Internal Revenue Service which is the US Federal Tax authority.

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2answers
561 views

why do companies do a 1099-MISC at all?

I've done consulting for a number of companies and some of them give out 1099-MISC's and some don't. My question is... why do any of them give out a 1099-MISC? If I wanted to subcontract out some ...
4
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0answers
37 views

How Does The IRS Structure Payment Plans If I Owe Subjectively High Taxes?

During the 2015 tax year I became legally separated. During the separation my ex-wife did not agree to a QDRO when cashing out her equity from jointly owned property. The cash out was mandated by ...
3
votes
2answers
425 views

Can a reimbursable medical expense be paid from an HSA?

Can a qualified medical expense for which the HSA account holder knows will be reimbursed by his insurance be paid from his HSA? If so, is the subsequent insurance reimbursement considered a ...
1
vote
1answer
62 views

Can you deduct mileage on your return trip home?

So super easy and newb question here. All the stuff I've read regarding having a dedicated home office and deducting mileage to client meetings, etc is all understandable. But what I don't understand ...
1
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1answer
30 views

irs 941 - “wages, tips and other compensation” vs. “taxable social security wages”

Back when I had an accountant, she entered very different numbers on lines 3 ("wages, tips and othe compensation") and 5a ("taxable social security wages") of the federal 941 form, with a lower number ...
3
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1answer
33 views

Tax: 1099 paper form

This is more of a question of pure curiosity and convenience. Why do 1099s have to be submitted on the special paper forms and not just printed out in multiple copies or purely digitally? Everything ...
1
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2answers
53 views

How does IRS deal with 1099s across accounting methods?

For a US company using the accrual method of accounting, if they receive a bill in January 2016 for work done in 2015, I expect they are supposed to report the 1099 income to the biller as part of the ...
0
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0answers
42 views

401k payment default due to banks negligence of processing payment

I am self employed for 6 months out of the year and work for another company 6 months. I had a loan from my 401k and have Wells Fargo manage the payments. When I am self employed, I submit the ...
0
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1answer
21 views

Does FTB accept amended tax returns over Fax?

So I sent Letter of Explanation over regular mail to Franchise Tax Board. I called them and they claim not to have yet received and/or scanned it. And instead suggested to Fax it. However, I could ...
34
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3answers
8k views

In the USA, why is the Free File software only available for people earning less than $62k?

Free File is a software by the American IRS, which allows one to easily fill out their taxes as long as they earn less than $62k per year. Is there a particular reason for such a restriction? I ...
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vote
2answers
45 views

Stock grant, taxes, and the IRS

As a retention incentive, I was granted stock (about $60,000) in my employers privately owned company. The stock grant went through payroll in December and had FICA taken out but no income tax. I ...
4
votes
1answer
36 views

What documents are needed for taxes to qualify my adopted child who is blind as a child with a disability?

What documents do I need when filing taxes to qualify my adopted child as a child with a disability (blindness) with regards to IRS requirements in the United States? We have medical documentation we ...
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0answers
37 views

Stock grant and taxes [duplicate]

As a retention incentive, I was granted stock (about $60,000) in my employers privately owned company. The stock grant went through payroll in December and had FICA taken out but no income tax. I ...
4
votes
1answer
174 views

Transferring 10K+ from one bank to another bank domestically

I would like to transfer some money from my checking account at Bank of America to my savings account at Wells Fargo. The $ amount exceeds 20K. I wonder if this will be a problem in terms of IRS. ...
3
votes
1answer
30 views

Spent part of the year as an employee, last quarter self employed, how to handle self employment tax?

