Join the 9 million people who found a smarter way to get Expert help

Recent Revenue Service questions

I'm waiting to draw my social security until I am 70 and I

I'm waiting to draw my social security until I am 70 and I plan to continue working until I am 75 or 76. Will my social security be taxable until I am 72?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,010 satisfied customers
Do I need ITIN if I take retirement money from another

Do I need ITIN if I take retirement money from another country?JA: The accountant will know how to help. Please tell me more, so we can help you best.Customer: My wife and I both retired last year. We are US citizens and permanently live in US. My wife take retirement money from Poland when she worked 30 years ago. She is in Poland now to withdraw some money from her retirement. She was told she need ITIN. What she needs to do?JA: Is there anything else important you think the accountant should know?Customer: Probably not.

Read more

Robin D.

Vocational, Technical or Trade School

21,822 satisfied customers
I made a $ 12000 cash deposit in my business account. The

I made a $ 12000 cash deposit in my business account. The cash was the result of a repayment to me of a loan i made to one my employees for car purchase. He paid me back in cash whch i deposited ionto my account. Will this trigger an audit?JA: The accountant will know how to help. Is there anything else the accountant should be aware of?Customer: no

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,284 satisfied customers
I have a client that had to pay for an environmental study

I have a client that had to pay for an environmental study done on an old gas station they purchased. They had to pay to have the ground cleared and fix and environmental spill that was found. Lastly they had to remove tanks and had to pay a civil engineer to redesign the land for proper future use.Is the client eligible for any sort of special credit deduction/depreciation for any of the above mentioned.

Read more

Robin D.

Vocational, Technical or Trade School

21,822 satisfied customers
I checked the box for Section 645 election when applying for

I checked the box for Section 645 election when applying for the trust's TIN after the settlor's death, and got a letter from the IRS stating that, based on the information provided, a Form 1041 is due on October 15, 2016. As it turns out, the Trust may not be able to distribute within two years and the Section 645 election is of no value -- i.e., there will never be $600 gross income or any taxable income within any calendar *or* fiscal year. If I fail to file a form 8855 by October 15, 2016 will that undo the "mistake" I made in checking the Section 645 box when I applied for the TIN? In other words, will the IRS just treat the Trust as if a valid election was not made. NOLO Press seems to suggest that the checking the box was all that was needed to effect a proper election, but IRS materials seem to suggest that the Form 8855 must be filed. Just to be clear, I would prefer not to have made or to make the Section 645 election.

Read more

taxmanrog

Master's Degree

926 satisfied customers
I would like to print out and mail my taxes from Europe. I

Hi,I would like to print out and mail my taxes from Europe. I do not want to e-fiile.I need to know:- What the approved Europe to America couriers are for meeting postmark requirements?- And what street addresses (not PO Boxes) I would send my Federal return to and my California state return to.This page at the IRS says this, but doesn't identify the either the approved couriers or the street address for Federal (or California, of course.)https://www.irs.gov/individuals/international-taxpayers/u-s-citizens-and-resident-aliens-abroad-where-and-when-to-file-and-payCAUTION! A tax return delivered by the U.S. mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. You can use certain private delivery services designated by the IRS to meet the "timely mailing as timely filing/paying" rule for tax returns and payments. See your Form 1040, U.S. Individual Income Tax Return or Form 1040A, U.S. Individual Income Tax Return instructions for a list of designated delivery services.Revenue Ruling 2002-23, 2002-18 IRB 811 provides that federal tax returns mailed by taxpayers in foreign countries will be accepted as timely filed if they bear an official postmark dated on or before midnight of the last date prescribed for filing, including any extension of time for such filing.Thank you!

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,284 satisfied customers
I run a publicly supported 501c3 and am in ill health. Let's

I run a publicly supported 501c3 and am in ill health. Let's say we don't want to have it continued at the cost of $5,000 per year in comptroller costs but just to close the IRS organization and deposit the money in a bank account undertaking our own expenditures responsibility in the charitable use of remaining funds but not claiming an IRS and not soliciting new funds. Just using up what had been charitably raised for charitable purposes. Would IRS mind this?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,010 satisfied customers
I have tax question, Michigan, I file my taxes with

I have tax questionJA: What state are you in? It matters because laws vary by location.Customer: MichiganJA: Has anything been filed or reported?Customer: I file my taxes with accountant. I have personal and corporate tax. I went to my accountant on March 8th and filled both. at the end of the April I've got letter from IRS that I owe penalty of $700, becaquse my corporate tax was received late. I went to my accountant and she said she filled personal electronically( she has conformation) and corporate tax she filed by mail. she has no roof of mailing it on time.JA: Anything else you want the lawyer to know before I connect you?Customer: I don't feel responsible to pay this penalty. I believe this is accountant responsibility, because she is the one who supposed to mail corporate return.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,010 satisfied customers
Irs say I owe them money after a tax audit for 2014 because

irs say I owe them money after a tax audit for 2014 because i claim education credits. I use that form that the school gives out every tax season to file. The want to penalize me 1700$ because they claim that the money did not come out of my pockets since the military pays for my tuition but am obliged to pay him back if i fail the course.what do i do? also, they keep sending my irs letters to the old adress that is on the irs form from long time ago. I wrote a letter to tell them my new adress but haven't heard from them since.

Read more

Dr. Fiona Chen

President

Ph.D.

758 satisfied customers
View more tax questions
In The News