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Recent International Tax questions
I have a question about international taxes. There's a rule
I have a question about international taxes. There's a rule about the tax exclusion if you've worked in that country for over 330. is that during any 12 month period as long as PART of it is in the tax year or do all 330 days have to fall within the tax year? I'm confused.
JD, MBA, CFP, CRPS
Trying to figure out the tax treatment of payment we
Hello,Trying to figure out the tax treatment of payment we made to acquire a non-exclusive transferable fully paid-up license on trade secrets.We bought this license in 2015 for a lump sum (so not making any royalty payments).From what I gathered so far - it should be treated as license for taxes, i.e. annual royalties should be deducted as business expense each year. BUT how to treat the lump-sum payment? Should it be fully deducted as business expense in the year of acquisition or somehow depreciated? It's not section 197 intangible, so not sure what method of depreciation should be used and what useful life we should use to depreciate?Thank you!
Vocational, Technical or Trade School
I was a bonafide resident of Thailand from 20-Dec-2000 to 16-Jan-2014.
I was a bonafide resident of Thailand from 20-Dec-2000 to 16-Jan-2014. I write books, and continue to receive royalties from books that I wrote while a foreign resident. I deducted royalties received from those books on my 2014 return. Can I continue to deduct them - royalties received from books written while overseas prior to 2014, but received in 2015 - on my 2015 return?JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?Customer: I think that's it.JA: 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 connect you two.
Bachelor's Degree Equivalent
I have a perhaps a complicated international tax question -
HelloI have a perhaps a complicated international tax question - I inherited a property in India from my father - who willed it 50/50 to my brother ( who is also in the US) and I. My brother has power of attorney to sell the house in India and will be paying taxes (30%) after sale in India. He will be repatriating the proceeds to the US and then transfer 50% to me. My question is - will I need to pay taxes here for the inheritance ? If so, what are the alternatives if any ?Appreciate your expert opinion.Thank You, LS
Tax advisor and Enrolled Agent
I am a tax associate with a client from Italy. She is
I am a tax associate with a client from Italy. She is working in the United States with aGreen Card Resident Alien status. We are filing Married Filing Separately, listing her husband's name and Social Security #. Her husband also has a Green Card. Her husbandworks in Italy and files a tax return in Italy as a resident. He comes to visit my client in the United States different times a year. Does he have to file any information as a GreenCard holder with the United States?
I am a Canadian corporation that wishes to set up an LLC
Hi, I am a Canadian corporation that wishes to set up an LLC in Delaware to do business in the U.S.My understanding is that this structure will make the income tax reporting process the least complicated, as all U.S. income taxes will be paid from the LLC, and the only cross-border tax issue to deal with are the dividends/salary that will be paid to my Canadian corporation or directly to myself personally.I wish to pay my Canadian corporation (for an added layer of asset protection), and then pay myself a salary and/or dividend.My question is: Am I unnecessarily double-taxing myself? What is the best alternative to pay myself from the LLC?
I've got following message from the man.how can i confir
Dear Sir,i've got following message from the man.how can i confirm more details from US Treasury department in this regarding?Dear, Shim / J.GomezI want to bring this to your notice that banco Santander has respond on our request from them to America Bank with America treasury office of which they have announce the rules and regulation of there international law. One, such fund should be clear with them on 0.1% of there international law clearance and $9,350 Dollars on there international tax manipulation and clearance fee from there office, Hope you both are cleared with my explanation and earlier the better so that America treasury office will not act after the expiring of the days given to us, And i also met out lawyer this evening here and explained everything to them and they said that they can also help in order not confiscate the fund but only to give us more time if we did not meet up with there time. Thanks and hope my effort is enough to you all.
JD, MBA, CFP, CRPS
To expert in international tax matter: First tax return of aView more tax questions
To expert in international tax matter: First tax return of a China national who arrived in the United States in March 2014 with H1B visa. Article 19 of China-US treaty exempts wages from federal income tax. Received a W-2 (2014)from a reputed Universityin United States (in Illinois) showing blank in box 1 (wages) and box 2 (Fed income tax). No Federal and IL state income tax were withheld on the said W-2 but boxes 5 to 7 do contain social security wages and taxes withheld (social security taxes must be withheldunder H1B visa status). This University has issued BOTH W-2 (2014) and 1042-S (2014) to the taxpayer for wages (scientific research job). The 1042-S (2014) shows wages amount 4xxxx in Box 2 Gross Income and 18 in box 1 Income code (box 7 federal tax withheldis zero). How to efile form 1040 (1040) when box 1 (wages) and box 2 (Fed income tax) of the W-2 (2014) are blanks?