If foreign tax credits exceed the limitation in a given taxable year, these can be carried back one year and forward up to ten years. Excess credits on general limitation income...
Posted by The Accounting and Tax on 12/25/2015
Issue Number: IRS Security Awareness Tax Tip Number 5 Inside This Issue Talk to Your Family about Security Online and at Home For families with children...
Posted by Michael Poretsky on 12/23/2015
Capital gains and losses receive a special treatment under U.S tax law. Individual capital gains and losses are netted. Non corporate taxpayer’s net capital gains get a preferred...
Posted by The Accounting and Tax on 12/23/2015
General Income: It includes all income other than passive income. It includes most of the foreign source active business profits of domestic corporations and their foreign subsidiaries. Passive...
Posted by The Accounting and Tax on 12/21/2015
Tax season sends everyone into a frenzy and people who are often quite adept at their filing their taxes also are caught in the madness and end up making mistakes. This is often...
Posted by Asharp Bookkeeper on 12/21/2015
Taxes can be quite muddling and what complicates it even further is when people create certain myths and misconceptions about taxes. These make people wary of filing their returns...
Posted by Allan J Rolnick, CPA, CTC on 12/21/2015
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
Tax returns can be quite a task if you are not aware of what all deductions you can include and how to itemize them. But the Internal Revenue Service website contains all the information...
Posted by Asharp Bookkeeper on 11/30/2015
