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Recent Tax Year questions
I will stop working later this year and my partner will
Hello, I will stop working later this year and my partner will continue working. His salary will pay for our living expenses. Can he claim me as a dependent? If he does, do we have to file taxes jointly? I ask because I'm on the income based repayment plan for student loans, and I need to keep filing separately to lower the monthly payments.
Vocational, Technical or Trade School
I have filed a partnership return (Form 1065 ). I realized
I have filed a partnership return (Form 1065 for LLC) for 2014. I realized that one property the partners contributed in 2014 is not included as capital contribution on their K-1.Should I add the amount paid for this property as contribution by the partner and adjust their ownership based on the contributions and file the amendment ?I see the capital contribution does not impact anywhere on taxes but the balance sheet. I am new tax preparer and need any and all help you can lend.
A friend of mine set up property management company as PLLC
A friend of mine set up property management company as PLLC in VA and field schedule C on his 1040 tax return. I invested 40,000 to this property management company PLLC this year and singed PLLC operating agreement. I do not work for property management company and just invested to this company.1) First, I will start to get the principal and profit this year. Which entity type of PLLC is advantage to me for tax purposes ?2) Second, if I receive the principal from this company, is it taxable? thanks
US Tax: How do I report my foreign employees provident fund
US Tax: How do I report my foreign employees provident fund (EPF) of India (www.epfindia.com)? What all forms I need to attach with my return and how to calculate any income/interest etc.? I moved from India to the US in 2013. My 2013 US tax status was Non-Resident. This is for tax year 2014. My 2014 US tax status is Resident (married filing joint). Both employee and employer contribution to the EPF stopped in 2013 due to my change of employer (move to US). However, my EPF receives a yearly interest on the cumulative amount. I.e. in 2014 the only activity in my EPF is interest credit.
Tax advisor and Enrolled Agent
I would like to know how to calculate Part V (Distributions
I would like to know how to calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation. I'm a US permanent resident. My 2013 Tax status was non-resident, and 2014 tax status is resident. This question is for Tax year 2014. I bought foreign stocks through a trading account while I was in India. In the year 2014 I sold all those stocks. Let's take a specific stock ABC. I bought several lots of this stock over a period of time, all prior to 2013 but sold them all on the same day in 2014.
I have a client who has a couple tax liens in her name. They
I have a client who has a couple tax liens in her name. They derive from a corp she owned with her now ex husband, who also has liens..Payroll tax is from the last quarter of 2007 and 1st quarter of 2008, there is a total owed of about 90K for payroll taxes with penatlies and fines and interest.. She ceased to be a principal of company in 2010. Her husband in divorce agreement was supposed to handle these debts, but did not. The debts were later put in uncollectible status.Now, If the IRS statue of limitations is running, when do there fall off?? Does the 2007 debt fall off April 15 2018? And the 2008 debt fall off April 15 2019? This would assume they filed their annual payroll forms then. Or do the quarterly payments count as filing dates? Also, is the SOL something IRS can ignore on payroll taxes? Is this likely?Now, the client is worried IRS might come after her for the money as she is now making enough money she should be collectible. She also moved since filling her 2014 taxes, and has not filed 2015 yet --she has an extension. But the IRS might not have her current address.If the IRS decides she is collectible, will they send her a notice?. What if they decide to garnish? Do they have to send her a warning? If so, how much warning does she get before levy or garnishment? Also, she owns by divorce decree a second house still in her 2nd ex-husband's name. If this levy-able? Is it at all likely IRS will find it? What is the limitation on garnishment--she is a sales person and now makes a 6 figure annual income. What is the limit they can garnish?
Situation: resident. A non-US citizen wants to give me a
Situation: I am US-resident. A non-US citizen wants to give me a cash gift. In order for me to get the cash gift, the non-US-Citizen must first make a transfer to her account located in the US (this is required by the donor's financial institution overseas). then:1. Do I pay taxes on the cash gift, if the amount is greater than US$ 100,000? Do I pay if the amount is lower than 100,000?2. How would the cash gift affect my tax filing for the next year and future years? (if it is less than US$ 100,000 or greater than US$100,000)3. Once the cash gift is my account, and I want to withdraw partially or totally the money (to invest or spend it) do I pay taxes? If yes, how much would be the taxes and does it depend on the size of the amount withdrawn?4. Is there another way, to get the money (cash gift or transfer from the US account) to minimize the amount of taxes? such as society or trust? (for amounts lower and greater than US $100,000)5. Do US banks have to report to the IRS and other countries the size of the transfers? (meaning that I would get a tax report from my bankto file with the IRS or other financial institutions)6. I will apply to become a US-citizen in the future. Do you know the implications of this cash gift for my application as a US-citizen? (This is more of an immigration question, but maybe you had dealt with customers with similar situations)Thank you.
JD, MBA, CFP, CRPS
I'm forming a single member LLC in Texas, and this LLC willView more tax questions
I'm forming a single member LLC in Texas, and this LLC will have only one purpose: investing in rental real estate properties. At first glance, it appears that I would file Schedule E for the income and expenses because this is considered passive income, and you would not be subject to self-employment taxes. HOWEVER, I read on a forum that if you structure the LLC as a member managed LLC as opposed to manager managed LLC, that you would incur self-employment taxes and have to file Schedule C. Now I'm confused about how to structure the LLC. Can you please provide me with a detailed explanation of how I could actually structure things that would ensure filing Schedule E and not paying SE taxes unnecessarily?