Do dual citizens have to file FBAR?
Dual citizens, along with all other “United States persons”, must file a Report of Foreign Bank Accounts, also known as an FBAR, if the aggregate value of...
Category: General
Can a bank transfer payment be reversed?
The banks can’t automatically reverse the transfer because it would allow anyone who had bought something to haul back the payment after receiving their g...
How do I enter 1099k in TurboTax?
How do I enter a 1099-K in TurboTax Online? Open or continue your return. Search for Schedule C and select the Jump to link in the search results. Next: S...
When did the retirement age change from 65 to 67?
For many years, workers have become eligible for full Social Security retirement benefits at 65. However, in 1983, the eligibility age was set to increase...
Which TurboTax should I use for self employed?
If you are using the online version of TurboTax, then you will need TurboTax Self Employed if you have business expenses. TurboTax deluxe will only handle...
Why divorced couples get back together?
One of the main reasons why couples typically get back together after a divorce is because they actually worked on the issues that split them apart, to be...
What happens if I take a loan from my 401k?
However, you should consider a few things before taking a loan from your 401(k). If you don’t repay the loan, including interest, according to the loan’s ...
Where are cash liquidation distributions reported?
Liquidating distributions (cash or noncash) are a form of a return of capital. Any liquidating distribution you receive is not taxable to you until you re...
How to report cancellation of debt on Form 1099-C?
The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C. “Here’s a very simplified example. You borro...
Who decides audit followup?
3. The internal audit activity’s charter should define the responsibility for follow-up. The chief audit executive (CAE) determines the nature, timing, an...
