Questions tagged [federal-tax-law]
38 questions
21
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How can Rupert Murdoch be having a problem changing the beneficiaries of his trust?
I do not understand how Rupert Murdoch could be having problems (and a court fight) trying to change the beneficiaries of his (living) trust. Isn't it standard to include provisions in trust documents that allow the trustee or grantor to change the…
Cicero
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Is it tax fraud for an individual to declare non-taxable revenue as taxable income? (US tax laws)
Hypothetically, A wants to pay B a considerable amount of money.
In order to reduce the paper trail, A pays me the money and I transfer it to B.
To further obscure the paper trail, I declare the payment from A as income for work (non-existent) done…
DJohnM
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7
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3 answers
What's the point of an inheritance tax on movable property? Can't valuable property be shipped to a country without the tax, and be inherited there?
This probably wouldn't happen for property that's low value and bulky, like furniture. But for property like yachts, planes, artwork, jewellery, etc., it seems easy to move it to a country without inheritance taxes since the relocation costs would…
M. Y. Zuo
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7
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1 answer
Tax Implication of COVID-19 Induced Remote Employment
A U.S. company has instructed it's employees to work from home for a period extending 4 weeks following city and state guidelines as a necessary precaution in response to COVID-19. Subsequently company workers have set up makeshift offices at home…
Anthony
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6
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1 answer
If you pay taxes using a cryptocurrency, is that a potentially taxable event?
With California and Colorado accepting cryptocurrency in lieu of fiat currency for paying taxes, there is a concern that paying taxes in this fashion is a potentially taxable event under federal law. But presumably, paying taxes is involuntary…
moonman239
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Does the federal government have authority to impose tax laws at the state level?
I was reading IRS Stops Attempt To Bypass Trump Tax Law, MD Lawsuit Continues. The article states:
... The IRS said Tuesday that states cannot bypass a $10,000 cap on
state and local tax (SALT) deductions imposed by the Republican tax
law of…
jww
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4
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Isn't paying overdue taxes an indirect admission of guilt?
People are strongly advised to pay taxes due, regardless of how old they may be.
But wouldn't it seem obvious that paying taxes due years back would be somewhat of an admission of guilt? You are technically required to pay taxes when due -- so…
Senator Jerry
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3
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Tax Responsibility - American Remote Work in Toronto
I'm an American software developer working for an American financial services company that only services American citizens and permanent residents. I am a remote worker who lives and works in Michigan.
My partner lives and works in Toronto, Ontario.…
S.B.
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2
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1 answer
Account worth $1 shared with 11.7 million people
If I found a bank that let me have 11.8 million other (non spouse) people on it and put $1 in that account would I be liable for paying gift tax?
This is a "reductio ad absurdum" of the fact that joint accounts are considered "gifts" for the…
Sam
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2
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Tax requirements for LLC taxed as partnership all foreign members and non us sourced income
I was wondering which will be the forms required to be filled by a Wyoming LLC taxed as partnership, which it's revenue is not US sourced, so no withholding will apply and also all of it's members are foreign members.
I'll understand Form 1065 is…
jfcabreras
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2
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2 answers
How many people must be on the board of directors of a U.S. nonprofit organization?
Non-legally-savvy individual in Pennsylvania (PA) in the U.S. here. I've been learning a little about nonprofit corporations recently, and have had trouble finding a definitive answer to the question:
How many people must be on the board of…
It'sRecreational
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2
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2 answers
Taxes question and fake address
Suppose that a non US woman W is married to a US Citizen husband H. W has a green card. W and H live together in Pennsylvania.
Suppose that W's parents in law (L) moved to a nearby state. Suppose that their office is still in Pennsylvania, and…
Liberty
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2
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Capital Gains: If I loan Bitcoin to my LLC, can the LLC sell it to pay for expenses, and later repay the loan in USD tax free? (USA Law)
I understand that taking a credit line against Bitcoin collateral is not capital gains event because there is no sale.
However,
If a party, such as a company, is lent Bitcoin (BTC), sell it to pay expenses, and then pays back the loan in USD would…
LegalInquirer2000
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2
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Are tax crimes' punishments in general proportional to the amount of money?
Let's say that I sell 0.001 BTC right now on Bisq (decentralized P2P exchange) and the buyer sends me $500 USD to my bank account. I then use that $500 to buy a pair of headphones for myself. Or I just buy the headphones straight away with Bitcoin,…
H D
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2
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In Breaking Bad, how strong would Hank Schrader's case be if he had lived and Walter White had gone to jail?
Yes, Hank has definitely put together that Walt had been manufacturing methamphetamine and committed several other crimes to protect himself, and he'd fight tooth and nail for a conviction. However, even at the time of the arrest, all the concrete…
brandonderps
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