College Tax Credit
College Tax Credits What does the U.S. tax code say about college tax credits? 26 U.S. Code ??25A.American Opportunity and Lifetime Learning credits The code says, there are two credits that shall be allowed against…
Category: Tax
Biden Tax Plan Proposal
Biden Tax Plan Proposal Biden proposes a 10% offshore surtax penalty and a 10% onshore "Made in America" tax credit.? The 10% penalty applies to US multinational companies that manufacture their products offshore. Income outside…
Foreign Accounts Tax Compliance Act
Who is responsible for reporting foreign accounts? Entities that don't comply with FATCA are subject to 30% withholding. FATCA is about disclosing accounts, not about collecting taxes. What are the key participants? Who is required…
What’s New at Qualified Business Income Deduction?
Section 199A -Qualified Business Income Deduction What business are eligible: available to individuals with Qualified Business Income C-Corporations and pass-through entities are not eligible. Qualified Business Income may be generated by Sole proprietors S-Corporation partnerships…
What US Tax Obligation I have If I Bought US Real Estate From a Foreigner?
FIRPTA Withholding Requirements: What is FIRPTA? If you bought US real Estate from a foreign person, you may be subject to U.S. income tax on foreign persons selling U.S. real estate or FIRPTA. The tax…
Can’t Pay Your Taxes?
What To Do If You Can't Pay Your Taxes? Let's say you got a letter from the IRS and you are shocked, of course. Well, first of all, breathe and open it. Second, read it…
Returns relating to cash in excess of $10,000 received in a trade or business.
?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…
Recapture of Excess Employment Tax Credits Under the Families First Act and the CARES Act
Recapture of Excess Employment Tax Credits Under the Families First Act and the CARES Act If you are taking advantage of Employment tax Credit under the Families First Act and the CARES Act, please read…
Sales Tax or Retail Sales Tax
Sales Tax or Retail Sales Tax Have you paid your Retail Sales Tax this month? States are adding more audits monthly to find sales tax evasion businesses. You may have to pay sales tax in…
Estimated Federal Taxes
Estimated Federal Taxes Below you can find an example of what happens if a business owner doesn?t make ESTIMATED TAX PAYMENTS throughout the year:
