Questions tagged [federal-tax-law]

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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 ...
3
votes
1answer
75 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) ...
2
votes
1answer
38 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 ...
2
votes
1answer
81 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 ...
1
vote
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 ...
1
vote
0answers
12 views

payments received in one year paid out the next year (US IRS tax question) [migrated]

If you have an agreement that 70% of the profits from an activity will go to a contractor, and you receive the 100% of profits in year 1, but to protect against credit card fraud, you hold those ...
0
votes
2answers
145 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 ...
0
votes
1answer
49 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 ...