Taxpayers need help understanding IRS forms
11 posts across 2 communities in the last 60 days; 91% from r/tax.
“Can you ask what forms are needed? [re: How do I tell the IRS I literally can't file yet?]”
“Why would you do anything but written correspondence?”
“Yes, the summary at the IRS makes it seem he is. The FinCen may differ as to if these fact rise to the level of a money transmitter. https://www.fincen.gov/resources/statutes-regulations/administrative-rulings/definition-money-transmitter-merchant-payment The nature of the…”
Several posts indicate confusion and a lack of clarity surrounding IRS requirements, specifically the W-7 form and stepped-up basis rules. Users express uncertainty about procedures and seek guidance on navigating tax regulations.
SOURCES (13)
“Can you ask what forms are needed? [re: How do I tell the IRS I literally can't file yet?]”
“Yes, the summary at the IRS makes it seem he is. The FinCen may differ as to if these fact rise to the level of a money transmitter. https://www.fincen.gov/resources/statutes-regulations/administrative-rulings/definition-money-transmitter-merchant-payment The nature of the transactions you describe is the transfer of funds through the ACH system from a customer to a merchant as payment for goods and services. [ ]’s role in the transactions is to provide merchants with a portal to a financial ins”
“In brief, the FBAR is required for US persons if you have accounts overseas with an aggregate balance at any point in the year over 10k. The reason is to prevent money laundering. Depending on the gift you may also need to file form 3520 if the aggregate is over 100k; you'd need to break it down by gifts over 5k. If you want further incentive for filing, you can look up non-willful vs willful failure to file penalties, they're pretty steep. How would they know if you don't file? FATC”
“That's exactly what the calculator does. https://www.irs.gov/individuals/tax-withholding-estimator”
“You need a tax preparer that specializes in impatriate/expatriate returns. There are tax treaties and specific laws that make these tax returns particularly complicated. No one can give you a concise answer here because they would need to see all of your paperwork, including what visa you have and your assets. I strongly advise that you do not try tackling this by yourself—the penalties are quite steep and they do not abate them.”
“If you are a Canadian or from Quebec with French income tax returns, did you translate the Full return or just the T1 (which can be 8 pages usually) ? submitted by /u/Final_Educator_6875 [link] [comments]”
“You'll need to fill out a W-7. Here's a link to the irs page about it. https://www.irs.gov/dmaf/form/fw7”
“None. An RIA allows someone to advise on investments. That’s about it. They don’t have some different power to come up with different tax strategies. They typically do have other software that allows for longer term planning that can save lifetime taxes though.”
“Your CPA should make it clear and educate you on the strategies they are implementing rather than just acting by themselves while you are lost and have no idea what's going on. As others have already mentioned, getting a second opinion isn't a bad idea but you won't know if the 2nd opinion is also valid or trustworthy either so I would suggest that you completely change to a different firm that doesn't keep you in the dark in the first place and lets you know what's going on”