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Internal Revenue Service which is the US Federal Tax authority.

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26 views

What documents should be provided to new members of my LLC? [closed]

I want to make sure I have all the personal information my business needs about them, and that i send everything properly to the IRS.
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2answers
126 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
69 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 ...
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1answer
34 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?
4
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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
87 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
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1answer
90 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
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1answer
62 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
50 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 ...
3
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1answer
51 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
67 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
1k 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 ...
3
votes
2answers
75 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
143 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
20 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
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1answer
44 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
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2answers
166 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
165 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
290 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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2answers
371 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 ...
1
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0answers
62 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) ...
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2answers
126 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
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2answers
180 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 ...
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0answers
27 views

Need clarification on error message Fillable Forms

Received the following error message. The only thing I can see on my return is that the "foreign country name" on 1040, page 1, is not grayed-out but has no country name listed. (I haven't been able ...
6
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1answer
43 views

Tax Advantaged Options for Protective or Special Needs Trusts

I am tasked with setting up a trust or trust-like instrument for a relative. The bulk of the funds will be held about 15 years, until the beneficiary reaches a normal retirement age. The funds can ...
0
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0answers
16 views

Can I report scholarship only for calendar year on a 1098-T?

A 1098-T form is what U.S. schools send you (with the government cc'd) with your tuition payments and scholarship/fellowship info, mostly to determine your eligibility for education tax credits. ...
0
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1answer
491 views

What is the UK-US tax treaty information relevant to IRS form W-8BEN for a private investor?

https://www.irs.gov/pub/irs-pdf/fw8ben.pdf I am looking to start buying shares in US companies, through brokerage firm 212. I need to fill in the above form to do that. What do I need to put in for ...
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1answer
114 views

Instead of receipt, can a bank statement be used as evidence for expense tax deduction?

I'm new to tax returns as well as this site. I'm filling my tax returns, and last year I've been taking lunch at this restaurant. I don't have the receipts but the charge is listed in my bank ...
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1answer
102 views

Do I have to file Form 8843 even if I fail the substantial presence test?

Given the following presence in the U.S.: (All previous years are only short tourist trips) 2016: 6 days (all under VWP) 2017: 0 days 2018: 87 days (4 VWP + 83 J-1) The presence under the J-1 visa ...
18
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3answers
3k views

Why would a previous year's tax deductions affect the current year's taxes?

For the first time in several years, I'm preparing the income tax filing for my family. Since a professional did the preparations last year, we had no electronic records to directly load into the ...
2
votes
1answer
115 views

How does the IRS know which country I live in?

I live in Morocco and I recently ordered an EIN number from the IRS because I work in Envato Market and because we have an income tax treaty with the US of a (10%). Meaning that, If someone from the ...
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0answers
106 views

IRS: 330-day physical presence test for Foreign Earned Income Exclusion and international waters

I'm going crazy trying to understand how to consider time spent on/over international waters (by flying or taking a ferry) with regards to the physical presence test to qualify for Foreign Earned ...
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0answers
136 views

How does the USA IRS determine the yearly average exchange rate?

The USA IRS publishes a list of yearly exchange rates titled Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars. As of this writing, the published average value for ...
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2answers
88 views

Can 1099 workers have “purchase” type expenses?

In the USA, say Jane is a 1099-type worker - she's self-employed. She has various expenses which are generally deductions from her profit, but note that... https://www.irs.gov/businesses/small-...
5
votes
1answer
240 views

During an IRS tax audit, are credit card charges without a receipt a valid proof of expense, or do you need a physical copy?

I'm contemplating if I should save my paper receipts or not. I charge everything to my business credit card. During an IRS audit, can you claim a credit card charge as a legal operating expense or ...
2
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0answers
79 views

Last year dual status return: can foreign income be excluded for the resident part?

I will need to file year 2018 with the IRS as a dual status return, because I decided I will give back my green card (probably some day late April, or in May). I have had a new job in a foreign ...
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0answers
29 views

Procedure to mail 1040NR-EZ, 540NR from outside of US

I have to mail my federal and state tax returns 1040NR-EZ and 540NR to IRS and FTB, CA respectively from India? What are the mailing addresses and which is the best courier service to choose to ensure ...
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1answer
503 views

Is IRS Sec 408 rebate legit?

Is the $1,680 retiree cash rebate from IRS Sec 408 legit as declared in newsletter solicitation? Spam email offers insights in special pamphlets with subscription to Oxford material.
5
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1answer
178 views

How do I know if the IRS processed my money order?

I'm an international student currently living in the US on F-1 status. And recently I filed my tax forms along with a money order with USPS priority mail to the IRS in North Carolina. How do I check ...
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0answers
70 views

USA Tax: What do I do with 1042-s forms (copy b, c, & d)?

Do I attach 1042-S copy c to my federal tax documents and copy d to my state tax documents?
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0answers
37 views

Consideration Checklist on Becoming Tax Resident in the USA

What things should be considered by an immigrant before deciding on whether to file taxes in the United States as a Nonresident Alien or a Resident Alien? The person making the decision does qualify ...
0
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1answer
118 views

What are tax consequences in U.S.A if my dad pays for my share of llc [closed]

I am a member of a multi-member LLC. My dad wants to gift me money and pay for my share of the LLC. My dad is not a member of LLC. What are the tax consequences if my dad sends money directly ...
0
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1answer
204 views

Exorbitant Tax Preparation Fee, what should I do?

I recently received my tax refund from the IRS, however, I also got an invoice for $500 from the tax preparation service that had helped me file my taxes. Firstly, I have a very simple 1040 tax filing ...
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0answers
29 views

Will backup withholding be applied in this scenario?

May be this is a very basic question but I couldn’t find exact scenario on web which I am looking for. What I know: If a US person (located or citizen of US) trades equity in market, then the broker ...
25
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11answers
15k views

What do I do if my income is just a little too high for “free file”?

I live in North Carolina and I'm using the H&R Block website to file my taxes and finally at the end of everything they informed me that there's a limit to how much I could make last year and ...
2
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1answer
207 views

HSA erroneous deposit and withdrawal by employer

My employer erroneously deducted $1083 from my after tax paycheck and deposited it into my HSA account. When I brought it to my employer's attention they reversed the transaction deducting the $1083 ...
6
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1answer
224 views

Band tax strategy - not paying members

I operate a band that makes under $4k a year. A few shows a year we get paid larger sums of money ($600+ per gig), and the venue uses my SSN and sends me a 1099 around tax season. So the "band" money ...
4
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1answer
105 views

IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)

My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
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0answers
63 views

What are the repercussions of submitting an incorrect W-2 complaint with the IRS for a current employer

As explained in another question, my employer is listing the amount they paid towards my domestic partner's health insurance as imputed income. However, the internet, and two accountants I spoke with,...
2
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1answer
109 views

Can a business reimburse travel booked with award miles?

We have an employee who booked business travel using a combination of credit card (cash) and his award miles (Chase points). He is now requesting a reimbursement of the full cash value of the tickets (...