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12

The Internal Revenue Code of 1954, all 1024 pages of it, was enacted in the course of a year, basically rebooting and rewriting the tax code, contains §1211 in in 68A Stat. 321: (b) OTHER TAXPAYERS.—In the case of a taxpayer other than a corporation, losses from sales or exchanges of capital assets shall be allowed only to ...


6

The key difference is that Best Buy is a corporation, and you are probably thinking of a painter who does not do business as a corporation. (They might be a sole proprietor, for instance.) As far as I know, the $600 rule isn't about Form W-9 itself. Rather, the rule is that when your business pays more than $600 for services, you may be required to file ...


5

It's always amazing to me why some people find it so difficult to understand, just because the word "crypto" is involved. It goes like this: Cryptocurrency is an asset, like any other asset. It's also a currency, but that part can be ignored for this purpose. Buying an asset, any asset, is (usually) not a taxable event. "Buying" in this case consists of ...


5

will these assets be considered as income by the IRS, even though the account money predates her becoming a US person? No. Even if there was no income, is it possible that the person still had to pay other taxes related to foreign assets (i.e. does the IRS tax assets, not only income? There are fines related to failure to disclose foreign bank accounts ...


5

The US federal tax law -- Title 26 USC, aka the Internal Revenue Code or IRC -- contains numerous money amounts, some of which are adjusted for inflation (aka 'cost of living') and some of which are not. The adjustment procedure for several of the most basic amounts -- the 'brackets' of taxable income to which different rates apply, defined in IRC 1(a)-(e) --...


2

For a small nonprofit, I'd assume that those positions would not need to be listed. Under current IRS guidance, the organization must list: "All of its current officers, directors and trustees." The positions you've mentioned do not appear to match any of these categories, at least as defined in the Form 990 Glossary. "Up to 20 current employees who ...


2

The "shared responsibility payment" is a tax and not a fine, at least according to parts of the Supreme Court ruling on the matter (National Federation of Independent Business v. Sebelius, 567 U.S. 519). Under Executive Order 13765, departments of the executive branch were allowed to "exercise all authority and discretion available to them to waive, defer, ...


2

General Considerations Most non-profits either have self-perpetuating boards of directors, or have members or delegates whose elect a board. Membership in a typical non-profit would be defined to include donors and/or volunteers, or people who have affirmed the organization's principles. In very large organizations, members frequently elect delegates to a ...


2

Your understanding is basically completely wrong. You pretty much have it backwards. It is easier to explain how the law really is than to try to correct your assumptions. In the U.S., the general rule is that if you create a trust and transfer property to the trust, then the transfer of property to the trust is a gift for purposes of federal gift taxation (...


1

You are an unincorporated non-profit organization which must file IRS Form 990 or IRS Form 990-EZ, if you must file any tax form. The thresholds for filing requirements are set forth in the instructions for those forms. You must also withhold taxes from any employees (if any), file forms 1099 if you make sufficiently large payments to unincorporated ...


1

For convenience, you can have your employer withhold taxes from each pay check. You can also send money to the IRS quarterly. The IRS prefers a steady predictable revenue stream and will fine you if you underestimated your income and make a balloon payment for the fourth quarter, even if the total amount you send them over the course of the year doesn't ...


1

It would appear not legal to sign up for a PayPal account while not using your real name, reading the TOS at PayPal: Prohibited Activities You may not use the PayPal service for activities that: 1. violate any law, statute, ordinance or regulation. Signing up for a banking service using a fake name is fraud just about anywhere. If you did sign up ...


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