Like the title says, I spend the first part of the year as a standard employee, but left that job and spent the last quarter of the year self-employed. I am trying to figure out how estimated taxes ...
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votes
2answers
128 views

United States Treasury Not Endorsing Checks

This is something I recently noticed. Maybe it has been going on for a while and I never realized it before. I issue a check to pay quarterly estimated taxes, payable to the "United States Treasury". ...
1
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2answers
67 views

Fringe Benefits (Lodging) for single member S-Corp

I own a single member s-corp. Would having the s-corp pay for my personal rent as a fringe benefit offer an advantage come tax time?
3
votes
1answer
62 views

Prize Money, Taxes and Foreign / International Students

So I'm a software developer. I just visited a large hackathon in Las Vegas. Its a contest where different folks bring ideas to make / design something unique. The event has sponsors, and give money ...
3
votes
1answer
32 views

Taxes on qualifying dividends when reinvesting

I put all my investment money in a managed account with Chase Private. The account is set up to reinvest all dividends, capital gain distributions and interests my stocks/mutual funds/treasury funds ...
0
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2answers
70 views

Do I need to report a capital gain/loss for stock given as a bonus and already taxed?

I'm in the US/New York, preparing to file 2015 federal returns. I was given an incentive bonus by my employer some years ago, in the form of shares of that employer's stock every year for three years ...
-4
votes
1answer
38 views

Is the IRS open December 26?

Does anyone know if the IRS is open for phone calls on December 26?
5
votes
2answers
113 views

Investing for family

I have a personal investing style which nets me exceptional returns for small investments (under $600k) and 2% - 8% better than index funds (annualized) on larger investments. Let's say my parents ...
3
votes
2answers
199 views

what should we consider when withdrawing a large amount of money from a bank account

As titled, what should we consider when withdrawing a large amount of money (>100K) from a bank account? Do we need to document the purpose of our withdraw ? From what I could have found - withdraw ...
1
vote
1answer
68 views

Computer-readable IRS tax tables

I'm looking for downloadable tax rate tables in an import-friendly format (CSV, TXT, XLS, XLSX, XML, etc.). I've searched the IRS website but can't find anything besides the PDFs. Ideally, there ...
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0answers
26 views

Do matching contributions under SIMPLE IRA apply to IRS 93-27 and 2001-43 distributions

A SIMPLE IRA is set up which includes 3% matching contributions. An employee receives money through payments which are under IRS 93-27 and 2001-43 guidelines. The payments are sort of like owning ...
5
votes
1answer
351 views

Is there a way to see a particular organization's 501(c)(3) application?

For example let's say I wanted to see how the Free Software Foundation or the GNOME Foundation applied. Are those records accessible by the public?
3
votes
1answer
83 views

How does FSA work in case of change in employment?

I have a Dependent Care account with WageWorks from my previous company. I left my previous company in July'15. There are still $2000.00 in WageWorks account. Now WageWorks is not letting me claim any ...
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2answers
128 views

If you don't file a tax return, when will the IRS file a “substitute return”?

I'm having a problem with my CPA. He was supposed to file my 2014 tax return by the October 15 extension deadline, but he couldn't get to it in time (he said I wouldn't be penalized if he missed the ...
0
votes
1answer
73 views

Do you pay income tax to the IRS when using a Square reader if you don't meet their 1099-k requirements?

When using the Square reader, is it considered taxable income? I don't meet Square's requirements for the 1099-k so it's a bit of a grey area for me. I just need to know if I need to prepare to make a ...
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votes
1answer
72 views

Can I claim exempt on my taxes if I invest what I would pay in tax?

I recently overheard in conversation that I might have the ability to evade Uncle Sam touching my money if I invested what I would pay in taxes for the year into a IRA or ROTH account? Is this true?
2
votes
1answer
97 views

Can I apply for an ITIN without filing a tax return?

I'm a nonresident alien (Canadian working online earning money from a US company). Currently, they're paying via mailed cheque, but I'd rather be on their payroll. However, in order to do that, I need ...
2
votes
1answer
106 views

Lost receipts in move… what if I'm audited?

I just moved and somehow the box of receipts I use to document expenses in case of an IRS audit was lost. I have looked and looked, but it's gone. I have no reason to believe I will be audited, but ...
0
votes
1answer
40 views

New EIN when adding managing member to Wyoming LLC

I own a WY LLC as a sole member, and am adding my spouse as the second managing member. I understand that in addition to changing the LLC's operating agreement, I also must apply to a new EIN given ...
5
votes
2answers
106 views

Resolved: Why is the IRA contribution limit $6,500 in the examples provided on the IRS website about the subject?

