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Recent Double Taxation questions

I have a checking account in Italy where my taxed pension is

I have a checking account in Italy where my taxed pension is deposited monthly. I have dual citizenship and reside in the United States. I have never reported that income when filing income tax because I was told that I did not need to pay taxes on it due to double taxation.On the internet I just learned that I needed to file a FBAR. Then with more reading I learned that I needed to have been declaring that income in the US and paying taxes on it and it should not have been taxed in Italy at all.Is my understanding correct? What should I do now?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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Three siblings received the same disbursement amount into

three siblings received the same disbursement amount into their safe trust accounts from a business that the trusts own equally. The tax profession paid the taxs based on the trust account rate, in other words the funds where not disbursed to their personal accounts but held at year end in the trust. one sibling lives in nj, another in nyc, the last in nys,suffolk county. Are there 3 different tax rates base on where they live or it based on where the trust is domiciled?

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Mark Taylor

Certified Public Accountant

Masters

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I have a question about setting up a small, online

Good morning,I have a question about setting up a small, online bookkeeping business in IN. I hope to earn $30,000 the first year of operation.Currently, my husband and I own and operate a house flipping company - an LLC.Should I set up my new business as an LLC as well? Is this the best way to attempt to avoid double taxation? - self employed tax and tax on the business...Thank you,Christine

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Barbara

Enrolled Agent, Paralegal

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In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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My Aunt is 75 years of age and has lived and worked in the

My Aunt is 75 years of age and has lived and worked in the US for some 30 years. She retired over 10 years ago.For family reasons she needs to leave the US and live in the UK. She will also have to hand back her Green Card. She has an IRA account, which if liquidated before she leaves the US, will be taxed as income. If she has it liquidated after she has returned to the UK, and handed back her Green Card, will the money be subject to withholding tax which she may be able to claim back under the Double Taxation Treaty, or will it still be deducted for US income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: NOJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

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I have heard there is a special tax on S-Corps that

I have heard there is a special tax on S-Corps that converted from C-Corps and have more than $1M in retained earnings. However, I can't find any information online. Can you reference the code / IRS publications?

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Mark Taylor

Certified Public Accountant

Masters

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432 satisfied customers
Our employee BOX 16 does not match BOX 1 ... he worked in

hi Pearl, our employee BOX 16 does not match BOX 1 ... he worked in two states AL ($79,113.75) and NY ($13,600). BOX 1 matches his paystubs for the year showing a total of $92,713.75 earned; BOX 16 shows different amounts! BOX 16 shows AL $55,513.75 and NY 92,713.75. Can you help me explain why? it seems the payroll system and paystubs are correct; ADP did our W2s, so i'm guessing they are correct. Please help us understand this issue with reading the W2?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: thanksJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
I have a NJ S-Corp, doing business in both NJ & NY. Revenues

I have a NJ S-Corp, doing business in both NJ & NY. Revenues are split approximately 50/50 between NJ & NY. I am aware that in addition to the 1120S, I must file the appropriate business return in both NJ & NY. My question pertains to individual personal income tax returns. One of the shareholders/owners is a NJ resident. Must the NJ resident also file a non-resident New York return? Thanks for your assistance.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The S-Corp does maintain offices in both NJ & NY.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
I am a citizen of Austria Germany. However, the last 17

Hello,I am a citizen of Austria Germany. However, the last 17 years, I have been married and am a resident of the United States in San Antonio, TexasI have recently got divorced. In the divorce settlement I have been awarded a lump sum of money from my spouse.I want to take the check with me back to Austria. Can you tell me whether or not that money will be taxed when I enter into Austria?Can you please tell me the process.I would appreciate any help or guidance. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
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