Questions tagged [federal-tax-law]
The federal-tax-law tag has no usage guidance.
38 questions
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How can Rupert Murdoch be having a problem changing the beneficiaries of his trust?
I do not understand how Rupert Murdoch could be having problems (and a court fight) trying to change the beneficiaries of his (living) trust. Isn't it standard to include provisions in trust documents ...
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Do U.S. PFIC reporting and taxation laws apply to assets held and/or traded in a 401(k) or HSA account?
U.S. persons who hold (directly or indirectly, as defined in the IRS instructions) financial assets called "passive foreign investment companies" (PFICs) may be required to file Form 8621 ...
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1
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Can anyone clarify the Secure 2.0 act for retroactive contributions to prior year retirement accounts
This is markedly confusing.
You can elect to make a retroactive solo 401k contribution as a sole proprietorship under the secure 2.0 up until the tax filing deadline (without extension). So, April ...
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2
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What are the federal tax consequences of the repossession of a property where the FMV is less than the value of the loan?
This is a conceptual question, but I have included a sample set of facts to set the stage:
Bank loans $200k to Individual A to purchase home.
Individual A pays the loan down by $20k, but eventually
...
user56567
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Do student aid and tax-exemption qualify as "Federal financial assistance" in the sense of the Civil Rights Act of 1964?
The Civil Rights Act of 1964 stipulates (emphasis by me):
No person in the United States shall, on the ground of race, color, or national origin, be excluded from participation in, be denied the ...
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Can a non-profit software company get a 501c3 designation?
For instance, a web service that public uses every day like Facebook or Stack Exchange, could it fall under a non-profit corporation with the 501c3 designation?
My understanding is that, these ...
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payment of taxes in the USA following an online sale of an electronic product [duplicate]
I would like to sell a luminaire on the European market and in the USA.
From what I understand, CE certification is required to sell on the European market.
In the USA, however, such certification is ...
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2
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1
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Account worth $1 shared with 11.7 million people
If I found a bank that let me have 11.8 million other (non spouse) people on it and put $1 in that account would I be liable for paying gift tax?
This is a "reductio ad absurdum" of the fact ...
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What's the point of an inheritance tax on movable property? Can't valuable property be shipped to a country without the tax, and be inherited there?
This probably wouldn't happen for property that's low value and bulky, like furniture. But for property like yachts, planes, artwork, jewellery, etc., it seems easy to move it to a country without ...
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Tax Responsibility - American Remote Work in Toronto [closed]
I'm an American software developer working for an American financial services company that only services American citizens and permanent residents. I am a remote worker who lives and works in Michigan....
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1
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Tax requirements for LLC taxed as partnership all foreign members and non us sourced income
I was wondering which will be the forms required to be filled by a Wyoming LLC taxed as partnership, which it's revenue is not US sourced, so no withholding will apply and also all of it's members are ...
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How many people must be on the board of directors of a U.S. nonprofit organization?
Non-legally-savvy individual in Pennsylvania (PA) in the U.S. here. I've been learning a little about nonprofit corporations recently, and have had trouble finding a definitive answer to the question:
...
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1
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If you pay taxes using a cryptocurrency, is that a potentially taxable event?
With California and Colorado accepting cryptocurrency in lieu of fiat currency for paying taxes, there is a concern that paying taxes in this fashion is a potentially taxable event under federal law. ...
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Does the potential criminal value of objects have any legal uses, such as in tax deductions?
Suppose someone has evidence that could be used to blackmail a billionaire. The person knows that it is illegal and immoral to use and does not use it, but if they wanted to, it would be easy to sell ...
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2
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2
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Taxes question and fake address
Suppose that a non US woman W is married to a US Citizen husband H. W has a green card. W and H live together in Pennsylvania.
Suppose that W's parents in law (L) moved to a nearby state. Suppose ...
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Can a borrower create a taxable event for a lender by selling loaned property (e.g gold)?
Lending property (e.g. gold) is not a taxable event as the asset has not been sold. Let's use gold as an example to simplify things.
Scenario: A US company is loaned a $100,000 gold bar by a US ...
