Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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1answer
126 views

Does the IRS notice if the same estate is left sequentially to a series of spouses? Does it care?

Sorry if this is too frivolous. Just tell me nicely if it is. It is very hot, and my mind drifted -- as whose would not? -- to estate taxes. As many of us know, in the US, any amount may be left ...
4
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1answer
208 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
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1answer
68 views

What is “IRS compliance testing” for terminated 401k plans?

I have a 401k through a previous employer. That employer recently ceased operations, and as part of that, terminated their 401k plan. As such, the employer directed myself and other employees to fill ...
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1answer
89 views

L1 Visa US to India (and vice versa) transaction tax implications for Wire transfer and Cryptocurrencies?

My brother is moving to the United States with an L1 visa. What would be the tax implications for me and for my brother in the following scenario 1- I send $3000 as outward remittance to his account ...
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0answers
27 views

Understanidng if a currency transaction report needs to be filed?

I frequently (every week or so) go to an ATM that is in a bank that I do not have an account in. I withdraw $500 and the machine dispenses $20 bills. I then walk up to the teller and exchange the ...
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1answer
930 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 ...
2
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2answers
50 views

Is the Qualified Business Income (QBI) deduction computed with or without the Standard Deduction removed from business income?

I received a notice from the IRS this month: We changed the amount claimed as your Qualified Business Income Deduction because there was an error in the computation. The difference is in the ...
4
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1answer
360 views

How to file 1040NR form as a non-resident alien owner of a U.S. LLC in Wyoming?

I'm an Egyptian citizen, living in Egypt 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 stripe.com ...
5
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0answers
149 views

Should rideshare drivers log mileage of individual trips, or is a daily entry acceptable?

A rideshare driver (Uber, Lyft) can deduct vehicle expenses for business use of the vehicle. Should the driver log each trip individually, or is a daily entry of beginning odometer, ending odometer, ...
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1answer
535 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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1answer
8k views

Is it an issue to have different addresses on two different W-9 form?

Is it an issue to have different addresses (in two different states) on two different W-9 forms that were filled out around the same time, for overlapping jobs?
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37 views

Rules for cost basis adjustment of RSUs that vest causing a wash sale

I've read through a bunch of posts and couldn't find a definitive answer. In this example, I have RSUs that vest every month from my employer. Let's say I decide to sell 1 share of stock for a capital ...
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1answer
75 views

How to navigate “wash sale rule” with RSU vesting each month?

I'm in a situation where I have a tranche of company RSUs vesting on the 1st of every month. For simplicity, here's what my scenario looks like: May Acquired 1000 shares on the 1st at $10/share. 400 ...
2
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1answer
85 views

RMD Penalty Waiver

We accidentally neglected to take the RMD from one of our two 403b retirement accounts. As soon as we realized this, we had an accountant help us fill out a 5329 form for each tax year. He advised us ...
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3answers
3k views

Minimizing medical costs with HSA

After landing a new job, I opened a health savings account (HSA) in February 2019. I decided to contribute $1 of my pay per pay period to my HSA. However, I can change my contribution amount at any ...
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1answer
62 views

How do I fill out IRS form 1310, as a successor trustee? Reissue a check from the IRS?

I am the successor trustee for an individual who had a living trust. Thus there was no court, no probate. A refund was due the individual, but the IRS chose to issue a check rather than direct ...
3
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1answer
96 views

Does IRS require 30% tax from foreigners with w8-ben?

A company I collaborate with as an independent contractor, asks me to fill w8-Ben and they do not want to withhold taxes, they say what I do with the taxes is my problem. I am not US Citizen and my ...
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1answer
47 views

Where to send my CP14 payment?

I received a CP14 notice. Where do I send my payment? The address I see is Internal Revenue Service, Austin TX 73301-010. Is this correct?
4
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1answer
97 views

Do I have to pay my tax balance while my amended return is being processed?

