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I think we're missing the bigger picture here. The real issue isn't whether the UN or OECD should lead this effort - it's that multinational corporations have been exploiting gaps between different national tax systems for decades. Apple, Google, Amazon etc have gotten away with paying tiny fractions of what they should because countries can't coordinate effectively. Maybe instead of wealthy nations fighting to maintain control over a broken system, we should be asking which approach will actually result in fair taxation of these giant corporations? From what I've read, the UN plan gives developing countries more say, but does that translate to more effective taxation of multinationals? That should be the metric we use to evaluate these proposals.
As someone who runs a small manufacturing business with operations in three countries, I've been watching this UN vs OECD debate closely because it could seriously impact how I structure my operations going forward. What strikes me is that both frameworks seem to be missing input from small and medium businesses that actually operate internationally. Most of the discussion I see focuses on tech giants and massive multinationals, but there are thousands of smaller companies like mine that have legitimate cross-border operations without sophisticated tax planning structures. The UN plan's emphasis on economic substance sounds good in theory, but I'm concerned about the compliance burden. If every country gets more say in global tax rules, that could mean navigating even more complex reporting requirements across multiple jurisdictions. The OECD approach might be dominated by wealthy countries, but at least it's been developed with input from tax professionals who understand implementation challenges. I'd love to hear from other small business owners who operate internationally - are you more concerned about fairness in the global system or about the practical compliance costs of whatever new framework emerges?
EVERYONE still has to file federal taxes no matter what state you're in!!! the only question is whether you need to file STATE taxes which for nevada you don't. But feds? Yeah the IRS still wants their cut lol
Unless you make under the standard deduction amount ($13,850 for single filers in 2024). Then you're not required to file federal either (with some exceptions).
Just to clarify a few things that might help - you'll definitely need to file a federal return if your income meets the filing requirements (generally $13,850+ for single filers in 2024). Living in Nevada is great because you won't need to file a Nevada state return at all. However, if you had income from your previous state before moving to Nevada, you might need to file a part-year resident return there. Also, make sure your employer updated your address with payroll - sometimes they keep withholding for your old state even after you move, which can create complications. TurboTax should handle this correctly if you enter your move date and income information accurately. It will ask about your residency status and guide you through any multi-state filing requirements. The key is being precise about when you moved and where your income was earned throughout the year.
This is really helpful! I'm in a similar situation where I moved mid-year and my employer kept withholding taxes for my old state for a few months after I moved. Do you know if I can get those state taxes refunded when I file my part-year resident return? It seems like I overpaid since I wasn't actually living there anymore but they were still taking out state taxes from my paychecks.
good luck getting through tho. been trying for weeks π
I'm going through the exact same thing right now! My transcript also shows "No Return Filed" even though I definitely submitted my return weeks ago. The empty fields for AGI and taxable income are driving me crazy because I know I had income to report. From what I've been reading, this seems to be happening to a lot of people this year. The IRS is apparently way behind on processing returns. I've been checking my transcript obsessively and the "as of" date keeps updating but nothing else changes. Have you tried using the "Where's My Refund" tool on the IRS website? Mine still just says "processing" but at least it acknowledges they received my return, unlike the transcript. Hopefully we'll both see some movement soon! π€
Another thing to keep in mind - if the money came from certain countries, there might be extra scrutiny. My cousin got a gift from his grandfather in Iran and ended up triggering all kinds of additional reviews because of sanctions issues, even though it was a legitimate family gift. Just something to be aware of depending on which country your relative is in.
Definitely true. Countries with banking secrecy laws or that are on FATF's "grey list" trigger additional scrutiny. Also matters HOW the money was transferred. If it came through normal banking channels with proper documentation, much less likely to raise flags than if it came through unusual methods.
As someone who's dealt with multiple Form 3520 filings over the years, I'd strongly recommend keeping detailed records even though they're not required with the filing. Create a simple folder with: (1) bank statements showing the incoming transfer, (2) any emails or letters from your relative mentioning the gift, (3) documentation of your relationship (family tree, photos, etc.), and (4) a simple one-page summary you write explaining the circumstances. The $2,700 quote does seem excessive for a straightforward gift situation. Form 3520 for foreign gifts is actually one of the simpler international tax forms. However, given the severe penalties mentioned by others, it might be worth getting a one-time consultation with a tax professional just to review your completed form before filing - many charge $200-400 for a review rather than full preparation. One last tip: file electronically if possible. Paper forms can get lost or delayed in processing, and with the strict deadlines, you want confirmation your form was received on time.
Mateo Gonzalez
Called the IRS about this exact thing last week. They said its processing normally now but could still take 4-6 weeks for the refund to hit π©
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Chloe Davis
β’4-6 WEEKS??? bro i cant wait that long π
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Mateo Gonzalez
β’ikr? its ridiculous but thats what they told me
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Natalie Adams
I had the same 571 code show up last month and got my refund exactly 10 days later! It definitely means they released whatever hold was on your account. Just keep checking for that 846 code with the refund date. The waiting game sucks but you're in the final stretch now πͺ
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Noland Curtis
β’@Natalie Adams that s'so reassuring! Did you get any email notifications when the 846 code appeared, or did you just have to keep manually checking your transcript? I ve'been obsessively refreshing mine lol
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Ella Knight
β’@Natalie Adams this gives me hope! I ve'been stuck with a 570 freeze for over a month now so seeing that 571 reversed it so quickly for you is exactly what I needed to hear. Did you have to call them or did it just resolve automatically?
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