I just want to know if there are any rules about a foreign
Hi,I just want to know if there are any rules about a foreign person transferring property (or cash) to a US Corporation?I know that there are rules when a US person transfers asset (cash, property, etc.) to a foreign corporation but does it go the other way as well?If no, should I simply record the transfer as capital constitutions or loan?
Financial / Legal Advisor
I have an online freelance business based out of overseas,
Hi, I have an online freelance business based out of overseas, but I do receive profit from this business in the US.If I receive more than 20k in profit per year would it be wise to incorporate a business in Delaware in terms of tax benefits? Also will I be still responsible for any state tax etc in my home state which is GA if I do so?
JD, MBA, CFP, CRPS
Thank you for taking my question. I was wondering if you
Thank you for taking my question.I was wondering if you could help determine if a lender needs to recognize an interest income every year on the following specific loan agreement:1. The lender is a cash basis taxpayer who lends X amount of money to a foreign company. There is a signed loan agreement between the parties. The arrangement is not a trustee or any mutual fund agreement – It is strictly a loan agreement.2. The interest rate is based on the ability of the foreign company's investment success. There is a specific formula. For example, if the foreign company invests in a specific stock and the stock yields capital earning, then the interest shall be equal to the return generated by the investment minus 1% of the total asset invested in the stock. To clarify, the investment is made by the foreign company and not the lender. The relationship between the lender and the company is solely via a loan agreement. The lender doesn't have any stock ownership in the foreign company.3. There is no stipulation in the agreement that calls for payment each year. In other words, in accordance with the loan agreement, the foreign company can wait several years, accumulate the earned interest payment (from the investments), and then pay a lump sum amount to the lender, based on the foreign company's discretion. The only two requirements to disburse the principal and interest to the lender are:a. Upon full repayment of the company to the lender of the principal sum plus all interest accrued.b. Upon the default of the foreign company.My question: if the foreign company earns capital gains and does NOT pay any interest to the lender in a specific year, does the lender need to report any taxable interest income in the year the foreign company earns it? Or, can the lender wait until the foreign company actually pays (wires the money) him the money and only then report it as income (due to the cash-basis rule)?Additional information: The taxpayer files taxes as a US tax person.Please help
Income of a US citizen taxed in India, will be taxed again
income of a US citizen taxed in India, will be taxed again in US? Is there a dual tax system?The expenses were done (i.e. Air ticket, house rent, food expenses paid in India) to visit India to control themoney and for Indian taxation purpose will be allowed by US tax department to claim in my US tax returns?.US citizens residing in India for a long time and gaining income there from investments, will need to come back to the US to file IRS returns every year?Or, can it be done from India?Or, CPA in the US would be able to file my taxes thru mail correspondence from India?Thank you
Vocational, Technical or Trade School
I applied for a Heath Insurance Marketplace plan in Utah for
I applied for a Heath Insurance Marketplace plan in Utah for 2016, and was approved for a sizable federal tax credit. I put on my application that my estimated 2016 income was $40,000. I was finishing graduate school and expected to find a new job, but had not received any offers yet. Well, I did get a job, but it started later than I expected. I now have insurance through my job and have canceled my marketplace plan as of October. Making some rough calculations, my 2016 income will be about $28,000, just short of the poverty level of $28,410 for a family of five (which mine is).If I had put $28,000 as my estimated income when I was applying, I would have been rejected. Now I am worried: if my income is short of the poverty level, will they make me pay back the few thousand dollars in subsidies I received? I tried calling the HealthCare.gov people (twice), but they won't answer: they just read me a statement that may or may not apply to me and won't clarify.If they are going to make me pay it back, will it help if my wife withdraws some money from her 457 (and thus has to report that as income) to increase our income above the poverty level? We don't want to do that unless necessary, however, since our marginal tax rate is probably high due to EIC.
Tax advisor and Enrolled Agent
Thanks for the response. I'm setting up a Tech Support (over
Thanks for the response. I'm setting up a Tech Support (over phone and online) business that would provide the support all over the country including CA . Does that require me to re-register the company and what kind of taxes does the Tech Support operating from Nevada would attract (in terms of Sales Tax / Service Tax ) ?
I want to know if I am collecting social security at FRA,
I want to know if I am collecting social security at FRA, and marry someone younger who is working...if filing married joint, will his income impact my social security and cause me to have to pay taxes on it?
Tax advisor and Enrolled Agent