Stack Exchange Network

Stack Exchange network consists of 175 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

5
votes
1answer
196 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 ...
3
votes
2answers
167 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
86 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 ...
1
vote
2answers
223 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 ...
3
votes
1answer
89 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 ...
0
votes
1answer
59 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 ...
13
votes
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 ...
0
votes
1answer
764 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 ...
3
votes
1answer
70 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....
4
votes
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 ...
1
vote
1answer
57 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.
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 ...
4
votes
1answer
324 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 ...
3
votes
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 ...
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 ...
2
votes
1answer
80 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). ...
15
votes
2answers
16k views
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 ...
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....
0
votes
0answers
69 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 (...
1
vote
2answers
334 views

Previous Employer withheld FICA taxes. Gave me W2C after I filed for taxes

Currently on F1 Visa status. Previous employer withheld FICA taxes. I realized only after filing taxes. After reaching out to them and explaining, a few months later they finally gave me a W2C but did ...
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 ...
1
vote
1answer
2k views

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 ...
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?
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?
4
votes
1answer
4k 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 ...
4
votes
1answer
312 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 ...
0
votes
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 ...
3
votes
1answer
322 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 ...
1
vote
0answers
335 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
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 ...
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 ...
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 ...
4
votes
2answers
1k 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 ...
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?