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Help! I Have An Independent Contractor That Doesn't Want His 1099 - What Are The Penalties For Him And Me If I Don't Issue It?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Mail him the 1099 form, by certified mail. Mail the original to IRS. As far as you are concerned, you have fulfilled your responsibility. Whatever he does with it is his responsibility. You still deduct the...   Read More
Can I Please Get Clarification On The Revisions To Form 5471?
User Photo Pallav Acharya
Tax Professional Level: Tax Enthusiast

To elaborate on both the issues: 1. The IRS now requires a reference ID for the foreign corporation. A "reference ID number" is a number established by or on behalf of the U.S. person identified at the top of...   Read More
0 0 Form 5471
What Types Of Health Care Coverage Must Be Included In The Amount Reported On The W-2 Form?
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

Employers must report the cost of coverage under an employer-sponsored group health plan. The charts in the IRS release (my article posted) illustrates the types of coverage that employers must report on the...   Read More
When I Move To Australia I Understand That 12% Of My Wages Will Be Deducted And Placed Into A Government Superannuation Account That I...
User Photo Fred Rollo
Tax Professional Level: Tax Enthusiast

It isn't quite as dire as that. There is a compulsory superannuation regime in Australia. Employers are obliged to contribute to a superannuation scheme for each employee ( minimum 9.25% of base salary as from July...   Read More
Am I Taxed If I Take Money Out Of My Child's 529 Plan And Give It Directly To Him?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

I am assuming you are the 529 plan owner. Your son is the beneficiary. The contributions in the plan must be used for educational purposes. This does not include giving the money directly to your son. If the...   Read More
0 0 529 Plan
I Have An IRA That I Took Money Out Of Last Year For An Investment. Do I Need To Pay Taxes On It?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Yes generally money you withdraw from an IRA is taxable in the year you receive the distribution. You should receive a Form 1099R from your account custodian reporting the taxable about of the distributions you...   Read More
0 0 IRA
I Received A Social Security Benefit In One Lump Sum That Covered Several Prior Year Benefits. Do I Need To Report This To The IRS?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Yes, you report this for the year of receipt. However, there is a formula on the bottom of the social security worksheet that gives you a more favorable result.   Read More
My Partner And I Have A Child And Are Both Contributing To Our Sons Care. Can We Both File As Head Of Household?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Not if you only have one son. The individual who claims your son as a dependent on their tax return can file as HOH. The other parent would not be able to claim HOH as that parent would not be claiming the son as...   Read More
Can I File As Single Even Though My Divorce Is Not Final? I Have Not Lived With My Spouse For Two Years.
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You are still married, and can file as Married Joint or Married Filing Separate. If you have dependent children, you can file Head of Household. These are the only options. You cannot file as Single unless you...   Read More
How Do I Know If I Must File Quarterly Individual Tax Payments?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You should pay quarterly federal estimated taxes if your balance on the last tax return was over $1000. If you do not want to go that route then you must adjust (increase) your withholding tax on your W-2 income,...   Read More

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