Wife and I are American citizens, mother-in-law is a resident of Thailand
Although you are likely not subject to tax, you probably need to file an information report, form 3520. Failure to do so will result in severe penalties. If your inheritance is or was in financial institutions abroad, you will be required to file a Foreign Bank Account Report if your balance in all accounts exceeded $10,000 at any point in the year. The specific form is FINCEN114.See question
as both US resident and US citizen require to pay taxes while working overseas, my questions is how to calculate taxes for US citizen and LPR working overseas ? Let's say you make 50.000 USD a year . How do they calculate it ? how much for uncle S...
The first step is to compute your federal tax as if you were in the U.S. Then, if applicable, you get an earned income exclusion. Finally, you would get a tax credit based upon taxes paid to the country of residence. A good CPA can run all the computations for you. Find someone who does a large number of tax returns for US residents living abroad.See question
I applied for citizenship based on having GC for 5 years. Got my GC through employer. My wife and I are both Indian citizens. I've always paid my taxes on time and have been living continuously in US for last 10 years. Along with intervie...
You can call the IRS to get account transcripts for earllier years.See question
wwe own 3 properties in our s. corp we are in the process of dissolution.we are selling each piece of property and dividing it up equaly with share holders, wich consists of 3 families. can we distribute the money as each properyt is sold or is i...
Usually it is the sale of property that will give rise to the flow-through of taxable income from an S Corporation to its shareholders, not the distribution of monies from the sale. That being said, the taxation of S Corporation transactions can get very tricky. There may be state tax issues at play also. You should be consulting with a seasoned CPA or tax attorney prior to entering into any transactions. You may gain some advantage by implementing a plan of liquidation.See question
If someone is paying you back interest for a personal loan, are they required to submit tax documents to the IRS, notifying the IRS that they have made interest payments to you??
No, they are not equired to notify the IRS. However, the recipient is required to report the interet received as income.See question
The state of Louisiana is garnishing my bank account for income taxes I do not owe. This has also cost me bank fees from garnishment I feel I should be reimbursed for.
Yes, a lawyer can fight a state garnishment for taxes you don't owe. You can find one here on Avvo or through the local bar association. Good luck.See question
I was wondering; If a store was closed due to the old owner owing sales tax, can a new owner open it?
The best answer is "it depends". We need a few more facts. But, let me fill in some blanks and take a stab at this. You can open a store in the same location as the old store conducting essentially the same business. However, the owner of the business will be you or an entity (i.e. a corporation or an LLC) created by you. Any assets of the "old" owners are not available to you, including the business name, unless the state tax agency waives its interest in the goodwill value of the name. The State is likely to have a lien on any assets of the old owner. Presumably the building in which the store is located is owned by a third party and you would have to enter into a lease. Note that you cannot purchase anything from the old owner successfully unless you go through a bulk sales disclosure which gives the opportunity of the State to get the payments you are offering. Your failure to secure a bulk sale clearance will make you liable for the old owner's state tax liability.See question
I have opened up an one member LLC providing IT consulting services. My questions 1) Is paying off shore consultants who help me tax deductible? 2) what form do I use in my tax return to show that expense? 3) I usual...
1. Paying off a consultant, even if they live abroad, is tax deductible to you.
2. You report your income, and claim your deductions on Schedule C to form 1040. This presumes that your one-member LLC has not elected S Corporation status. (If you are curious about this, speak with an experienced CPA who specializes in business taxation.
3. You can pay them through paypal as proof of payment. However, you will need other documentation (i.e. a contract or statement of work) to show that the expenditures were business related in order to take the tax deduction. Payment alone is not sufficient. You need to connect the expenditures to your business.
We are both part owners of a business. The business is not able to pay any of the employees and is recording the missing payrolls as debts we owe the employees on our books. But because my friend (who happens to be my boss) knows I need money to...
I agree with both previous answers. It appears the reality is that your boss is merely paying you ahead of other employees. The income is taxable to you, deductible to him, and subject to payroll tax payments and reporting. You should see a CPA for your reporting requirements. Your boss should be seeing an attorney.See question
My husband and I have been paying towards the IRS for the past few years (I have since changed my W4 so this is for previous years). The balance never seems to go down!!! Every time I make a payment it has late fees and penalties... Is there an...
The IRS colletion period is limited to 10 years, subject to certain exceptioins. The best advice is to get a consultation with a tax attorney who will carefully review your options. Good luck.See question