Questions tagged [irs]

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1answer
34 views

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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2answers
119 views

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 ...
2
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1answer
121 views

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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2answers
129 views

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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3answers
3k views

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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2answers
82 views

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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2answers
93 views

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/...
3
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1answer
132 views

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 ...
2
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1answer
69 views

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 ...
5
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2answers
1k views

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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1answer
34 views

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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1answer
44 views

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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2answers
238 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 ...
2
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2answers
273 views

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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0answers
31 views

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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1answer
70 views

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'...
2
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1answer
33 views

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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1answer
47 views

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&...
3
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0answers
68 views

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 ...
1
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1answer
430 views

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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0answers
115 views

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 ...
0
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1answer
665 views

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 ...