Questions tagged [irs]
Internal Revenue Service which is the US Federal Tax authority.
3
votes
1answer
44 views
Do I need to inform the IRS in advance if I gift money?
I live in the US and want to give my sister who lives abroad a large amount of money to help her buy a house. I understand I will need to declare that amount which will be deducted by the amount that ...
0
votes
1answer
55 views
IRS e-file Error Messaging
The following is the error code sent back saying they were unable to process my return due to these error:
"Taxpayer TIN in the Return Header must not be the same as a TIN of a previously accepted ...
2
votes
1answer
81 views
IRS Notice CP59 - Did not file taxes
So my wife got a CP59, which is a complaint from the IRS that she did not file her taxes for 2017. That year, as in years previous, we filed jointly and electronically. The year previous we had a new ...
13
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2answers
3k views
What does an IRS interview request entail when called in to verify expenses for a sole proprietor small business?
I received an IRS audit for the following:
I had to call them within 10 days to confirm receiving the letter. And I've scheduled an appointment 2 weeks later.
They basically said I just need to ...
1
vote
1answer
53 views
how long is it allowed for Brokerages to send updated 1099
One brokerage has send me an updated 1099. I am wondering by law how late these Brokerages can send the corrected/updated 1099? I think It is about Feb 20 of the calendar.
3
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0answers
24 views
How to report contributions to UK pension (USS) on US taxes?
I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my ...
1
vote
1answer
54 views
Status of unused depreciation on improvements to rental property, at death of owner
How is "unused" depreciation for improvements handled, on real property at time of death?
Imagine my uncle purchased residential rental property for $10,000 in 1950. In 2005 he
added an enclosed ...
0
votes
2answers
56 views
Claiming depreciation on a Real estate rental
Say Joe began renting out a rental property in 2015 and he has been claiming a reasonable depreciation annually for the tax years till now.
For 2018 taxes, Joe wishes to stop claiming a depreciation. ...
1
vote
0answers
43 views
S Corp wages and FICA Form 1120s
Should preface this with this is my first time filing Form 1120s (s corp). Really wish I had not taken someones advice and created an LLC taxed as an S-Corp, but it's too late for that now..
Say that ...
1
vote
2answers
87 views
Do I owe any back taxes due to an IRS audit? [duplicate]
I just got a call from someone claiming to be the IRS who threatened the police.
The number they used was 434-200-8555
2
votes
1answer
61 views
Substantial presence test IRS
I am currently trying to determine my tax status. I am wondering if I should take 2019, 2018, and 2017 or rather 2018, 2017, and 2016 as the year set with which to determine if I am a resident for tax ...
0
votes
1answer
84 views
Would it be a good idea to start my LLC while I owe the IRS?
I’m a self-employed cosmetologist I filed taxes last year and had to pay back $2500 I’m on a payment plan right now and they told me once I file again it will void the payment plan. So, would starting ...
1
vote
1answer
34 views
Statement from investment bank changed after filing - Do I need to amend?
My investment bank, a big one, which we'll call "Bob's Investment Bank" for paranoia reasons, sent me my end of year statement in early February, 2019. My wife and I filed our taxes using the numbers ...
1
vote
2answers
187 views
Reporting crypto currency transactions to IRS
I have made 300+ crypto currency transactions in 2018. Do I need to report all these 300+ transactions to IRS? If yes, what is the procedure?
My tax consultant is saying we need to report only ...
2
votes
1answer
79 views
When should I file 1040X if I filed wrong tax form
I am a F1 student non-resident alien and I e-filed 1040 by mistake. The wrong form has already been accepted several days ago. I learned that I must file 1040X to correct my mistake. Here are some ...
7
votes
1answer
107 views
Can a local IRS office provide more help than by phone or mail?
tl;dr: the IRS made a mistake regarding my 2016 tax return, and after a year of phone calls and letters back and forth they can't seem to fix it. Is there a good chance I'll have any better luck by ...
28
votes
3answers
8k views
Accountant/ lawyer will not return my call
I have an accountant who is also a lawyer who did my taxes for about 7 years. I received a notice from the IRS for the years that he filed the taxes saying that I owed $5,000. I sent him the notice ...
