User talk:Lizzit
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Welcome!
Hello and welcome to TaxAlmanac! I like the detail on your user page - great job!
Please let me know if I can help in any way with you getting used to TaxAlmanac - that's what I am here for.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 09:33, 11 September 2006 (CDT)
Hi Lizzit,
Thank a bunch for you help.
Carmen333
efile
excellent points.
thanks
i paid a variety of credit cards but I still cannot get copies of the original invoices?
can't I sue esmokes for consumer fraud with the state being a plantiff also
I was mislead
they should be responsible
Check list
any chance I could get a copy of your checklist? I am relativley new at preparing taxes in my own business and a list should would be helpful.
My email is beengel212@yahoo.com if you would be willing to share it and email it.
Thanks! Beth
Beengel 09:07, 4 March 2007 (CST)
Check list
Aloha Lizzit, my e-mail address is actionbsns@aol.com. I would love to receive your checklist.
Paula
question on your comment 12/2/06
Hi Lizzit I was searching to solve my case (posted on 4/11/07 re 5471 non-filing)and saw your comment on International Tax (12/2/06)
"File the prior years' 5471s. If there is no SubPart F income, file just two past years' worth and this year's. If there is SubPart F income, file the past five years' and this year's. The accompanying 1040X will just be blank (unless there's SubPart F income). Getting out of penalties should be easy-peasy; you may want to review your reasonable cause waiver request for nonfiling of the 5471 with a lawyer or tax professional who's written a bunch of these (successfully) before. "
--- I have a client who hasn't file 5471 for 4-5 years and I am thinking of filing all prior years' 5471. As your comment suggests, do you recommend to file with 1040X instead of just sending 5471 with a reasonable cause cover letter? If so, shoudl I include reasonable cause statement on the back of 5471? Do I need to have taxpayer sign the cover letter (or the statement) under the penalty of perjury? --- I am a self-employed and this is my first penalty case for 5471. I woudl like to know how other professionals handle this. I would appreciate your comment on this Thank you! YH YH 19:40, 11 April 2007 (CDT)
Thank you!
Lizzt - thank you so so much for your time. Your explanation was very helpful. I will keep in touch with you -- Thanks again.
bank charges
i saw your post for the TP that had no bank statements nor cancelled checks, it is truely a sham that some of the biggest banks in the US (bank of america and chase) do not provide the cancelled checks back with the statements nor provide a copy of the cheks, I have told every client that if they choose to use a big bank, then they need to download every cancelled check or pay extra for that fee. Unfortunately here in the states the banks can and will do whatever they want and charge accordingly, thank you for all your comments ! TexCPA 14:23, 25 April 2007 (CDT)
hi
i saw your post to trish's thread..where do you get "error and omissions" insurance?
thx, sue
Reply to Sue
Sue,
You didn't leave a way to contact you.
It's rather obvious, really, and you've probably already resolved the question by now. Just search on Google for "errors and omissions insurance". Also, your EA or CPA or other organizations that you are a member of may have special discount or sweetheart deals.
Yours,
Lizzit
Resident or Dual-Status?
Hello there,
It seems like you may know a bit about resident/non-resident issues so I thought I'd ask you...
My clients left the US on June 1, 2007 to return to India. They passed the substantial presence test but my question is Do they get to choose whether or not to file as a resident or dual-status and must I file Form 1040-C (Departue or Sailing Permit) with their tax return? What about Form 8854 (Initial and Annual Expatriation Info. Statement)?
Thank you in advance for any help you can give me, Aisha
Expat Allowance
Thanks for the help! My client misunderstood and it was already included in Box 1 etc, just as you surmised.
TheTinCook 16:08, 19 April 2008 (CDT)
Hi, wondering if you could clarify something for me....you answered a question I posted last year about a nonresident alien 1040NR. so i thought I'd access you again, since I read your profile and this seems to be your area of expertise...the NRA (Japan) has a brokerage account in US. Has divs from US companies, some foreign companies (with foreign tax withheld), interest on bonds from US companies and US treas interest. Japan treaty is 10%. Am I correct in assuming the following?
US divs taxed at treaty rate (10%), capital gain distributions not taxed, other foreign divs no tax (no credit given for foreign taxes withheld), all corporate bond interest taxed at 10%? what about US treas interest? the treaty is worded in such legaleze that it makes no sense to me. does portfolio interest which is not taxed at all only include bank interest?
thank you in advance for your help, greatly appreciated.....I hope this is a simple as I've stated above......
Prior messsage left - 1040NR
Oops, I messed up how I left the last question, seems I added it so someone else's last post and forgot to sign it. so here it is again. my apologies.....
Hi, wondering if you could clarify something for me....you answered a question I posted last year about a nonresident alien 1040NR. so i thought I'd access you again, since I read your profile and this seems to be your area of expertise...the NRA (Japan) has a brokerage account in US. Has divs from US companies, some foreign companies (with foreign tax withheld), interest on bonds from US companies and US treas interest. Japan treaty is 10%. Am I correct in assuming the following?
US divs taxed at treaty rate (10%), capital gain distributions not taxed, other foreign divs no tax (no credit given for foreign taxes withheld), all corporate bond interest taxed at 10%? what about US treas interest? the treaty is worded in such legaleze that it makes no sense to me. does portfolio interest which is not taxed at all only include bank interest?
thank you in advance for your help, greatly appreciated.....I hope this is a simple as I've stated above......
Lisasig 10:09, 20 May 2008 (CDT)
Whoops, wrong message.
I don't think this reply was meant for me. Thanks for the fast reply though.
TheTinCook 06:07, 22 May 2008 (CDT)
"Hiya!
I'm not logging in so frequently any more, so I expect this is getting to you too late to be of any use.
>>>the NRA (Japan) has a brokerage account in US. Has divs from US companies, some foreign companies (with foreign tax withheld), interest on bonds from US companies and US treas interest. Japan treaty is 10%. Am I correct in assuming the following?
>>>US divs taxed at treaty rate (10%), capital gain distributions not taxed, other foreign divs no tax (no credit given for foreign taxes withheld),
Yes.
>>>all corporate bond interest taxed at 10%? what about US treas interest?
Zero rate on these interest items.
>>>the treaty is worded in such legaleze that it makes no sense to me. does portfolio interest which is not taxed at all only include bank interest?
Zero rate on all interest except interest directly associated with running a business. So, if you Japanese guy had a K1 from a US-based business, the interest income on that K1 would be taxable. But if it's just a portfolio of corporate bonds, junque bonds, and US Tbills, no tax on the interest. It's why so many foreigners buy Tbills.
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checklist
Hi Lizzit, Would you be so kind as to forward me a copy of your return review checklist/ Thank you so much. Forward to astolberg@ftwlaw.com An
Stir them up
Lizzit: you know I'm a proud Democrat, but I thought suggesting that we will re-paint the White House would stir them up around here. lol.CrowJD 12:25, 5 November 2008 (CST)
