Elite Tax Secrets
Which Court Cases Have Ruled on Which Specific Circumstances Require a Social Security Number (SSN) To Be Disclosed
Section 7(a)(1) of the Privacy Act states “It shall be unlawful for any Federal, State or local government agency to deny to any individual any right, benefit, or privilege provided by law because of such individual’s refusal to disclose his social ...
Can One Entity Obtain Two EINs
No. Each business entity can have only one EIN assigned to it. However, if a business changes from one entity type to another (e.g., converts from an LLC to a C Corporation), it must retire the existing EIN and obtain a new one.
Can I Remove SSI and FICA Taxes From My Business
SSI and FICA taxes are paid still by all the employees of the business. To remove them for yourself, pay yourself as a 1099. A 1099 is an independent contractor and can choose where to place their assets. If there is no income, there is nothing to ...
How Many EINs Can Someone Get At Once
Obtaining multiple EINs is a simple and free process; however, the IRS only allows a person to apply for one EIN daily, whether by phone, mail or online. There is no way to request more than one EIN at a time.
Will a 401(k) Be Subject To Social Security Taxes
Distributions from a 401(k), or other retirement savings plan such as an individual retirement account (IRA), won't owe Social Security taxes upon the distribution because these taxes were already paid during one's working years.
What Is The Difference Between Tax Deduction vs Tax Credit
Deductions can reduce the amount of income before calculating the tax owed. Credits can reduce the amount of tax owed or increase the refund amount. Certain credits may give a refund even if no tax is owed. Some common tax credits for individuals ...
Does USPS and Banks Report Transactions Over $10,000
Yes, both USPS and banks report transactions over $10,000 to the IRS. These organizations can file a Suspicious Activity Report (SAR) with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) for transactions that appear to involve ...
Since Past Tax Obligations Are Owed – What Can One Do Next
Working with a firm like Tax Relief Center https://www.taxreliefcenter.org/ can reduce the amount owed to the IRS via negotiation and a settlement agreement. Relief be for between 30% and 95% of what was originally owed.
Won’t Articles of Incorporation of a Nonprofit Corporation Create A Church
Articles of Incorporation of a Nonprofit Corporation are to create a Sole Corporation. These entities are registered, used as a branch of a religious organization to perform business and are exempted of taxes.
Are Life Insurance Payouts Taxable
Generally, life insurance proceeds received as a beneficiary aren't included in gross income; however, any interest received is taxable.
Employer Is Taking Out Withholdings Despite No SSN Being Given
This is highly illegal and the employer must compensate the withholdings immediately or face legal action if no Social Security Number (SSN) was given. A Form W-2 with a missing SSN should have no withholdings taken out because if deductions do occur ...
Is a Web Structure Needed for a FBO/Church
A trust can own land or assets in lieu of the church. A trust web is a double-veil of protection for assets. It is a good security to have in cases of trustee incompetence or catastrophic failure of the entity due to unforeseen reasons.
Can One Claim A Dependent Without a SSN
No. A person must have a social security number (SSN) to be claimed as a dependent on a tax return.
Does One Require a B-1 or B-2 VISA to Do Business in The USA
The question asked by customs agents at most borders is, "Here for business or pleasure?" to find out if one requires a VISA to enter the country. For example, online consultants who never visit the country physically do not require a VISA. And in ...
What If A Tax Return Has Not Been Issued A Refund Yet
If a deposit was not received within 26 days (digital filing) or 6 weeks (paper filing) one can request a refund trace. If the refund trace comes up empty then the IRS is still processing the return. The IRS requires a minimum of (6) months before a ...
Why Does PWA Think Cryptocurrency and NFTs are Dangerous
Because they are a fiat currency at best and a Ponzi scheme at worst. That is why we suggest physical assets like real estate, gold, silver, food, weapons, medicine over intangible goods. Understand that intangibles and fiat currencies can be traded ...
Tax Liability Hack of The Elite
Lawful money redemption cannot be applied retroactively and one cannot file amended returns showing such without a penalty being assessed. So, there may be back-taxes and liabilities still owed for the years prior to discovering this tax secret. All ...
Are Capital Gains Avoidable with Lawful Money
Capital gains are generally included in taxable income, but in most cases are taxed at a lower rate. While it is a commonly held that capital gains are a direct tax like income taxes, they are in fact indirect by nature of the taxation occurring due ...
Virtual Currency Question on IRS 1040 Form
The IRS reminds all taxpayers that they must answer the virtual currency question on Form 1040, 1040-SR, or 1040-NR, when contained on the form. If one sells or exchanges virtual currency or uses it to pay for goods or services or hold it as an ...
How to Write A "Negative Amount" on IRS Tax Forms
First, writing the number in dollars and cents OR rounding up/down to create a whole number is acceptable reporting per the IRS, but the form must maintain consistency throughout the return. There are two options, as recommended by the Internal ...
