Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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1answer
300 views

US-Belgium tax treaty exemption - still valid after visa status change?

tl;dr: what does the word "Resident" mean in a tax treaty Hi, I'm a Belgian PhD Student (F-1) at an accredited US research university. My F-1 visa status officially started in July 2016. From ...
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1answer
91 views

What kind of receipts are acceptable for a small drop-shipping business filing taxes?

I ran a very small business, doing drop shipments online. Since I do drop-shipping, I have one receipt for every sale, which turns out to be a quite a lot of pages of invoices. I have a credit card ...
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1answer
31 views

Claim expenses incurred in 2014 during 2015 filing

I have incurred some expenses in year 2014, which for some reasons i could not file during filing my tax returns for 2014. Now i am going to file my income tax returns for 2015, can i file those ...
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1answer
170 views

Must I go on a quarterly payment plan if I owe the IRS a lot?

Context: I've heard from a couple people that if you owe a significant amount of taxes to the IRS (say several thousand dollars) at tax time, then the IRS will require you to start paying future taxes ...
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1answer
84 views

New EIN when adding managing member to Wyoming LLC

I own a WY LLC as a sole member, and am adding my spouse as the second managing member. I understand that in addition to changing the LLC's operating agreement, I also must apply to a new EIN given ...
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2answers
833 views

Recovering from HSA deposit coded to the wrong year?

On April 15 2015 a family member contributed $3000 to HSA #1, intending it to be coded as a 2014 contribution. It however missed the custodian's 1pm Eastern cutoff time by a few seconds and was coded ...
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1answer
219 views

How to be exempt from backup withholdings

I have dual citizenship -- US and other -- and I'm living abroad. What form do I fill out so the paying company will not take out backup withholdings?
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1answer
326 views

Can the Philadelphia Center City District Tax be deducted on my Schedule-A?

I'm a full time salaried employee living in Center City Philadelphia. I own my own home and I am wondering if the Center City District Tax can be deducted from my federal taxes on the Schedule-A form ...
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1answer
586 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
89 views

What tax filings are required for real estate transactions?

I intend to purchase real estate with cash from a family member via quitclaim. What tax forms are we required to file reporting the sale?
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1answer
258 views

Deducting SEP-IRA contributions as a sole proprietor with no employees

Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
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1answer
2k views

If I move from one state to another for graduate school, then should I fill out my moving expenses on next year's IRS form?

Here is the IRS form. And if I fill out my moving expenses, then what counts as moving expenses, and what doesn't count? Does buying boxes for moving count as a moving expense? Also, should I keep ...
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0answers
32 views

Meaning of engaging in US business

Firstly I am completely new to this and not currently engaged in any business. If I sell In App Purchases through Google Play mean engaging in business in US and having to file 1040-NR even after ...
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0answers
28 views

Overview of tax for Non Residential Alien

I am completely new to this firstly. Can anyone please give an overview of the forms needed to be filed by a person who is getting income through IN APP PURCHASES on android play store.I am not ...
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0answers
46 views

Using Withholding tax to pay Income Tax for NONRESIDENT ALIENS

If I sell games on a popular platform like STE-AM ,and it widthholds my tax and remits it to IRS on my US scourced income do I have to still file Income Tax Return as a nonresident alien.
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33 views

Amending tax return to change cost basis of digital assets

I want to know if I can file an amended tax return to change the cost basis for cryptocurrency sold in 2018 ? I've used form 8949 prepared by a CPA to file my crypto related gains for 2017 and 2018 ...
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0answers
51 views

Taking back your capital from your S-corporation

If I put 100k of my own money into my business, and now my business made 150k, can I take out my 100k without it being taxable? If so, how would that be inputted onto the k-1?
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1answer
97 views

Can I change a cost basis method retroactively?

On Form 8949 of my 2017 tax return, I reported short-term (Box C) & long-term (Box F) "transactions not reported to you on Form 1099-B". Will the IRS allow me to file an amended return that ...
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0answers
29 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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0answers
23 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 ...
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0answers
78 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
58 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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1answer
1k 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 ...
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1answer
94 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
65 views

pass through tax liability

In this scenario, a single member LLC has income of $100,000 and is passed straight through to the owner, subject to income tax and self employment taxes. Single member LLC has borrowed $105,000 at ...
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0answers
144 views

I lost IRS notice for interest. What are my options?

Well, I did owe money to IRS last year and after paying all my taxes and IRS having accepted my tax returns, I thought I was done. However, I got a follow up mail from IRS saying that I owe them $18 ...
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0answers
36 views

Carryback losses from NOL, does the government give you refunds for prior tax years?

