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Recent 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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I'm trying to determine the "value" that would be used

I'm trying to determine the "value" that would be used for the calculation for a sales tax return for the "Use" tax on Distilled liquors in regards ***** ***** that are given out to customers in the tasting room or other tasting venues. It seems that the actual cost of the product would be used, and not the fair market value of the product. This particular business has a mixed use sales tax license - is both a wholesaler and a retailer - they distill the spirits and resell to other licensed wholesalers as well as providing wholesalers with samples, and they also have a tasting room onsite in which they allow customers to sample product and then sell as a retailer to customers in the Tasting Room.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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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.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I live in Kansas an am opening an internet sales company. I

I live in Kansas an am opening an internet sales company. I see that Texas has no corporate income taxes. Furthermore, the sales tax in some counties is lower than anything in Kansas. I have confirmed that Texas is a state that will allow you to use a PO box as a company's address.UPS stores allow you to open a PO box that has an address that looks just like a physical address.Can you think of any adverse taxation that may result if I base my LLC out of an address in Texas while living in Kansas?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

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332 satisfied customers
I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

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Due to Southern Company's acquisition of AGL, I received a

Due to Southern Company's acquisition of AGL, I received a check for $2,700 for the shares I had with AGL. what kind of banking account should I deposit the money in to avoid paying taxes on the whole amount?

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Lane

JD, MBA, CFP, CRPS

Doctoral 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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332 satisfied customers
Lane - You were very helpful with some tax advice last

Hi Lane - You were very helpful with some tax advice last January, and I have another question for you now. I'm inheriting an IRA from my grandma of about $11,000. It's a traditional IRA set up more than five years ago, and I'd like to know the best way to transfer it or liquidate it to avoid tax consequences. A guy from ***** ***** (who is managing her estate) called and explained it needs to be transferred out of the estate to a "beneficiary IRA" first, then I can have it transferred to TD Ameritrade. He mentioned something about possibly having to take "RMDs" over a period of time. Ideally, I would prefer to just liquidate it tax free :). But if that's not possible, we are putting about $45,000 in our retirement accounts this year so if I can just replace $11,000 of those contributions with this, I'd be good with that, too. Our personal IRA's are already maxed out for this year. Is there a way to transfer this inherited IRA to my (or my husband's) 401K and just leave it there without tax consequences?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I am a trailing spouse on a G-4 visa. My husband works at an

I am a trailing spouse on a G-4 visa. My husband works at an international organization, and is tax exempt. I work at a production company. As such, I am obliged to file and pay US taxes.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: HOWEVER, I am told that I cannot deduct mortgage interest. This seems to be aggressively unfair, as the result is that I am effectively taxed at a higher rate.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
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