Tax Questions And Answers

The Internal Revenue Service has a general questions and answers section you can read in detail here. Each year the IRS updates the answers to reflect the latest changes in tax regulations. These questions and answers came from taxpayers like you.

Frequently Asked Questions
1. IRS Procedures

1.1. General Procedural Questions
1.2. Address Changes
1.3. Amended Returns & Form 1040X
1.4. Code, Revenue Procedures, Regulations, Letter Rulings
1.5. Collection Procedural Questions
1.6. Copies & Transcripts
1.7. Extensions
1.8. Forms & Publications
1.9. Injured Spouse
1.10. Name Changes & Social Security Number Matching Issues
1.11. Notices & Letters
1.12. Refund Inquiries
1.13. Reporting Fraud
1.14. Signing the Return
1.15. W–2 – Additional, Incorrect, Lost, Non-receipt, Omitted
1.16. W–4 – Allowances, Excess FICA, Students, Withholding

2. Filing Requirements/Status/Dependents/Exemptions

2.1. Filing Requirements
2.2. Filing Status
2.3. Dependents & Exemptions

3. Itemized Deductions/Standard Deductions

3.1. Autos, Computers, Electronic Devices (Listed Property)

3.2. Education & Work-Related Expenses
3.3. Gifts & Charitable Contributions
3.4. Interest, Investment, Money Transactions (Alimony, Bad Debts, Applicable Federal Interest Rate, Gambling, Legal Fees, Loans, etc.)

3.5. 5. Medical, Nursing Home, Special Care Expenses
3.6. 6. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)

3.7. 7. Other Deduction Questions

4. Interest/Dividends/Other Types of Income

4.1. 1099–DIV Dividend Income
4.2. 1099–INT Interest Income
4.3. 1099–MISC, Independent Contractors, and Self-employed
4.4. 1099 Information Returns (All Other)

4.5. Alimony, Child Support, Court Awards, Damages
4.6. Employee Reimbursements, Form W–2, Wage Inquiries
4.7. Gifts & Inheritances

4.8. Grants, Scholarships, Student Loans, Work Study
4.9. Life Insurance & Disability Insurance Proceeds
4.10. Ministers’ Compensation & Housing Allowance
4.11. Savings Bonds
4.12. Tips

5. Pensions/Annuities/Retirement Plans (i.e., 401(k), etc.)

5.1. General/Taxability Issues including Distributions, Early Withdrawals, 10% Additional Tax, Defaulted Loans
5.2. Rollovers
5.3. Types of Plans
5.4. Plan Operations
5.5. Plan Design
5.6. Correcting Plan Errors

6. Social Security Income

6.1. Back Payments
6.2. Regular & Disability Benefits
6.3. Survivors’ Benefits

7. Child Care Credit/Other Credits

7.1. Child and Dependent Care Credit & Flexible Benefit Plans
7.2. Child Tax Credit
7.3. Credit for the Elderly or the Disabled
7.4. Hope & Life Time Learning Educational Credits
7.5. Other Credits

8. Earned Income Tax Credit

8.1. Qualifying Child Rules
8.2. Taxable & Nontaxable Income
8.3. Other EITC Issues

9. Estimated Tax

9.1. Businesses
9.2. Farmers & Fishermen
9.3. Individuals
9.4. Large Gains, Lump-sum Distributions, etc.

9.5. Penalty Questions

10. Capital Gains, Losses/Sale of Home

10.1. Property (Basis, Sale of Home, etc.)

10.2. Stocks (Options, Splits, Traders)

10.3. Mutual Funds (Costs, Distributions, etc.)

10.4. Losses (Homes, Stocks, Other Property)

11. Sale or Trade of Business, Depreciation, Rentals

11.1. Depreciation & Recapture
11.2. Rental Expenses versus Passive Activity Losses (PALs)

11.3. Personal Use of Business Property (Condo, Timeshare, etc.)

11.4. Sales, Trades, Exchanges

12. Small Business/Self-Employed/Other Business

12.1. Entities: Sole Proprietor, Partnership, Limited Liability Company/Partnership (LLC/LLP), Corporation, Subchapter S Corporation
12.2. Form 1099–MISC & Independent Contractors
12.3. Form W–2, FICA, Medicare, Tips, Employee Benefits
12.4. Form W–4 & Wage Withholding
12.5. Form SS–4 & Employer Identification Number (EIN)

12.6. Forms 941, 940, Employment Taxes
12.7. Income & Expenses
12.8. Schedule C & Schedule SE
12.9. Starting or Ending a Business

13. Aliens and U.S. Citizens Living Abroad

13.1. Canadian & U.S. Tax Issues
13.2. Exchange Rate
13.3. Foreign Income & Foreign Income Exclusion
13.4. Nonresident Alien – General
13.5. Nonresident Alien – Tax Withholding
13.6. Nonresident Alien – Students
13.7. U.S. Citizens Overseas
13.8. Other

14. Electronic Filing (e-file)

14.1. Age/Name/SSN Rejects, Errors, Correction Procedures
14.2. Amended Returns
14.3. Due Dates & Extension Dates for e-file
14.4. Forms W–2 & Other Attachments

15. Magnetic Media Filers

16. Other (Alternative Minimum Tax, Estates, Trusts, Tax Shelters, State Tax Inquiries)

17. Individual Retirement Arrangements (IRAs)

17.1. Distributions, Early Withdrawals, 10% Additional Tax
17.2. Rollovers
17.3. Roth IRA
17.4. Traditional IRA

Are you in tax trouble with any of these federal compliance procedures? Talk to a professional: talk with tax attorney Mitchell A. Port at 310.559.5259.