Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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3
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1answer
10k 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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0answers
90 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 ...
0
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1answer
262 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 ...
6
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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 ...
3
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1answer
176 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
108 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
98 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 ...
1
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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....
3
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2answers
194 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 ...
2
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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
649 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 ...
5
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2answers
205 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
69 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 ...
3
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2answers
132 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 ...
0
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3answers
98 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
958 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 ...
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0answers
22 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 ...
0
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1answer
42 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
157 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 ...
6
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2answers
177 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 ...
0
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2answers
171 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 ...
5
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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
389 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
292 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
67 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
76 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
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1answer
87 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 ...
3
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0answers
40 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
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2answers
63 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
53 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
94 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
73 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
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1answer
164 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 ...
2
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1answer
117 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 ...
28
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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
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1answer
124 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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2answers
21k views
24
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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
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1answer
98 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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0answers
220 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
388 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
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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 ...
1
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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 ...
24
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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 ...
0
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1answer
65 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
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0answers
100 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?