Resident aliens in the United States are taxed on their world wide income. Nonresident aliens are taxed on their U.S source income. Code Section 7701(b)(1)(A) An alien will be considered...
Posted by The Accounting and Tax on 01/05/2015
The Affordable Care Act (ACA) has the potential to help millions of Americans secure health insurance. Many individuals are still confused about what the law does, how it will affect...
Posted by Pascuzzi Accounting & Tax on 01/03/2015
The following items are not included in income of taxpayer for a taxation year: Amounts declared to be exempt by legislation of the Parliament of Canada (s. 81(1)(a)) Amounts received...
Posted by The Accounting and Tax on 01/03/2015
As tax professionals, we need to be prepared to answer our client’s questions and help protect them against swindlers who are trying to steal their money and, in some...
Posted by PERFORMING FINANCIAL SERVICES, INC. on 01/02/2015
U.S Tax law requires substantial amount of financial information. If you or your family members control directly or indirectly any non-US corporation and you have holdings in it, you...
Posted by The Accounting and Tax on 12/30/2014
Many tax payers think that only the self employed can deduct business expenses. Such is not the case. Employees can deduct some of their unreimbursed business expenses...
Posted by AllRight Consulting & Tax, LLC on 12/30/2014
Quite often I get asked what type of tax breaks are our men and women in the military receiving. This is a complicated question because military personnel receive different types...
Posted by AllRight Consulting & Tax, LLC on 12/30/2014
Code Section 7701 (a)(30) U.S citizens are U.S Persons and Citizens of foreign countries are U.S Persons who meet either of the following two tests: Green Card test Substantial...
Posted by The Accounting and Tax on 12/28/2014
The following items are included in income of taxpayer for a taxation year: Alimony or maintenance payments (s. 56(1)(b) and s. 56(1)(e)) Allowances for personal, living, or any...
Posted by The Accounting and Tax on 12/27/2014
