Ask a CPA

A CP-2000 notice informs you of the proposed changes in income, credits, payments, or deductions and the amount due to the IRS, or a refund due to you. You should forward a copy of this letter to your local CPA for a follow-up response. Frequently these notices are sent out erroneously.

The Education Jobs and Medicaid Assistance Act of 2010 signed into law August 10, 2010 repealed the Advance EITC. After December 31, 2010, workers can not receive Advance EITC in their paychecks. Advance EITC is also known as AEITC or AEIC. Workers who received Advance EITC or AEITC on their paychecks need to file a tax return to report the amount received.

The Education Jobs and Medicaid Assistance Act of 2010 signed into law August 10, 2010 repealed the Advance EITC. After December 31, 2010, workers can not receive Advance EITC in their paychecks. Advance EITC is also known as AEITC or AEIC. Workers who received Advance EITC or AEITC on their paychecks need to file a tax return to report the amount received.

Restaurants employing at least 10 people must make a special report to the IRS of income and allocated tips. In 2010 the IRS assumed tip income of 8%. The allocated amount is shown on an individuals’ W-2 as tip income.

Restaurants employing at least 10 people must make a special report to the IRS of income and allocated tips. Generally, the IRS assumes tip income of 8%. The allocated amount is shown on individuals W-2 as tip income.

You need to fill out Form SS-5-FS, which can be obtained either from your local CPA or from the Social Security Administration. The SSA website is http://www.socialsecurity.gov, . In addition to using the SSA website, you can call SSA toll-free at 1-800-772-1213.

You need to fill out Form SS-5-FS, which can be obtained either from your local CPA or from the Social Security Administration.
The SSA website is http://www.ssa.gov/ssnumber/ In addition to using the SSA website, you can call SSA toll-free at 1-800-772-1213.

The IRS has a tax assistance staff in 7 U.S. Embassies throughout the world. Speak to your local CPA about locating the U.S. Embassy nearest to you.

There is no limit, and it is not illegal to take out or bring in any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coins in current circulation, traveler's checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000, you must file IRS Form 4790, the "Report of International Transportation of Currency or Monetary Instruments" with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.

On traditional IRAs, the gains realized over the years in the form of capital gains, dividends, interest are deferred and not taxable until you take IRA distributions. When you do take the IRA distribution, the amount is considered ordinary income and taxed as such and not taxed as capital gains.