Questions tagged [federal-tax-law]

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7
votes
1answer
1k views

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 ...
-2
votes
1answer
65 views

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 ...
0
votes
1answer
53 views

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 ...
1
vote
3answers
117 views

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, ...
2
votes
1answer
79 views

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
votes
1answer
174 views

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 ...
1
vote
2answers
157 views

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 ...
1
vote
2answers
60 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 ...
4
votes
1answer
102 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) ...
0
votes
1answer
134 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 ...
11
votes
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
votes
1answer
94 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 ...