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2
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Capital Gains: If I loan Bitcoin to my LLC, can the LLC sell it to pay for expenses, and later repay the loan in USD tax free? (USA Law)
I understand that taking a credit line against Bitcoin collateral is not capital gains event because there is no sale.
However,
If a party, such as a company, is lent Bitcoin (BTC), sell it to pay ...
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1
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Why is a W-9 Required Before the Executor Will Send an Inheritance Check?
I am under the impression that there is no (U.S.) federal income tax. See, for example, the beginning of the second paragraph under Understanding Inheritance Taxes in https://www.investopedia.com/...
user35941
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1
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Global taxation for US citizens
The United States is pretty unique in requiring their citizens to pay taxes regardless of residence (even if living abroad). I'm surprised that other countries don't enforce the same. It seems like ...
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2
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671
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If someone commits tax evasion, what organization will arrest them?
If someone commits tax evasion, will they be arrested by local police, or the IRS’s CI and Justice Department?
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1
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Under the US tax law, how to determine the taxable income of different classes of shareholders of a regulated investment company?
This question is about a US tax law.
Let's say a regulated investment company (RIC) such as a mutual fund has two classes of shareholders, each class being entitled to a different rate of annual ...
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Is there a U.S. and/or U.K. counterpart of Australia's AMIT(Attribution Managed Investment Trust) Regime?
The AMIT(Attribution Managed Investment Trust) Regime:
The AMIT Regime is a new set of rules for the taxation of managed investment trusts and their members. One of the aims of the AMIT Regime is to ...
- 121
2
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1
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Are tax crimes' punishments in general proportional to the amount of money?
Let's say that I sell 0.001 BTC right now on Bisq (decentralized P2P exchange) and the buyer sends me $500 USD to my bank account. I then use that $500 to buy a pair of headphones for myself. Or I ...
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The Constitution, Law, and Income tax [closed]
First let me say this, I'm not a Sovereign citizens, i'm not trying to not pay taxes, i'm not trying to argue if it is legal or not that you have to pay, you do.
What im more interested in is the ...
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1
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In Breaking Bad, how strong would Hank Schrader's case be if he had lived and Walter White had gone to jail?
Yes, Hank has definitely put together that Walt had been manufacturing methamphetamine and committed several other crimes to protect himself, and he'd fight tooth and nail for a conviction. However, ...
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1
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Are corporation assets included on IRS offer in compromise (form 433-A)?
In the IRS offer in compromise process, the individual fills out the 433-A form that lists their personal assets. What if the individual is the sole shareholder of a standalone, incorporated business?...
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1
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Tax Implication of COVID-19 Induced Remote Employment
A U.S. company has instructed it's employees to work from home for a period extending 4 weeks following city and state guidelines as a necessary precaution in response to COVID-19. Subsequently ...
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Bypass SSN Requirement for Independent Contractors
I work in a sales organization, knife selling, and we hire pretty much anyone who is interested.
We got a guy walking through in a college, who was interested, but did not have a social security ...
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Would an organization committed to non-violently supporting indiscriminate human annihilation be eligible for 501(c)(3) exemption?
Hypothetically, if someone formed an organization whose objective was dedicated to the annihilation of the human race, but did not permit violent acts from its members, would it in any way be ...
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3
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Can a founder 'gift' pre-existing assets to a company after hiring a cofounder?
I live in the U.S. Suppose that I create a company with a deposit of $10,000 and want to bring in a cofounder for an equity stake of 15% in this company. I have personal assets like computer code, ...
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2
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Isn't paying overdue taxes an indirect admission of guilt?
People are strongly advised to pay taxes due, regardless of how old they may be.
But wouldn't it seem obvious that paying taxes due years back would be somewhat of an admission of guilt? You are ...
2
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1
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Is a foreign indepedent contractor allowed to receive payment into a US bank account?
Suppose that I do work for a US company as an independent contractor, and I'm neither in the US, a US citizen or a US resident. As such, I would fill in a W-8BEN form for tax purposes. Would I then be ...
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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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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 ...
5
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1
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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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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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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 ...
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2
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1
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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 ...
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