Questions tagged [irs]
The irs tag has no usage guidance.
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Can 501(c)(4)s donate to political candidates' campaigns?
Can 501(c)(4) non-profits fund political candidates' campaigns?
Unlike a 501(c)(3), 501(c)(3)s can engage in political activity, endorse candidates, etc.
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Which payroll tax and labor laws are relaxed when hiring a family member instead of a regular employee caregiver in California?
There is plenty of information already for an elderly dad hiring a caregiver as a household employee in California such as this check list for California tax and labor laws. And this check list is ...
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Credit card debt past statute of limitations 1099C
I was issued a 1099c income for credit card debt that was relieved. The debt was made in 2018 in California, 3 year SOL.
That means the SOL expired in 2021 and it is now 2024, so it isn't legal debt. ...
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Car Debt and the IRS
A certain tax payer is on a payment plan to the IRS. The tax payer owes $10,000. The tax payer has missed several payments and now the IRS is going to take away the tax payer's car. The car is worth ...
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IRS Form 5472 - What is a related party?
I am looking at the definition of a related party at https://www.irs.gov/instructions/i5472#en_US_202301_publink1000283641
and the definition includes further references to some sections? What are ...
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What can be reported on Schedule 1 (1040) Line 24z?
Schedule 1 of the 1040 U.S. individual income tax return for tax year 2022 has a line in part II, 24z, which says only "Other adjustments. List type and amount". The instructions for that ...
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On the Taxability\Nontaxability of Website Donations in the United States
Say a person (U. S. resident) has a personal website (which has a Donate button) in which everything on that site is freely accessible whether or not a donation is made. Are the monetary donations ...
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Is it possible for a no-sales clinical or pre-clinical stage or prototype stage biotech. company to meet the IRS definition of "trade or business?"
Is it possible for a no-sales clinical/pre-clinical/prototype stage biotechnology company to have any activity carried on "for the production of income from....?"
IRS says:
"The term ...
user44744
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Is it okay to keep track of accounts receivable and accounts payable with cash basis accounting?
Is it okay to keep track of accounts receivable and accounts payable for my reference but still mark cash basis accounting on my tax return?
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Are non-cash payments to the IRS legal?
Since the IRS taxes barter transactions, is it legal to pay your taxes to the IRS in non-cash payments such as produce or cattle or other goods?
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Advanced Child Tax Credit Credit "Safe Harbor" or "Repayment protection"
The "American Rescue Plan" was passed as law and provided for advanced payment of Child Tax Credits. Normally, an overpayment would have to be returned to the IRS, but the law provides a &...
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253
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Are gift cards considered currency or an object?
In the eyes of the IRS, are gift cards viewed as an object or as currency? Like if I were to accept gift cards as payment for items I sell in an online store, am I accepting dollars or am I trading ...
- 133
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118
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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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319
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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 ...
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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.
...
- 2,189