Questions tagged [federal-tax-law]

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Why can't a cryptocurrency be classified the same way as airline points or store rewards?

According to an article I read on Law360 (paywalled), Facebook's Libra could never be successful as envisioned because the tax reporting burden on it will be too high. Essentially, users will ...
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2answers
49 views

Do I have to pay gift tax if I'm put on a house deed?

I've lived in the home ever since it was purchased. Purchased out right but did not make the signing with my significant other. Now 20 some years later, he wants to add me to the deed. We paid with a ...
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1answer
68 views

Does the federal government have authority to impose tax laws at the state level?

I was reading IRS Stops Attempt To Bypass Trump Tax Law, MD Lawsuit Continues. The article states: ... The IRS said Tuesday that states cannot bypass a $10,000 cap on state and local tax (SALT) ...
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1answer
28 views

E-filing Form 1120 and Form 5472 as a non US resident

Is Form 5472 (used in case owners of Delaware C Corporation are foreign) required every time with the submission of Form 1120 (used to file Federal Corporate Income Tax Returns)? I submitted the ...
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3answers
2k views

Is it tax fraud for an individual to declare non-taxable revenue as taxable income? (US tax laws)

Hypothetically, A wants to pay B a considerable amount of money. In order to reduce the paper trail, A pays me the money and I transfer it to B. To further obscure the paper trail, I declare the ...
2
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1answer
79 views

Is a Florida corporation that shows no profit or losses required to file taxes?

A company is incorporated in the state of Florida; it was formed by a wantrepreneur. This company has no employees, no location, no profits, and no losses; the only proof this company exists is on ...