I forgot to included a sizable deduction when I filed my original return, but I discovered it and filed an amended return before April 15. The original return showed me owing tax but with the amended ...
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3answers
2k views

What's the best way to update US federal tax withholding rates each year? [closed]

I'm writing an Excel or MS Access application to handle my small company's specific payroll needs. I'm getting hung up on the amount of effort required to update the spreadsheet or database each year....
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2answers
185 views

Reporting stock that can't be sold

I'm in the US. I understand that I can report stocks I sold for a loss and claim some deductions. What if the stock can't be sold, no one buys it or the company is under? Is there any way to get ...
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0answers
79 views

2018 tax refund applied to 2019 estimated tax

For 2018 Fed tax refund, I elected applied it to 2019 estimated tax. Internet said it need to be applied to 2019 1st quarter by 4/15.? But I missed this date. Can I apply it to the 2nd and 3rd quarter?...
4
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2answers
629 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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2answers
150 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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1answer
66 views

What is Tax Return document and where to search for it ONLINE? [closed]

I am wondering whether so called "Tax Return" document for X time period has any alternative definition or form code (form id number)? If yes, what is it? I am trying to find it online for wanted Inc ...
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2answers
127 views

What form should I keep my tax records in?

... and for how long? I have many years of IRS tax records taking up space. I wanted to do one of two things. Throw some or all of them out. Convert them to electronic form by taking pictures of ...
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3answers
90 views

How do I fill out a W9?

On a W9 which line denotes whom the check is payable to, line 1 or 2? If a company is an individual/sole proprietor, and line 1 and 2 is filled in which line do I use for the remit to?
4
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2answers
802 views

HSA distributions and tracking receipts

During a presentation regarding HSAs I was informed the IRS can audit one for an indefinite period of time. The presenter suggested we keep records of our claims for 10+ years in paper form. This ...
3
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1answer
284 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 ...
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0answers
20 views

Opportunity Zone 180 Day Reinvestment Rule With S-Corp Sale

I sold stock in a S-Corp on Jan. 1 2018. I was reading up on the latest guidance from the IRS regarding the 180 days reinvesting cut-off. The regulations say that you have 180 days from the date of ...
3
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1answer
131 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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1answer
40 views

How to get an Individual Taxpayer Identification Number as a non-US resident?

How to get an Individual Taxpayer Identification Number (ITIN) as a non-US resident?
15
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3answers
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 ...
3
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1answer
154 views

Can I hire a CPA after already filing and paying my taxes if I want to see if there were any mistakes?

When I filed my taxes earlier this year, I was surprised to be owing the IRS over $10,000. But, I did exercise a bunch of ISOs without holding them, and apparently my request to change my ...
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1answer
362 views

Form W-8BEN income taxable in India/US

I have been living and working in US until middle of last year. I have since been in India but still working for my US employer from India. My employer decided to pay my salary in India after I submit ...
6
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2answers
148 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 ...
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2answers
109 views

Are online purchases reported to IRS or FinCen

I am an international student in US. if I buy products online using my debit card and my online purchases and wire transfer in (my family transfers me tuition from back home directly in my account and ...
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2answers
310 views

How do I get my student loans that were waived due to disability, not to be treated as income by IRS?

I went to college, graduated and had a bunch of student loans. I got them waived, on account of being permanently disabled. Now the loan organization is going to report this as income to the IRS. I'...
37
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3answers
10k views

How do I deal with an erroneously large refund?

Alright, it's a weird complaint, I know. But I just checked on the status of my refund on the IRS Refund Status website, and the IRS had corrected upward the refund I filed for by a lot. Based on the ...
3
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3answers
383 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 ...
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2answers
253 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 ...
0
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1answer
65 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 ...
4
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3answers
1k 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 ...
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1answer
71 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.
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1answer
75 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 ...
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0answers
33 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 ...
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2answers
62 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. ...
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0answers
48 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 ...
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2answers
92 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
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1answer
69 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 ...