Archived
Worked a 1099 sales job in 2004 and made about 35,000. I never filed taxes because of cancer,etc Been working under the table
Charles's answer
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Answered on September 11, 2014
I personally don't see the IRS accepting amended returns from 2004, but if you have nothing better to do... The account sounds uncollectable; or...
Archived
Whether or how an US single member LLC owned by foreign citizen file federal tax?
Charles's answer
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Answered on September 11, 2014
I am assuming owner is a natural person; before considering a tax treaty, file a 1040NR with schedule C where LLC reports. Sounds like effectively...
Archived
Would this be considered a business activity which is subject to taxation?
Charles's answer
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Answered on September 11, 2014
Income from the activity is "always" subject to taxation however beware of the hobby loss rules.
Archived
Do I have to charge interest on a shareholder loan to a foreign corporation I own, for income tax purposes?
Charles's answer
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Answered on September 11, 2014
Don't forget to consider potential treaty based positions because if a loan made in that jurisdiction is classified in a certain way then a treaty...
Archived
How to lower Corporate Taxes in the USA?
Charles's answer
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Answered on September 11, 2014
The easiest way to lower corporate taxes is to Vote and ask Congress to change the corporate tax rates. There are other planning options I could...
Archived
Do I have to impute interest on a loan I made to a foreign corporation if my tax home is a foreign country with a treaty?
Charles's answer
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Answered on September 11, 2014
Check to make sure you are correct that shareholder loans are not subject to imputation of income. This was a planning question which means a...
Archived
In the Timothy McVeigh related case of JONES v. COMM., 103 AFTR 2d 2009-1474 the court ruled that: “A tax deduction ...."
Charles's answer
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Answered on September 11, 2014
As indicated, please see a lawyer if you intend to claim a deduction for charitable contribution.
To help you obtain some clarity on the matter,...
Does a non-resident alien ever have to file a form 5471 with their income taxes?
Charles's answer
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Answered on September 10, 2014
No, I can't envision a scenario where this would be possible. A 5471 is an "Information Return of U.S. Persons With Respect to Certain Foreign...
I recently got fired - I need the employers federal tax ID number to file my unemployment claim but they will not provide it.
Charles's answer
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Answered on September 10, 2014
You can try to look it up at sunbiz.org or just call the Florida unemployment compensation department and/or Florida Department of Revenue. ...
Archived
Does a corporation have to take depreciation every year for income tax purposes?
Charles's answer
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Answered on September 10, 2014
It would be worth an investment in a tax consultation because without knowing why you don't want to depreciate the property, we are left to assume....
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