4
votes
1answer
106 views
IRS - Tax return of 2017 - Penalty
My family and I moved to the US, with a job, on May 21 of 2017. Since June of 2017, we have been covered by health assurance through my job. (the form 1095-B from Aetna informs 7 months of coverage). ...
24
votes
1answer
8k views
Why would the IRS ask for birth certificates or even audit a small tax return?
My daughter and her boyfriend live together, and he is the sole earner in the home. They each have a kid plus 1 together. H&R Block told them that he didn't make enough to do his return and now ...
5
votes
2answers
4k views
What will happen if I transfer large sums of money into my bank account from a pre-paid debit card or gift card?
I want to use my credit card to put money on a pre-paid debit card, transfer it to my bank account, and pay off the credit card with that money so I can get points.
I read that transferring more ...
0
votes
0answers
68 views
Business days in Form 2555 Foreign Earned Income exclusion
I have been a resident of the USA since 2012 and became a US citizen in May 2018. I moved out of the USA in October 2017 and in 2018 I visited the USA in two occasions and stayed for 31 and 2 days (...
24
votes
2answers
5k views
What is the best way to pay large tax amount owed to IRS?
I recently did a preliminary calculation of my taxes for 2018 and discovered that I am going to owe the IRS about $16,000. I do not have this amount of money in reserve.
My question pertains to ...
0
votes
1answer
51 views
Executing vested options : How much tax I need to pay
I am working at a startup in California, USA and I was given some options of the type ISO, with a four year vesting period. Very soon, I will complete one year and I would like to execute 1/4th of the ...
2
votes
0answers
92 views
How can I stop the IRS from withholding refunds for a student loan that is already paid off?
I paid off my student loan over 10 years ago. The IRS is now withholding my refunds. How can I prove this loan has been paid?
3
votes
1answer
69 views
What to file as a non-resident alien single owner of a U.S. LLC in Wyoming?
I'm an Russian citizen, living in Russia and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through 2checkout....
0
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0answers
65 views
HELP w-2 and 1099 during a divorce
In the middle of a divorce were we owned a company contracted with another to provide management and advisory.
I was also employed as an employee for same company we contracted with. We split last ...
4
votes
1answer
311 views
Free Form Fillable Forms: Bug in Schedule 3 with form 8863?
I'm trying to file my 2018 taxes, which include form 8863 (nonrefundable education credits) and therefore also schedule 3. I keep getting the following error when I file:
Issue : Business Rule ...
7
votes
1answer
80 views
U.S. citizen with (U.S./U.K.) dual nationality living and working abroad: How does one use their P60 to declare to the IRS?
For a given tax year, how does one use the information provided in their P60 to calculate how income should be declare to the IRS?
As I understand in the U.K. a tax year is between 6 April to 5 April....
1
vote
0answers
333 views
Form 8936 for 2018- Qualified Plug-in Electric Drive Motor Vehicle Credit
I have been looking for form 8936 for 2018 in order to file my tax returns but have been able to find only the one for 2017 as below.
https://www.irs.gov/forms-pubs/about-form-8936
Is there an ...
1
vote
2answers
166 views
Does it matter if my 1099-INT lists an out-of-date home address?
My 1099-INT lists an older address. I checked my bank account, and my address is up to date, but since I moved last year, I guess they kept the old address on the form.
My tax filing software lists ...
1
vote
0answers
69 views
Goverment shutdown and the effect it would have on my current audit from where I filed my 2017 taxes in 2018
My husband and I were audited last tax season. We had been working with the IRS all year providing them everything they needed to prove our return was legitimate.
About December 15th the take action ...
1
vote
1answer
43 views
For a single member LLC, if I have no employees can I apply for an EIN from the IRS?
This for an LLC formed in Oregon. If I cannot apply for an EIN being a single member LLC, would I have to use my Social Security Number to represent tax on the LLC, and subsequently assume all ...
0
votes
1answer
41 views
What happens if IRS does not receive 1120-S for an S-Corp?
In a phone conversation, the IRS informed someone that their 1120-S is missing for three of the past 6 years. The person had assumed the 1120-S was filed for all those years, especially since the same ...
