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FAQ

What if I pay the wrong account through the IRS Direct Pay page?
I am talking about the Australian situation. I can’t speak for the IRS.By “pay the wrong account” do you meanYou paid the amount of tax that you owed but into someone else’s account egby using the wrong account number orYou paid the amount of tax that you owed but into another of your ownaccounts eg a business account instead of a personal accountThe former is urgent though not so much as it used to be. Contact the ATO andtell them what you have done. Provide as many details as you can including thedate and exact amount of the payment along with the method of payment. If itwas an exotic amount eg 1439.36 we should be able to find it quite quicklyand transfer it to your account a payment of 1000 not so much.The hurry is that the amount will probably come up as a credit on the otherperson’s account and we might refund it though we tend to hold ontopayments rather than refunding them.If you paid it into your own account but the wrong one chances are it willcome up as a credit on your own account the system will pick it up and flagit for transfer to the correct account.
If I'm on a direct debit payment plan, will paying down tax bill from 2016, tounder $25k prevent an IRS lien?
Based on my own experience working in Compliance at the IRS first as a taxexaminer in the Collections Due Process area 112 years and then as amanager in Compliance 5 years a lien is inevitable if you owe more than5000. This is true even if youre on a payment plan and making regularpayments. What you can avoid is a levy on your bank account salary or otherincome. You can avoid a levy by making timely payments on your installmentagreement payment plan. In most cases youre required to set these paymentsup by electronic direct debit transfers. Even so if you own property a lienis inevitable. The lien will be released at such time that the debt is paid infull or falls below a certain threshold. If youre able to reach acompromise that includes no lien or release of lien sooner thencongratulations. Youre an exception to the rule.
If someone else pays your taxes, directly to the IRS, do you need to reportthat money as taxable income?
In the US gifts are not taxable income. However depending on how much theypaid they may have to file a gift tax return and potentially pay gift tax.In certain circumstances the receiver may have to file a form with the IRStoo if the gift is high enough and came from a foreign person. Gifts fromForeign Person
I would like to make my tenants pay for my HOA and property tax paymentsdirectly instead of paying rent. Does this mean that I will not earn rent andwill not have to show any rental income as taxes to the IRS?
No it doesn’t. The HOA payments and the property tax payments are stillincome that you received. This would be true even if you directed them todonate amounts to charity in order to live in your property. The donationswould still be income that you received and you would be taxed on their fairvalue which would be whatever the tenants paid as rent.The only way they wouldn’t be taxable rent was if they were gifts. But the IRSis going to have a hard time believing that you let your tenants live rentfree as a gift and they paid your HOA payments and property tax payments as agift. That seems a lot like a barter to me and I’m pretty sure the IRS willfeel the same way. Barter of course is taxable.
If churches had to pay taxes on their income that doesn't go directly towardssocial aid programs and parishoners couldn't deduct tithes on their IRSreturns, how much more money per year would line the coffers of the U.S.Treasury?
Ah. Someone who thinks a social worker counseling a depressed person is a“social aid program” but a minister doing exactly the same thing is not achildren’s reading program at a local library is a “social aid program” but achildren’s Bible study group is not an inpatient treatment program foralcohol addiction is a “social aid program” but a Union Gospel Mission programfor the same thing is not.By the definition of a “social aid program” of most religious people ALLincome of churches goes toward “social aid programs” so the Treasury wouldrealize no extra money from your plan unless you propose that only atheistsget to define the term.You could persuade me more easily that NO “nonprofits” should be exempt fromtaxes nor donors be given tax exemptions than that politicians should get topick and choose among them — and I’m an atheist.
If you borrow against self-directed 401k under your own S-Corp, and not ableto pay it back based on payback schedule you created yourself, how would theIRS know?
Audits. Penalties are painful. If you feel like playing the audit lotterythough thats entirely your own business.