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
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
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
Cuts at the Irs could delay tax refunds, reduce tax payer services and hurt enforcement efforts. If you attempt to call the Irs for assistance this filing season you may not be able...
Posted by PERFORMING FINANCIAL SERVICES, INC. on 12/27/2014
A corporation is liable to pay tax if: - It is a resident corporation of Canada - ...
Posted by The Accounting and Tax on 12/26/2014
The United States taxes its citizens on their world income even if they are not present in the United states. Canada taxes its residents on their would income. U.S Citizens...
Posted by The Accounting and Tax on 12/24/2014
