misc.taxes.moderated Google Group

Does a permanent resident have to pay taxes on foreign family gifts?

b...@theplayspace.com.au (karotto) — Fri, 05 Sep 2008 06:17:24 UT

Hi there,
I am a permanent resident in the USA and I know I have to pay taxes on
any money I make even if I make the money outside of the US (like
accruing interest on a savings account). I have 3 questions:
1) What about financial gifts I receive from my family from time to
time. Do I have to pay tax on those?

When are immigrants tax liable?

b...@theplayspace.com.au (karotto) — Fri, 05 Sep 2008 06:16:46 UT

Hi there,
If a permanent resident leaves the US, goes to Australia and then
comes back with $150000 he made in Australia he must pay income tax on
that money I believe. But what about my situation?: I have lived in
the US for years as a permanent resident, then left the country for
good, made money in Australia and now, 2 years later, I am moving back

Levy on a 1099

g...@cybermesa.com (Grip) — Thu, 04 Sep 2008 20:47:52 UT

I am an owner of a small business, a C Corp, and we received a form
668-W(c): Notice of Levy on Wages, Salary, and Other Income from the
IRS. Apparently someone who does work for us, as an independent
contractor, has an assessment out against them and the IRS is looking
to collect.
that I am not obligated to withhold money from the checks I send to

How does accountant's liability insurance work?

j...@yahoo.org (jack) — Thu, 04 Sep 2008 18:25:24 UT

Is it like automobile insurance where you pay a deductable and the rest is
the insurance company's problem; or do you have a share of the legal fees
and judgement?

Self Employed Loss (SE Schedule C - NOL)?

aloy.par...@gmail.com — Thu, 04 Sep 2008 18:24:45 UT

I understand there are options for carrying forward and back the loss
(Pub 536), but would appreciate a quick "simple" summary, specifically
if any of the loss can be deducted from other income in the same year
(like a capital loss limted to 3K income deduction per year). Is this
allowed, or can the loss only be deducted against other schedule C

How much of my student loan i should pay off immediately?

jahan...@gmail.com (Jahan) — Thu, 04 Sep 2008 18:17:39 UT

I left school this summer. Here is my financial situation.
*Total debt of student loans (including interest) around 40K
Breakdown of these loans:
Graduate plus loans 20K @ 8.5% interest rate
Unsubsidized Stafford Loans 12694 @ 6.8%
Subsidized Stafford Loans 8,500 @6.8%
*Earnings from work this year 20K

CCH Headline News - September 4, 2008

taxserv...@aol.com (John H. Fisher) — Thu, 04 Sep 2008 14:04:58 UT

CCH Headline News - September 4, 2008
FEDERAL NEWS - [link]
Effective Date of Transportation Fringe Benefit Electronic Media Rules
Postponed (Notice 2008-74)
Transition Relief for Applying Benefit Limitations by Small Pension
Plans Expanded (Notice 2008-73)

Necessity to Use Form 4797 Part 2 for Asset Sales?

ni...@nunya.org (nish) — Thu, 04 Sep 2008 05:07:42 UT

I'm looking at some work that someone did in Lacerte and scratching my head
wondering if this level of detail is needed. Company sold four of its
assets, for a gain of $175. The fixed asset software that calculated this
value correctly dealt with the depreciation to arrive at that gain. The

Filing 8606 after IRA distributions have started

bm30003...@aol.com (bm30003700@aol.com) — Thu, 04 Sep 2008 04:43:43 UT

If a taxpayer has not filed 8606's for non deductible contributions
made in several prior years, and receives a distribution from the non
deductible IRA in tax year 2007, is it advisable to file the form
8606's now?
The 1040 for year 2007 has still not been filed, but I am thinking it
may be possible that the 8606's may not post with IRS even if we send

carrying capital losses forward?

j...@yahoo.org (jack) — Thu, 04 Sep 2008 04:40:32 UT

As I understand it...
If I have $100,000 in capital losses this year I can apply $3,000 against
other income and carry $97,000 forward.
If I have a gain of $20,000 next year, I apply $20,000 against the gain,
$3,000 against other income, and carry $74,000 to the next year.
Is that about right?
Does it matter whether the $100,000 loss or the $20,000 gain are long or

2008-2010 Capital Gains Taxex

uptownh...@comcast.net (DJ Redlocks) — Thu, 04 Sep 2008 01:37:50 UT

It is my understanding that for people whose income is in the
two lowest tax brackets capital gains taxes are reduced to zero
for 2008-2010. Can someone explain this to me?
Supposing a person with a low income sells an investment
property for a large profit. Would the large profit (around
$500,000) be exempt from capital gains taxes if their

Overfunding a non-deductible Traditional IRA

eric.h...@gmail.com (thehed) — Wed, 03 Sep 2008 17:23:04 UT

What happens if I overfund my non-deductable taditional IRA?
I have two separate accounts (one with Fidelity and one with a stand
alone mutual fund company). Looking back on paperwork I see I
selected the stand alone fund as an IRA. I funded this account with
$2500. A couple months later I set up the Fidelity account, with an

CCH Tax News Headlines - September 3, 2008

taxserv...@aol.com (John H. Fisher) — Wed, 03 Sep 2008 16:15:38 UT

CCH Tax News Headlines - September 3, 2008
FEDERAL NEWS - [link]
IRS Temporarily Delays Collection of Incentive Stock Option AMT
Liabilities
Provision Preventing Unenrolled Tax Return Preparer from Representing
Taxpayers Before IRS Upheld (Wright v. Everson, CA-11)

Small reseller

kingfish02...@yahoo.com (Pats Fan) — Wed, 03 Sep 2008 15:41:18 UT

I have a small Sub-S retailer for whom I did a (very) short-year
return in 06. For 07, we're properly extended, but 2 questions arise
after looking at the situation and doing some reading about it.
1. At the end of 06 it was our understanding that no inventory would
be involved. I set up as a cash-basis firm. I realized later that it

Where to Report 1099 Income on 1120S?

ni...@nunya.org (nish) — Wed, 03 Sep 2008 14:52:37 UT

Should consultant 1099 income be reported on line 8 of the corporate 1120S
tax form, grouping it with W-2 salaries and wages? Or should it be
reported on line 19, grouped with other deductions with an attached
statement of expense accounts?.
Assume that that amount of such 1099 payments is less than 1% of the