Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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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
78 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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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
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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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50 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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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
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1answer
70 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 ...
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1answer
87 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 ...
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1answer
35 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 ...
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1answer
103 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 ...
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3answers
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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 ...
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1answer
122 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). ...
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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 ...
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1answer
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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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172 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 (...
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2answers
371 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 ...
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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 ...
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1answer
3k 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 ...
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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
59 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 ...
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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
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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
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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
332 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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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
378 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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373 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
217 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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1answer
49 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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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
51 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
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 ...
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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
230 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
133 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
134 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
137 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
26 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
38 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
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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
83 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
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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
10k 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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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
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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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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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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 ...