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Energy credits for home and vehicle: (IRS source)?Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. For vehicles acquired after 12/31/2009, the 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…
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…
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…
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…
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…
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. 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 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 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…