In the concept of carryback losses from Net Operating Losses (NOL), does the IRS go back to old prior year tax filings and give you a refund on them? If so, that is awesome! What does the process ...
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0answers
26 views

What are considerations for an IRC §501(c)(3) donating to an IRC §501(c)(7) Social Club?

What fiscal considerations may there be for a §501(c)(3) that, consistent with promotion of it's mission, wishes to make a donation to a for-profit corporation or a §501(c)(7) social club? Clearly ...
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0answers
45 views

Stock grant and taxes [duplicate]

As a retention incentive, I was granted stock (about $60,000) in my employers privately owned company. The stock grant went through payroll in December and had FICA taken out but no income tax. I ...
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0answers
81 views

Home Office Rent Expense Payment via C-Corp

I am a 1 person incorporated C-Corp software development company. (Although, I currently usually do not use the C-corp for most checks and contracts which just go straight to me as an individual.) ...
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2answers
245 views

Are client meal “gifts” considered income?

I was foolish and never considered that my client would possibly report my meals as my "income". I would like to consider it a gift, but my client personally dispises me and I now expect to have my ...
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0answers
1k views

How to report a 1099-MISC in a Qualified Joint Venture

"A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate ...
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2answers
78 views

Is a child also a dependent in IRS withholding calculator?

I am trying irs.gov website's withholding calculator. I am confused with this page: . I have one minor child. Should I mention her as dependent here, "Select the number of dependents (other than ...
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1answer
83 views

How to know more about my tax situation in the States

I've been part of an LLC that actually never started to operate. My management opened it, and then closed it after 2 years. No income, no business bank account, no EIN. Basically it was just ...
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0answers
269 views

How to make sense of results from the IRS W-4 withholding calculator?

After entering all my data into the calculator, attempting to get a handle on how much we are going to owe next year, I received this summary, which makes no sense at all: If $947 will be due when I ...
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0answers
118 views

How do I get my passport back from the IRS? [duplicate]

The IRS has had my passport for 120 days, and I haven't gotten it back. When I call them, they ask me to wait. I have to go somewhere soon and my visa status needs to be changed too. What should I do? ...
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0answers
84 views

ITIN received but original passport not received after 100 days. What to do? [duplicate]

Me and my daughter are dependents who got our ITIN in April, but did not get our passports back after 100 days. We called the call center and got different answers at all times and twice they said it ...
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2answers
552 views

Should I file for 1040 or 1040NR if I eventually intend to petition for permanent residency?

I'm on F1 visa with OPT status working at a company in US. Normally, F1 visa students qualify for 1040-NR for at least 5 years if they do not pass the substantial presence test. However, there seems ...
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1answer
179 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 ...
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1answer
121 views

Car as business expense, but not because of driving

I was brainstorming a not-documented way of possibly deducting a car and associated costs as a business expense. But not because of normal driving. So I would like some insight into it. I would like ...
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1answer
65 views

Need to file Income Tax Return

If my total tax is remitted as withholding tax should I still file income tax return?
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1answer
945 views

Is IRS Sec 408 rebate legit?

Is the $1,680 retiree cash rebate from IRS Sec 408 legit as declared in newsletter solicitation? Spam email offers insights in special pamphlets with subscription to Oxford material.
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1answer
70 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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1answer
113 views

Income Tax on per Diem (Non Accountable plan) [closed]

My Employer started giving me per diem @ of 4.50 per hour, the per diem pay check runs separately and it includes Medicare and Social related taxes, but no Federal or State tax. The pay check list ...
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1answer
4k views

PayStub - What is Employee ID?

Would anyone be so kind to please explain what is Employee ID and where can I get this information online on my own? The term "on my own" means that I want to find this myself without asking/calling/...
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2answers
138 views

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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2answers
112 views

Can 1099 workers have “purchase” type expenses?

In the USA, say Jane is a 1099-type worker - she's self-employed. She has various expenses which are generally deductions from her profit, but note that... https://www.irs.gov/businesses/small-...
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1answer
123 views

If I owe the IRS, how can I protect my new business?

I want to fix and flip some houses, and potentially pay the IRS once I make some money, but I don't want them putting liens on my properties before I can sell them.
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1answer
318 views

Can I claim exempt on my taxes if I invest what I would pay in tax?

I recently overheard in conversation that I might have the ability to evade Uncle Sam touching my money if I invested what I would pay in taxes for the year into a IRA or ROTH account? Is this true?
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1answer
469 views

What is the US tax owed when gifting India Shares to my brother?

I am planning to gift my India Shares in Stock Market to my brother, which has an overall value of 400,000 USD. According to Form 709 I can do a 14,000$ per year gift tax and file. My question is, can ...

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