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Taxation On LLC (single Person Owner Non Resident Alien) Holding Investment Property In USA And One Investment Property In Europe
User Photo Dan Gordon
Tax Professional Level: Tax Enthusiast

As a sole partner in an LLC generating income the chances are the the IRS will treat that income as self employment and SE tax would be required to be paid on all the income the LLC generates. A Sub-Chapter S...   Read More
Is It True That The Service Made It Easier Today For Small Business Owners To Comply With The Final Tangible Property Regulations?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, on February 13th of 2015, the Internal Revenue Service (hereinafter the “Service”) streamlined the methodology for small business owners to comply with the Final Treasury Regulations (hereinafter the “...   Read More
My Question Lies Around The Fact That Do I Need To Pay Taxes On The Money Given As Gift If The Amount If Over The Exclusion Limit?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You will need to file a gift tax return, Form 709. However, you will not owe any tax. The amount in excess of the annual exclusion amount ($14,000) will reduce your lifetime exclusion (currently $5,430,000). The...   Read More
0 1 Gift Tax
Saudi National Holding U.S. Citizenship Hired By Saudi Government To Serve As A Diplomat In Canada. How Do I File?
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

As a US Citizen, your spouse will have to file a US tax return showing all worldwide income. He may be eligible for a foreign income exclusion if he was out of the US for more than 330 days.   Read More
Does New Jersey Impose A Late Filing Penalty Even When A Refund Is Due?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since the penalty is a percentage of the tax due, there is not normally a penalty for late filing. However, under certain circumstances they can impose a $100 per month penalty. The $100 per month penalty will be...   Read More
I Have A 15 Yr Old Son Who Lives With Me. We Live With My Brother In His House And Pay $500. A Month Rent. Can I Claim Head Of Household.
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

When two (or more) taxpayers share the same address, the question sometimes arises whether the address itself constitutes one household, or whether each family living at that address constitutes its own separate...   Read More
Can Someone Please Provide An Overview Of The Senate's Tax Reform Discussion From This Past Week?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

On Thursday, January 29th the Democrats on the Senate Finance Committee (hereinafter “the Committee”) issued a letter to the Republican Chairman, Orrin Hatch, R-Utah, outlining their main principles for tax...   Read More
The IRS Requires Mandatory 20% Federal Income Tax Withholding On Distributions From 401k And 403b Accounts... (See Question Below)
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

A 401(k) as well as 403(b) and 457 are "qualified" employer sponsored retirement plans, sometimes employers offer matching contributions up to a percentage of your salary. The money is pretax, a direct salary...   Read More
Is Residential Rental Property Owned By An LLC Eligible For The Solar Energy Credit?
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

An LLC (Limited Liability Company) is a pass-through entity for the members of the organization. Each member is issued a K-1 in the proportion designated by the Articles of Organization (or Articles of Formation...   Read More
During A Divorce If The Ex Is Awarded The House And Yet The Mortgage Is Not In There Name, Not On It, Who Can Claim The Mortgage Interest?
User Photo Amanda Bodkin, EA
Tax Professional Level: Tax Enthusiast

The person entitled to claim the mortgage interest, per the IRS, is the person who is named on the mortgage and receives the 1098. I had a case that was exactly the same, however it was the son paying the...   Read More

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President and Founder

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