Questions tagged [irs]

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Is it okay to keep track of accounts receivable and accounts payable with cash basis accounting?

Is it okay to keep track of accounts receivable and accounts payable for my reference but still mark cash basis accounting on my tax return?
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1 answer
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Are non-cash payments to the IRS legal?

Since the IRS taxes barter transactions, is it legal to pay your taxes to the IRS in non-cash payments such as produce or cattle or other goods?
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Advanced Child Tax Credit Credit "Safe Harbor" or "Repayment protection"

The "American Rescue Plan" was passed as law and provided for advanced payment of Child Tax Credits. Normally, an overpayment would have to be returned to the IRS, but the law provides a &...
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US tax law considering custody for filing taxes

If 2 people are legally Separate and the mother has full physical custody with joint legal custody, and doesn't work but the court order issued for custody states that the mother is to claim taxes for ...
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Are gift cards considered currency or an object?

In the eyes of the IRS, are gift cards viewed as an object or as currency? Like if I were to accept gift cards as payment for items I sell in an online store, am I accepting dollars or am I trading ...
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Will tax evasion/fraud cause a jail in US?

Suppose that someone bought a used car from a private party for cash (under $10,000) in California, and the seller wrote it was a gift, so that the buyer gets a new title without paying the tax. Then ...
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An employer deducts for taxes but does not pay them to the IRS or social security, is employee liable?

Suppose that an employee A has a boss B (who is also the company owner) that deducts payroll taxes and then keeps the money and reinvests it into his company. A has complained to B about this. As a ...
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2 votes
1 answer
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Is it legal for a restaurant to assume tips on cash payment?

A friend recently posted that, She is a waitress that receives tips. Her restaurant has a POS machine. This POS machine assumes a 15% tip on all cash payments. She can not alter this setting. ...
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2 answers
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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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10 votes
3 answers
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Making Money and not filing an Income Tax Return

I have a friend who works as a teacher. He claims that for several years he has made money and paid all the income tax that he owed and maybe a bit more. He has not filed an income tax return. I do ...
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  • 373
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2 answers
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Power of the IRS

Imagine that the IRS is auditing somebody's tax return. The auditor thinks something is wrong with the return. However, he/she is not sure and does not have any hard facts on what is wrong. The ...
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3 votes
1 answer
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IRS Auditor neighbor continually asking for favors (including monetary and legal) - is this legal?

To explain briefly - we moved to a new home a little over 3 years ago - our next door neighbors are government auditors. He is an auditor for the IRS, and she does something internal. On our first ...
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2 votes
1 answer
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Are foreign *assets* (not income), pre-dating moving to the US, taxable?

A person who immigrated to the US 10 years ago still has two bank accounts abroad that she did not close. No money has been added to the accounts since then, there was no activity and no interest ...
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When did U.S. tax code limit the personal Capital Loss Deduction to $3000?

Beginning in the late 1970s, after capital losses offset capital gains dollar for dollar, the allowable deduction on the IRS 1040 form for capital losses coming from Schedule D was $3000. The same is ...
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Filing Requirements for a Federal EIN

I am part of a university student organisation in Texas, and we have an EIN, a bank account, and a PayPal account. We only exist at one university, and are not affiliated or associated with any larger ...
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What Is An IRS "future benefit?

In the US, if I create a trust and fund it, if the beneficiary of that trust has an "immediate benefit" (immediate access to some part of the fund) to any part of the trust balance, then some or all ...
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1 vote
2 answers
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How does paying income taxes work in the US?

I don't have a well defined idea on how the tax system works in the US, the few things I know is that they are paid to the IRS every amount of time (yearly probably) that there's an interest/...
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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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2 votes
2 answers
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When do you need to request a W9?

I know that a W9 is required when paying over $600 to a US individual or company that is your vendor. What I'm confused about is why you don't need to request a W9 if you walk into best buy and have ...
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Do I have to pay taxes on external savings?

I am thinking about moving to Canada to work, save for retirement, and move back to Portugal for retirement because of the lower cost of living. I will contribute to the Canada Pension Plan and also ...
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-2 votes
1 answer
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How can someone prove their income? [closed]

I'd like to make an app that lets people prove their income and put it on the Ethereum blockchain so that merchants can sell to provably low-income individuals at discount rates. The problem is I can'...
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2 votes
1 answer
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Is it legal for a non-profit to omit the salaries of their deputy director and other lower level directors on Form 990?

I'm looking at a the Form 990 for a small non-profit, and I'm noticing that under administrative/management expenses only the Executive Director's salary is listed. I know there is a Deputy Director ...
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1 answer
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Is there a fine for no health insurance 2017

I'm referring to the 2017 tax year (Jan 17-dec17 filed April 18) My CPA for 10 years is telling me there is a fine this year for not having health coverage. Multiple other people i know who used h&...
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Avoid potential criminal liabity in IRS "interviews"?

As I understand it, it is a crime to lie to any federal "officer" including IRS agents. People have been convicted of doing so and sent to prison. This obviously creates a serious liability for ...
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1 vote
1 answer
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Is a nonprofit LLC required to have a Board of Directors?

Background: I'm in the process of forming an LLC nonprofit, with the intention to file Form 1023, for tax exemption under IRS Code Section 501(c)(3). I'm sure the charitable nonprofit mission of the ...
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0 votes
1 answer
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Is it legal to sign up for EBay/PayPal account in fictitious name?

Is it legal to sign up for a PayPal/EBay account under a random, fictitious name? I'm not talking about stealing someone's identity or attempting to circumvent paying taxes. I just want to create ...
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2 votes
0 answers
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Do I need to register as a Money Service Business for a cryptocurrency trading platform?

According to the U.S. Department of Treasury FinCen: Money Service Business Definition. The term "money services business" includes; any person doing business, whether or not on a regular basis or ...
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