What are foreign tax credits?Foreign tax credits are non-refundable income tax credits paid to a foreign government because of income tax. The foreign tax credit is available for those...
Posted by Carmen Garcia on 01/26/2021
A taxpayer will often end up with a huge tax bill that will be above what they can afford. This leaves most taxpayers confused on the next cost of action. Owing Uncle Sam, a sum...
Posted by Don Bell Law on 01/26/2021
Under the cash method of accounting, not only is income recorded in the year in which it was received, but income is also reported in the year in which it is constructively received.The...
Posted by Stevenson Tax and Accounting, Inc. on 01/26/2021
The fair treatment of taxpayers is what the Taxpayer Bill of Rights is all about. In 2014, the IRS adopted this collection of 10 taxpayer rights proposed by the taxpayer's advocate....
Posted by Cypress Tax Solutions on 01/26/2021
Audits, collections, taxes, and fees - these conditions can sow fear in taxpayers' hearts during tax season.You may be concerned that an error in your tax return could result in...
Posted by Karen Munoz, EA on 01/26/2021
When a taxpayer cannot pay the tax bill (now or in the future) with future assets and monthly income, they may qualify for the I.R.S. Offer in Compromise program—providing a...
Posted by Flynn Financial Group Inc on 01/23/2021
Have you received an email stating that you have filed a tax return electronically or that your tax return has been accepted or rejected by the I.R.S., but you know you have not filed...
Posted by CORE PERFORMANCE on 01/22/2021
A cryptocurrency wave has led to the rise of Bitcoin to over $30,000 per coin, with everyone scrambling for their share of the digital currency. However, if you are interested in cryptocurrencies,...
Posted by Cypress Tax Solutions on 01/21/2021
If you do not pay your taxes on time, interest and penalties will accrue with time. As a result, it is in the best interest of taxpayers to make payments when due. Statute of...
Posted by Cypress Tax Solutions on 01/21/2021
