Form 1116, Claim the Foreign Tax Credit Per IRS link https://www.irs.gov/instructions/i1116 , no requirement to file Form 1116 if all prerequisites are met: -(1) Your foreign source gross income was all passive income, such as interest and dividends. -(2) All income was reported to you on Schedule K-1, Schedule K-3 (Form 1065), Schedule K-3 (Form…
On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appeals abused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court found no abuse of discretion and granted summary judgment in favor of the IRS. Why? The petitioner submitted form 12153 timely requesting Collection Due…
January 24, 2022 Owner of a network of health care and rehabilitation facilities willfully failed to withhold and pay over employment taxes on behalf of his employees. Charged with tax evasion, and failing to file benefit plan reports. January 24, 2022 a North Carolina man did not file any federal income tax returns, allegedly submitted…
charitable contribution and social security benefits taxable
Disallowing Deductions.
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the proposed collection action should proceed”. (per T.C. Memo. 2021-142 UNITED STATES TAX COURT Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent…
Investment Strategy. Options. Important. This post is NOT investment advice. Investments in Etrade options are NOT FDIC-insured and may lose value all the way to $0. Buying puts/shorting a stock has severe or unlimited risks. Day trading option has very big leverage and serious potential to profit (or to lose money). One of my favorite…
What Does Business Analysis Help You With?Business Analysis Help Business Owners To Find Errors. Finding errors in your accounting records are beneficial to your business. While finding the errors you may discover such unfortunate events as: theft, embezzlement, or business deficiencies. Also, as a business owner you know it pretty well, that audit happens and…
What Does Business Analysis Help You With?Business Analysis Help Business Owners To Find Errors. Finding errors in your accounting records are beneficial to your business. While finding the errors you may discover such unfortunate events as: theft, embezzlement, or business deficiencies. Also, as a business owner you know it pretty well, that audit happens and…
?Returns relating to cash in excess of $10,000 received in a trade or business. What forms to use when reporting receiving cash in trade or business in excess of $10,000? If you look at 26 CFR ? 1.6050I-1 – Returns relating to cash in excess of $10,000 received in a trade or business, you will…
