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Recent Use Tax questions

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.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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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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3,742 satisfied customers
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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I am on that website. My question is that Will my filing be

I am on that website. My question is that Will my filing be considered part of streamlined filing compliance? I read on the IRS website that as part of streamlined filing compliance I need to certify that my conduct was not willful.

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Robin D.

Vocational, Technical or Trade School

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Background: I may be able to borrow money from someone in

Background:I may be able to borrow money from someone in another country which I would use for investment purposes in the US. If so, the lender would wire the funds from their country to my bank in the US.For the interest paid on this loan, I would be reporting the interest as an expense on my US tax.If I were borrowing the funds from a U.S.-based lender, of course the lender would have to declare the earned interest as income, but in this case, the lender is outside the U.S and not a citizen or resident of the U.S. and the funds are originating from abroad.My question is:What, if any, U.S. tax implication or reporting requirement does the IRS place on the foreign lender in regards ***** ***** interest I would need to pay them, assuming they are wiring the borrowed funds to my bank account (as opposed to my traveling abroad to pick up the borrowed money) and I, likewise, would be wiring my payments to their bank account abroad?

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Robin D.

Vocational, Technical or Trade School

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Does tuition paid by a foreign Goverment employer in the us

Does tuition paid by a foreign Goverment employer in the us (embassy in this case) to the US Citizen employee's dependent as fringe benefits considered income subject to tax?

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Dr. Fiona Chen

President

Ph.D.

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Citizen, wife recently relocated to US with greencard. We

I am US citizen, wife recently relocated to US with greencard. We sold Canada residence (was our principal residence in Canada before relocating to us). Canada tax gain comprehends time we used as principal residence to reduce capital gain....does this apply to US tax calculation?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I think that is essence of issue.

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Mark Taylor

Certified Public Accountant

Masters

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376 satisfied customers
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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16,770 satisfied customers
I am in the process of setting up a consulting company in

I am in the process of setting up a consulting company in the NYC as a LLC:1. How can invoices that I paid in the last 6 months (prior to the setup of the new company, paid as a private person) be “converted” into valid invoices for this new business (travel, conferences, telephone)2. What are the annual tax advisor fees for a small start up (no employees yet)3. Worst case scenario: What are the implications, if I wanted to get the money out of the company, which I put onto the company bank account initially, in case I wanted to give up the company

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Robin D.

Vocational, Technical or Trade School

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20,622 satisfied customers
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