After computation of creditable foreign income taxes, next step is to compute foreign tax credit limitation. Example: USAco has U.S source income = 200 Foreign source taxable...
Posted by The Accounting and Tax on 12/18/2015
The United States restricts the credit to foreign income taxes that duplicate the U.S income tax against which the credit is taken. Under code section 901, a foreign levy must...
Posted by The Accounting and Tax on 12/18/2015
When it comes to tax season, self-employed individuals often envy their employed relatives and friends, wishing they could mechanically input data in a W-2 form and be done with their...
Posted by ERNIE BUSTAMANTE on 11/18/2015
What is money laundering? Money laundering is a criminal act perpetrated by individuals in which they disguise the real ownership and control of the proceeds of illegal conduct by...
Posted by BHATIA & CO, INC, CPAs on 10/30/2015
Everything you need to know about audit procedures Audits are done to protect the capital markets. They assure and provide confidence to investors and potential investors in an organization’s...
Posted by BHATIA & CO, INC, CPAs on 10/30/2015
Many taxpayers overpay their taxes every year just because they neglect one of the following money-savers. To remind all those people and update their tax deduction knowledge, we have...
Posted by Cheryl Panattoni Forensic Accounting and Tax Inc on 10/30/2015
Bases for asserting jurisdictions Who to tax? What income to tax? Personal relationship between a taxpayer and the country This concept also applies to corporations and other type...
Posted by The Accounting and Tax on 10/13/2015
Gross income comes from following categories of income: Interest, Dividends, Personal Services, Rentals, Royalties, Gains from disposition of property. Leasing generates rental income....
Posted by The Accounting and Tax on 03/05/2015
Source of income can have significant impact on calculation of foreign tax credit limitation. Formula for foreign tax credit limitation = Pre-credit U.S tax x foreign...
Posted by The Accounting and Tax on 02/18/2015
