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Recent 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.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
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!

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Robin D.

Vocational, Technical or Trade School

 
20,226 satisfied customers
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.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
Educator,Can I place my and my son's farm in

For Law Educator,Can I place my and my son's farm in Colombia South America in the name of my USA Construction Company, LLC as a way to protect it from a lien from a my son's Colombian baby momma?As an extension of this question can I operate my USA LLC in Colombia or do the laws of the country require that a company operating in Colombia be a registered company in Colombia?Presently tax wise I am told that we as individuals must claim on US taxes any income from any location including Colombia. So does that mean that the company that we draw income from be a Colombian company? There appears to be potentially a conflict of laws affecting taxed income in foreign countries.Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I have an international tax question. My small business

I have an international tax question.My small business wants to hire a product photographer as an employee. She only has Russian citizenship, and works only from her studio in Russia. We send her the products, she takes the photos of them in her studio, and then emails us the photos.She has fixed hours, we have control over how she does the photography, and there is a non-compete clause in her agreement. We consider her an employee, not a contractor.Do I need to withhold any US tax from her paycheck each month?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I am setting up a US tax prep company based outside the US.

I am setting up a US tax prep company based outside the US. I am planning on using the following stucture:Company has a billing and payments agreement with me, a US citizen, acting as a sole propreitor. I bill clients via paypal and remit payments to the foreign company i control minus a 5 percent handling charge. This gets recorded on my US tax return.The overseas company employs me. I reside and work in the foreign country. I get a market salary, and pay tax on it locally - i claim the foreign tax credit or foreign earned income exclusion for this salary.The profits of the company are tax free in the company of incorporation (due to the nature of the business). Dividends are taxed locally at 15%. I assume I can get credit in the US on dividend tax paid? But will there be any additional corporate taxes due in the US? I am wondering if this gets somehow treated like a personal services corporation since for now I am the owner employee?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
JA: Thanks. Can you give me any more details

Customer: hello JA: Thanks. Can you give me any more details about your issue? Customer: The international tax clearance is an approval to any organization to confirm that you are not connected with any terrorist or ISIL and you can send the payment to our PM U1194244.After the tax clearance if the company fail to pay you contact us and we will shut the company down. Is this firm a scam? JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I left my position in the US on May 1st, 2015. I received

Hi,I left my position in the US on May 1st, 2015. I received my salary from Jan 1 to April 30.I was a L1 visa holder and lived in NYC.I'n a French citizen and I am now working in Switzerland (started on August 2015)I filed my taxes for 2014 by using TurboTax.Could you please let me know if I have to file taxes this year, and if so, if it is mandatory, if I have to report foreign bank accounts (balance was under $10k on May 1st), which form and to send it to who?Thanks for your precious help.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
If a foreigner relative inherited estate from US - does he/she

If a foreigner relative inherited estate from US - does he/she has to pay US tax on inheritance?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
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