Questions tagged [irs]
Internal Revenue Service which is the US Federal Tax authority.
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8 views
Business days in Form 2225 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 (...
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0answers
17 views
Understanding my CP22A notice: What do the billing summary figures mean?
The Billing Summary reads:
balance before this change...…………………………………………………………………….Ex xxxxxx
Increase in tax...……………………………………………………………………………………………………………. xxxx
Decrease in Credit …………………………………….. ...
24
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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 ...
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1answer
49 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
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0answers
85 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?
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0answers
42 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....
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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
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1answer
188 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 ...
6
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1answer
50 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....
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0answers
201 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 ...
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2answers
94 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 ...
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0answers
50 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 ...
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1answer
42 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 ...
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1answer
37 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 ...
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2answers
69 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
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1answer
184 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
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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
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1answer
127 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
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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
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0answers
22 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
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0answers
112 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 ...
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1answer
54 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?
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0answers
37 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
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1answer
58 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 ...
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0answers
27 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 ...
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1answer
36 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
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0answers
53 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.
...
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vote
2answers
63 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 ...
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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.
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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
41 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?
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2answers
2k views
What do I do if an IRS check doesn't arrive?
We got a letter from the IRS stating that we get a substantial refund for a tax withholding.
However, the check never arrived even after waiting for a couple of months.
(On top of that: We live ...
2
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1answer
93 views
Can I contribute deductible money to a traditional IRA if I left my job before maxing out my 401(k) for the year?
I've read these answers:
Can I deduct a contribution to an IRA if I also contribute to a 401(k) in the same tax year?
401K participant for part of year - Can I contribute to an IRA?
Can I contribute ...
5
votes
1answer
96 views
Can requesting an IRS transcript result in more problems?
I have some unfiled tax returns with the IRS. I met with a lawyer that specializes in help with IRS issues and he told me that the first step in their process is to get an IRS power-of-attorney from ...
2
votes
1answer
66 views
What should I look for in a lawyer for help with the IRS? [closed]
I need to hire a lawyer to help me file unfiled tax returns in prior years. What are some special considerations/qualifications I should look for?
I have interviewed a couple of them and most the ...
2
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0answers
145 views
Social Security and Medicare taxes not withheld [duplicate]
I have been working with same employer in the US since the start of H-1B in 2016. I just noticed that my W2 shows no SS and Medicare paid by employer. Since I applied for a change of status from F1 ...
4
votes
1answer
72 views
What portion of the fee to my MD's concierge medical practice is eligible for US Internal Revenue Service medical deduction?
First, I know about the 7.5% AGI floor for medical deductions in 2018 (scheduled to go to 10% of AGI in 2019). We are above the 7.5% AGI floor.
Our doc has recently transferred to a concierge ...
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0answers
72 views
How to Respond to CP2000?
I got a CP2000 from the IRS for 2016. It concerns three retirement account transactions.
A direct rollover from an existing IRA to a Solo 401K (a qualified plan;
1099-R Code G in box 7)
In 2016, I ...
12
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3answers
2k views
Does IRS Direct Pay use Bank of America or is this a scam?
I went onto the IRS website today to make a payment. In the security part of the address bar it is written Bank of America:
My question is this: Is this truly the IRS payment site, or some kind of ...
4
votes
2answers
91 views
estimated IRS tax payments
We sold some U.S. government Savings bonds in June of 2018 that had a gain in interest of double our yearly income. A one time sale. Now, I'm thinking that I will owe quite a bit in taxes and I'm ...
3
votes
1answer
164 views
I don't understand the Qualified Business Income Deduction?
In the USA, the new tax laws include a:
Qualified Business Income Deduction
I cannot find one place that explains this and whether it is good or bad.
Example situation:
Married person, with an ...
0
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1answer
21 views
Personal Assets and Initial Contribution for Business Use
How would a person factor using personal assets for starting a business?
For example, the owner's personal car, cell phone, and laptop will be used as initial equipment, but the owner will also ...
1
vote
1answer
52 views
For 401k (or IRA contributions), does it matter which part is catch-up?
When you are over 50, you get an additional allowance for the amount that you can contribute to 401k - in addition to the usual limit of $ 18500 (in 2018), you are allowed to contribute $ 6000 of '...
1
vote
2answers
169 views
Can my new technology reduce crypto taxes?
I invented a new technology that kills your gain taxes on crypto transactions and trades... or so I think :)
I am hoping that this is the case but I am not really sure and I would like you to tell me ...
2
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2answers
169 views
Is the IRS wise to false real estate sales?
I recently was reading some deeds and in one case I noticed that a vacant lot had been transferred for a lot more than its value. On the open market the lot would sell for maybe $300,000 at best. ...
7
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1answer
313 views
Moved to Canada for Grad School, Getting Heavily Taxed in U.S
I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
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vote
2answers
453 views
What should I expect when receiving a very large sum in a domestic wire transfer into my bank account?
I am anticipating receiving a very large sum of money in a domestic wire transfer between banks into my personal bank account from a domestic company's business account. What should I expect once the ...
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0answers
126 views
Applying an ITIN (W7 form) for my F2 spouse to claim an exemption
I am on F1 visa, Non-resident alien, F2 visa spouse claimed for expemtion on basis of Indo-US tax treaty.
Which option should I choose on W7 for the section "Reason You’re Submitting Form W-7"
a) ...
0
votes
2answers
132 views
As an individual citizen, which tax agencies receive your 1099's?
I've heard that statements of interest income are sent to the IRS by brokerage/financial institutions. Do resident states (the state that I live in) also receive copies of your 1099's?
If you have a ...
4
votes
2answers
186 views
Foreign priced expenses - actual card charge amount is OK?
For the IRS in the US ...
Say you are overseas in Japan and you have a legitimate business cost of 11,123 Yen. You correctly keep the receipt, Yen11123.
How to convert to USD when making it a ...