This issue has been resolved: the website has been updated and the typos corrected. So I wanted to verify that the IRA contribution limit was, as I originally thought, $5,500. I went to the IRS ...
0
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0answers
40 views

Home Office Rent Expense Payment via C-Corp

I am a 1 person incorporated C-Corp software development company. (Although, I currently usually do not use the C-corp for most checks and contracts which just go straight to me as an individual.) ...
0
votes
0answers
47 views

US Tax withholding for Selling Digital Goods to US Buyers from India

I'm a web designer who sells digital goods (ie, Website Templates) via a Marketplace called Envato. It's an Australian company, but they recently moved to USA. To comply with US terms, they are ...
3
votes
1answer
55 views

How do I notify the IRS of a new member to an LLC?

I started an LLC in NY but now I need to add a new member. I have been looking online and it claims I must notify the IRS however I cannot seem to find the appropriate links/forms that will let me ...
19
votes
3answers
4k views

Robocall claiming to be IRS saying they are about to sue - Is it legit?

We got a recorded call with a message claiming to be from the IRS. It said they were giving final notice and preparing to file a lawsuit against us. In our case, the message went to voicemail so the ...
4
votes
0answers
103 views

How can I resolve the IRS letter about owing tax on cancelled debt when I did make credit card payments on a payment plan?

My wife had defaulted on her credit cards in late 2012/early 2013 due to financial circumstances. In mid-2013, we setup payments with issuer and that was that. We filed taxes for 2013 and didn't ...
2
votes
1answer
37 views

IRS CP2000 Question

In 2012, I earned $2,000 from contract work on a freelancing website called Elance. I had left the money there for about a year before I decided to withdrawal the money (because I did not need it at ...
2
votes
1answer
65 views

Stock trading from a Cash account, living abroad and United States tax implications

I am an United States Citizen, my 2 children and fiancee are also U.S. citizens. For the entire year of 2015 I will have lived in Mexico, about 2 hours from San Diego. I will pass the IRS's physical ...
1
vote
1answer
34 views

When are disability benefits through an employer sponsored plan tax free?

I am enrolled in disability benefits through my employer group plan. They provide two choices to employees: Pre-tax Option: You don't pay taxes on the benefit until you actually receive the benefit. ...
5
votes
1answer
174 views

For dependent care benefits, what's the dividing line between “camp” and “music lessons”?

For dependent care benefits, what's the dividing line between an eligible expense and one that's not? According to IRS publication 503, "The cost of sending your child to a day camp may be a ...
2
votes
2answers
91 views

Is it possible to recharacterize an IRA twice?

I made a contribution to my Roth IRA and did not know there is an income limit that precludes one from making contributions to Roth IRA if one is over that limit. Now that I discovered this, I have ...
0
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0answers
42 views

Why does the IRS allow tax-deferred growth in a VUL?

Why would the IRS allow your premium "over-pays" to be invested tax-deferred? What's their motivation? They already allow 401K so why this too?
0
votes
2answers
113 views

Recovering from HSA deposit coded to the wrong year?

On April 15 2015 a family member contributed $3000 to HSA #1, intending it to be coded as a 2014 contribution. It however missed the custodian's 1pm Eastern cutoff time by a few seconds and was coded ...
1
vote
1answer
78 views

Bitcoin Cost Basis Purchases

Suppose that a client purchases 10 BTC over a price range of $180 to $290 and transacts twice with his BTC for a total purchase of 2.7BTC. Two questions: Based on this, the IRS taxes bitcoin like ...
2
votes
1answer
32 views

How to find out IRS notices on a topic?

Is there a way to find out IRS notices on a topic? I had a question about HSA and found my answer in this notice but since its more than 10 years old, I wonder if the information therein is current or ...
4
votes
1answer
358 views

What fiscal scrutiny can be expected from IRS in early retirement?

From Tim Ferriss to Mr. Money Mustache, fueled by contemporary prospects of making riches in technology and real estate, to name a few, one of the most popular subjects in the personal finance ...
0
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0answers
64 views

How to be exempt from backup withholdings

I have dual citizenship -- US and other -- and I'm living abroad. What form do I fill out so the paying company will not take out backup withholdings?