0
votes
2answers
72 views
IRS Tax Rules for Capital Gains on Sale of Stock
Bob has a stock that is worth 50% more than what Bob paid. Bob would like to avoid paying tax on the gain so he donates 10% of the shares shares to a charity through a donor-advised fund.
Bob decides ...
5
votes
1answer
206 views
How to deal with IRS notice during the government shut down?
Last friday, I received a mail from the IRS stating that there was a discrepancy in my filing of personal taxes for 2016 vs what was reported by other institutions. The letter did not go into detail ...
2
votes
0answers
125 views
Student loans paid already but collection agency claiming loans are in default
I paid off my student loans via pay garnishments and the IRS taking 3 to 4 years of my tax refunds.
Unfortunately, I have moved 5 times in last 2 years and I cannot find my files confirming this.
...
2
votes
1answer
131 views
IRS letter received after response due date
Today (January 12, 2019), I received a letter from the IRS dated December 10, 2018 (I live in Germany). The letter has a "response due date" of January 9, 2019.
Obviously, I wasn't able to reply to ...
28
votes
5answers
12k views
How does the government shutdown affect tax returns?
Has a government shutdown in the past affected tax returns? In terms of refunds, is there anything to be expected differently based on historical precedent?
2
votes
0answers
25 views
NRA who has unearned income on Form 1042-S
I need to recover taxes reported on a Form 1042-S for my grandchildren who are non native, Native Americans. Under the Dual Tax Avoidance Agreement / treaty between Germany/USA, I submitted a W8-BEN ...
3
votes
0answers
119 views
How can I get the information why IRS doesn't want to give me an ITIN?
TL;DR: What are the venues we could take to understand why my friend’s ITIN application has been rejected and how do I finally get ITIN?
Some Backstory:
I am helping a friend from a non-visa-free ...
0
votes
1answer
58 views
Taxes due on trust inheritance
What is the IRS form which will divide the tax liability of inheritance from a trust between the heirs?
1
vote
0answers
41 views
What are the US tax implications of owning a controlling stake in a UK private limited company?
I'm currently a US resident alien.
What are the tax implications of owning a controlling stake in a UK private limited company?
It is unclear how complex filing is and what financial implications ...
2
votes
1answer
66 views
How can I now claim the benefits if I forgot to submit a W8?
I'm an international grad student in the US, and according to the tax treaty the US has with my country, my fellowship is tax exempt. However, I forgot to file the W8 form with my university, so for ...
1
vote
0answers
52 views
Can a US non-resident alien do tax-loss harvesting on capital gains and income? (183-day rule)
Context: I am a non-resident alien in the USA as a J1 scholar. After being present for 183 days in the USA, I must pay capital gains tax in the USA. My questions:
i) can I reduce my ordinary USA ...
0
votes
1answer
37 views
Considerations re: LLC on SSDI
I am disabled and receive SSDI. I will have some money from inheritance and insurance settlement from an injury. I'd like to put the money into an LLC (for shelter, exclusion and self directed ...
2
votes
0answers
113 views
Certified copy of U.S. Visa for ITIN application
I need to request an ITIN number in the United States but do not want to send my passport through the mail. To support my application, I must submit certified copies of my passport and U.S. Visa.
...
1
vote
2answers
66 views
Are there limits or taxes on wire transfers between my own accounts in the USA and Jamaica?
I want to wire $22,000 from my Bank of America account in the states to my checking account in Jamaica to purchase a vehicle.
Is there a limit on how much I can transfer?
Do I have to report it to ...
-2
votes
2answers
133 views
For independent contractors, can you use your room as a deduction if you don't pay rent?
I'd like to use my living space as a deduction, I don't pay rent.
1
vote
0answers
79 views
Will the IRS go after foreign countries' pension if you owe taxes?
I am a 70 year old retired Irish citizen living in Ireland. I did live in the USA. Unfortunately, I recently learned that I owe the IRS $15k in taxes from a 401k withdrawal. I own nothing in the USA ...
2
votes
1answer
45 views
As an LLC owner who hires foreign, independent contractors, what forms should be used for taxes?
I hired a foreign, independent contractor. All I've heard is to have them fill out a w8-BEN for personal use, and a 1099-MISC to present to the IRS. Are there any other neccessary forms?
