Posted by Marie Poppins on October 10, 2022 in Finance
Financial services in Florida right now? We have seen that if you have a tax balance of over $25,000, the IRS will ask for information about your finances, your investments, your assets, and your bank account. Why? Because depending on what you have, the IRS may make you sell some of those assets in order to pay your tax bill and depending on your financial situation the IRS is going to give you a unique minimum monthly fee. So that’s what we have seen if you owe more than $25,000.
FIRPTA stands for the Foreign Investment in Real Property Tax Act of 1980. Contrary to popular belief, this act is not a tax at all, it’s a withholding. Just as the title implies, this withholding was designed to ensure that foreign owners of US property pay their share of taxes on the profits (or gain) when they sell. The IRS rules place the responsibility for withholding potential income tax due in the amount of 15% of the purchase price on the buyer of the real property from a foreign entity. The real property becomes the security for the IRS to ensure that they receive taxes that are due to them. If the payment is not made by the buyer, the IRS can seize the real property (or other assets of the buyer). The buyer should withhold 15% of the gross purchase price unless an exception applies and the withholding can be reduced. All funds must be submitted in a timely manner. The amount withheld must be submitted within 20 days following the day the closing took place. If a withholding certificate was applied for, any required funds must be submitted within 20 days of the withholding certificate notice. small business bookkeeping.
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