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Recent content by davew9128

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

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    Specified Foreign Financial Assets, form 8938

    yes it is.
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    Shared Responsibility Payment

    What you SHOULD be looking for is to see if your wife and son meet the out of the country test for an exemption to the shared responsibility payment. As Taxing Matters notes, non-US health insurance doesn't qualify. You may need to extend the return for them to meet that test.
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    Investment Interest

    Your deduction is limited to your net investment income. So if you follow the trail on the forms and thats the result you're getting, it is correct.
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    Filing 2011 IRS Tax Return for Deceased Relative

    I'm also going to give the rep the benefit of the doubt. I've had a phone rep tell me he was bound by the IRM (true) and I told him that what he was telling me was contrary to the IRC (also true). What was really happening is that the rep's understanding of the IRM was flawed and more often...
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    Remote worker in NY w/ accidental withholding in GA

    NY would object to that because you are not legally obligated to pay tax to GA.
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    Partnership No SS for partners

    Actually it's $210 now.
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    Partnership No SS for partners

    $600. Per month late. No maximum.
  8. D

    Partnership No SS for partners

    It's a $200/partner/month penalty for late filing.
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    How much do accountants charge to prepare federal and state taxes?

    Professional rules of conduct do not absolve a return preparer of liability by not signing when they significantly prepared the return. Stop trying to gimmick the system. Either hire someone and pay them or do not.
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    What should be my IRS tax return Filing Status?

    Well a person filing MFS could claim an exemption for their spouse if the spouse otherwise had no income and nobody else claimed them as a dependent. As you note though, exemptions no longer exist. I did this last year for someone with significant foreign assets and he did not want his wife to...
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    What should be my IRS tax return Filing Status?

    You can file MFS or make an election to file MFJ treating your spouse as if she were a US person for 2018, however this would subject her to US tax on her worldwide income for the entire year.
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    Trying to do the Right Thing

    The imposition of penalty is not dependent on the ability of the taxpayer to pay the tax and penalty. Interest is statutory and can only be waived based on extreme circumstances, such as incorrect written advice from IRS. There are other options but you should speak to a local tax professional...
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    Loan repayment - tax ramifications?

    You need to determine the imputed interest you gifted your brother on the $80k. You can't just make a large loan to a related person without charging a minimum amount of interest.
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    Claiming mortgage interest paid on Forest Land

    You cannot claim a mortgage interest deduction on unimproved land.
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    Reimbursement for Damages, Sent a 1099-MISC

    I agree about using terminology, but for a situation of not including amounts from a 1099, not sure you need to use technical language. Using that form is also just better protection from penalties.
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