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Tax Compliance Questions

Taxpayers who are unknowledgeable about tax compliance will have many questions during the process of becoming compliant. Uncertainties of the possible criminal charges when not meeting tax compliance requirements or if failing to file a tax return means you are no longer meeting tax compliance often lead to questions like the ones answered below by the Experts.

I owe local, state and federal taxes for 2010 and 2011. I am afraid I am too late. Could I be arrested or sued for paying late and not meeting the tax compliance?

Falling behind in tax compliance by not filing a past year or even years tax return seems to be a more common issue among self-employed individuals. In order to become tax compliant you would just need to file your past due returns and more than likely pay any late fees that the IRS may impose. If you follow the tax compliance then you shouldn’t see any criminal issues coming from the IRS.

In order to be in line with tax compliance an individual should still file any tax returns even if they are not able to pay the due amount fully at the time of filing. Many times the IRS may, depending on the tax payer’s circumstances, allow a tax payer to enter a payment plan. Any plan that is agreed upon will require continue tax compliance with all filing and payment responsibilities.

Recently I have inherited 50K. How can I get this money to US and be tax compliant?

Tax compliance will be determinate upon if you owe any taxes on the inherited 50K and filing the correct reports. US citizens or resident aliens will not incur a tax on a cash inheritance of $100,000 or less. There are times where the cash inheritance will need to be reported to the IRS if the amount is more than $100,000 but you will not be taxed on the money. You can have your inheritance transferred to your U.S bank account pretty easily but again will have some reporting to do.

I'm a foreign student on an F-1 visa with a temporary authorization to work in the U.S. on my Optical Practical Training (OPT) and currently employed, am I not supposed to be paying any income taxes?

In order to meet tax compliance, Individuals who have earned U.S. income and F-1 students who received a scholarship or grant from U.S. sources, are required to prepare an income tax report and file it with the IRS. Even if an individual didn’t have any earned income or did not receive a fellowship grant or scholarship they are not required to file taxes but will still need to file Form 8843 in order to follow tax compliance rules.

I filed my taxes in early April and still haven't received my refund. I went to the IRS web site and clicked on “where's my refund”. It said my return has been received and being processed. I followed the tax compliance so what could be the hold up?

There can be many different circumstances that hold up a taxpayers refund. Filing your taxes in April can contribute to the length of time mainly because the IRS receives so many returns during this month. Other factors that can contribute to the holdup can include common errors recorded on the tax forms like an incorrect social security number, address, or even bank information. The IRS reviews refunds for tax compliance which can add additional time to receiving a refund. Checking the IRS web site “where’s my refund” is the correct step in checking on your return. If there were to be an error with the return like tax compliance or other items you would be advised by being given a phone number to call.

Having the right facts and understanding about tax compliance can help when dealing with tax compliancy circumstances. Experts can help answer question about inheritance and tax compliance or what might hold up a tax refund if you were tax compliant. Get the answers fast and affordably by asking an Expert.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
3 Tax Professionals are Online Now

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    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
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    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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