2014, and I received a letter from IRS in April saying that they needed more time in processing my ...
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2answers
118 views

Taking partial capital loss purely for tax purposes

I have a position in asset that I plan to hold for a long time. Currently its market price is on a downtrend and could possibly turn into a capital loss. I am not concerned about the near term price ...
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votes
2answers
136 views

Why must I send a Tax Return document to the IRS if they already have all the data? [closed]

The IRS obviously knows all my tax info or they could not check it. Why don't they just bill or refund to me? No one else asks me to do their job for them and penalizes me if I do it wrong. It is ...
0
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1answer
128 views

Money transfer from US to Israel

My boyfriend from Israel was planning on moving to the states to live with me. He brought about $10,000 here last time he came. He is now back in Israel and we decided he was not going to move here. ...
15
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4answers
6k views

Will depositing $10k+ checks each month raise red flags with the IRS?

I am a freelancer that runs a small design business (LLC) and I have one client in particular that I regularly do more than $10k per month worth of business with. Sometimes I'll deposit a check for ...
2
votes
1answer
230 views

Deducting side work sole proprietorship expenses from regular employment earnings?

I have a day-job which gets me a salary. I'm about to start some websites on the side with the intention of making money off advertising. For the time being, I plan to remain an unregistered sole ...
4
votes
2answers
205 views

Am I supposed to pay taxes when living outside of the states?

I am a greencard holder and beyond going there for 2 months every 6 months ( up until last year when I applied for an I-131 form ) so far I have never worked in the states nor have I made any money ...
3
votes
1answer
476 views

Cash a US Government check without bank account

A US citizen, long-term permanent resident in Canada, with no financial presence of any type in the US. He holds a valid US passport, and is up-to-date with all IRS and FBAR reporting. He has a $400 ...
2
votes
1answer
412 views

Single member LLC capital contributions and IRS reporting

I have a single member LLC which is a disregarded entity for IRS purposes. I have a new attorney who told me that when ever I make a capital contribution to the LLC out of my own pocket or transfer by ...
1
vote
1answer
252 views

IRS-4506T, Request for Tax Transcripts reporting delay

sometimes lending institutions ask for a request of tax transcript for the past two years. This is done by filing a IRS-4506T, and then the IRS sends the transcripts to the designated person. This ...