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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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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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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 …………………………………….. ...
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1answer
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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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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
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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 ...
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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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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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1answer
3k views

Turbo Tax says return was approved, IRS refund status shows processing

After I e-filed my taxes through Turbo Tax, I signed up for the text notifications so that way I didn't have to keep checking the website/app. I got a text message saying that my return has been ...
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1answer
189 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 ...
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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 ...
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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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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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1answer
307 views

What government office can help me recover documents lost by the IRS?

In April 2016 I sent originals of several documents (including my newborn's vaccination card) to the IRS when applying for an ITIN. The IRS claims to have sent them back to me, but they have not ...
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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
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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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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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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
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
991 views

Official tax transcript from IRS

I have to present an official document from the IRS in another country (that is part of the Hague convention). They require the document to have an apostille. However, from I found so far on the ...
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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 ...
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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 ...
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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. ...
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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 ...
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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?
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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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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 ...
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2answers
8k 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 ...
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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 ...
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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 ...
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1answer
320 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 ...
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1answer
181 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
83 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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1answer
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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
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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1answer
265 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 ...
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0answers
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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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4answers
9k views

Do altcoin trades count as like-kind exchanges? (Deferred capital gains tax)

2018 EDIT: Although this post was inspirational, US Congress addressed this issue in the Tax Reform law of 2017, and any trades after Jan 1st 2018 cannot have this treatment. The few years of ...
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0answers
54 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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2answers
1k views

Can IRS levy a bank account in Germany?

Does anyone know if the IRS can levy my bank account in Germany? I bank with Commerzbank. From what I have read, if the bank has a branch in the USA (Commerzbank only has one) they can seize your ...
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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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2answers
9k views
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2answers
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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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2answers
1k views

How To Report Cryptocurrency Earnings?

I invested in a decentralized bitcoin business and earned about BTC 0.4 this year in interest from it, but there is no official business - it's purely autonomous (very hard to explain). I also "mined"...
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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
891 views

Is it legal to not get a 1099-b until March 15?

It is Feb. 16 and I haven't received a 1099-b for some stocks that sold that last year. The stocks were sold because the company I had stock in (Questar) merged with another company and all Questar ...
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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 ...
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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 ...
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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 ...
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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 ...