Elite Tax Secrets
Can A Judgement / Restitution Be Collected From Other Sources (Insurance, Settlement, Bank Account, Current Employer, Etc)
What most people don't realize is that if one receives “substantial resources” from any source (i.e. inheritance, settlements, life insurance, proceeds as a beneficiary, etc.) that those funds must be applied to any oustanding restitution or fine. ...
Can One Receive Unemployment Benefits Without a Social Security Number
If a worker is not a U.S. citizen and is applying for Unemployment Insurance (UI) benefits, the Department of Unemployment Assistance (DUA) must verify that they are legally authorized to work in the United States. To determine how much in ...
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 ...
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 ...
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 ...
Can The Bulletproof Trust Be Used as A Free Church
While the trust can be used as a charity trust, one cannot use the indenture to create a faith based organization (FBO). Elite Tax Secrets has the paperwork specifically for 508c1a churches and a FBO.
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.
How Long Does an EIN Stay Active
Employer Identification Numbers (EIN) remain active until the corporation is closed officially with the state it was incorporated 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 Should A Company Collect EIN or SSN Information
If a company pays independent contractors, it may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed.
Error Code 101 When Applying for EIN at irs.gov
The IRS reference number 101 fault triggers when there is a naming conflict with one's business. For some reason, the agency cannot distinguish a company’s identity. There are a few common reasons for that: A company from another state has the same ...
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 Obtain EIN Without Social Security Number (SSN)
An SSN is not required to get an EIN. Fill out IRS Form SS-4 and leave section 7b blank. A Social Security Number is not required to obtain an EIN when sending Form SS-4 to the IRS by mail or fax. It is only required to apply for an EIN online or ...
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 ...
Who is a Third Party Designee
This is the party designated on a tax form who is able to discuss that specific tax return and year with the IRS. It also authorizes the IRS to disclose said tax information to a person one brings into a phone conversation or meeting about a specific ...
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.
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% ...
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.
How To Get EIN Outside USA
There are 2 methods to obtain an EIN when not a USA Citizen or outside the USA (e.g. long-term overseas business). An Authorized Agent will need to be hired for METHOD 1: To obtain an EIN as an international applicant, call the IRS at +1 (267) ...
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 here: ...
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 ...
Removal of SSN From Employee Records
One who is looking to remove their Social Security Number can find directions inside Social Security Secrets. One can remove their SSN via the billing department by following the directions in that section. Simply ask and be nice - smile the whole ...
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 ...
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, ...
501(c)(3) vs 508(c)(1)(A)
Can Anyone Become A 508(c)(1)(A) or FBO For Tax Purposes
Not just anyone can become an Faith Based Organization (FBO)! If the organization is not actually founded on religion and the practice of that religion, one could end up in jail for tax-evasion. The IRS recognizes that there is a separation between ...
Does A 508(c)(1)(A) Receive Tax-Deductible Donations
According to the IRS, yes it does! But a donor can only give a maximum of 50% of their income as tax-deductible donations. Additionally, Here is a quote from page 2 from the IRS Tax Guide for Churches and Religious Organizations: "Churches and ...
Doesn't An FBO (Faith Based Organization) Need A Minister To Qualify As A Church
Yes, but a synonym for minister is someone who is an administrator of a trust. The administrator and minister mean the same thing. Therefore, by being an admin for the trust - one also qualifies as the minister of that trust.
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