What Is An Accounting Year
The closing month of the accounting year is the last month of an entity's tax year. A calendar year is 12 consecutive months ending on December 31. An accounting or tax year is 12 consecutive months or 52 weeks and might not end on December 31.
Mailing Address vs Street Address
A mailing address is where the majority of business mail should go. A street address is often used as another name for a physical address, meaning the address where the business is located.
What Kind of Tax Return Does One File with LLC, Corporation or Trust
IF IT IS PERSONAL: A Form 1040 is used to report any personal income (consult a CPA to learn which form is right for the situation). One may not need to file for their person if they did any of the following: Redeemed in lawful money all year As an ...
The US Department of The Treasury is Garnishing Social Security for IRS Back-Taxes
Unfortunately, there is nothing to STOP this process that is already in motion. The next best-step is to hire an attorney or CPA who has worked with the IRS to create a reduced payment plan due to financial hardship. This could even remove up to 50% ...
Where Does Banking and Interest Come From
Since ancient Greece, banks have paid interest on accounts. The deposits are legally regarded as loans account holders made to the bank. See Senate Document 43, 73d Congress, 1st Session, Senate Resolution 62, p. 4.
How To Reach A Human When Calling The IRS
To get an actual human being on the phone at the IRS call +1 (800) 829-1040. Press 1 for English. Press 2. Press 1. Press 3. Press 2. Enter the SSN or EIN when prompted. Press 1 to confirm. Press 1 to confirm again.
508c1a vs Trust - Which Is Better
A 508(c)1(a) / FBO (faith based organization) is for religious organizations. A trust is universally applicable for almost any situation or entity. Both offer similar protections. To further clarify a church can be a trust and a church can be placed ...
How Does A "Free Church" Remove Property Taxes
A "Free Church" has the ability to remove property taxes; however, sales taxes occur upon sale of the property to another entity - depending on the local states laws, it may still be liable for sales taxes. To remove property taxes, each county will ...
How Does One Contact A Regional Director or Deputy Commissioner For The Local State
One should start with the Deputy Commissioner for Services and Enforcement: https://www.irs.gov/about-irs/todays-irs-organization To contact an IRS Regional Director for one's state, search ...
A CP71C Letter Came From The IRS - What Now
One who receives an IRS CP71C letter, it is because the IRS is owed money for tax, penalty and interest, and one is likely in Currently Non-Collectable status. Currently, Non-Collectable status means one is in financial hardship and unable to pay the ...
What Is The IRS Statute of Limitations on Collections for Prior Tax Years
As a general rule, there is a ten year statute of limitations on IRS collections. This means that the IRS can attempt to collect one's unpaid taxes for up to ten years from the date they were assessed. Subject to some important exceptions, once the ...
Working Virtually - Cannot Give SSN Removal Request In-Person - What Now
The documents can be delivered virtually if needed. Give the appropriate department or decision maker time to read over everything and make a decision. If denied, there should be another person present to be the witness upon RE-ASKING for removal of ...
Proof of Non-Profit Organization Needed
We've often had people come across a message similar to this: “Please send us a copy of a document confirming your status as a non-profit organization. Examples include 501c3 determination letter or proof of registration with your local attorney ...
What If The IRS Audits The Trust
The IRS typically audits what it has a paper trail for. So if required to file a tax return for the trust, they are able to initiate an audit process. Typically, it works like this: If one has submitted a return, there is very little that can be ...
What Does The "In God We Trust" Mean on Currency
Corporations cannot reorganize, using the word "trust" without complying fully with law--mandamus to compel secretary of state to file articles, State ex rel, Osborne, Tremper & Co. v Nichols 38 W. 309. Simply put, one cannot use the word "trust" ...
Are There Different 508s
Yes. A 508 may be a 1) church or, an 2) association of churches or, 3) an integrated auxiliary of a church. In fact, many times there is a group of like-minded FBO’s that want to share an affiliation but not give up their independence or local ...
Can A 508 Ordain & License It's Own Leaders
Yes. A 508 Faith Based Organization may ordain and license it’s own leaders.
How Long Does It Take To Setup an FBO (Faith Based Organization)
About 14 days. Most of the time is spent on study so that one is aware of the laws that govern the FBO. If one chooses to have a Registered Agent, the 508 articles will need their signature, but it does not have to be original. Further, Washington ...
Free Webinars on 508(c)(1)(A)
We have a great friend in Helping Hand Outreach. They are focused on helping churches get started in their 508s and these webinars are a great introductory tool to help anyone get started: https://www.helpinghandoutreach.org/videos/#Webinars
What Is A 508(c)(1)(A)
Also known as a Faith Based Organization (FBO) is a corporation whose primary purpose or activities are religious or religiously motivated. Even better, anyone can set one up! Judge Brattin, Eastern District of California, in Universal Life Church, ...
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