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GILTI – be careful – international investments
You may be subject to GILTI if: U.S. Shareholder – United States Person (citizens, residents, domestic entities) owning at least 10%, directly or indirectly, of the foreign corporation’s voting stock or value (Prior toTCJA only consideration was voting stock). Controlled Foreign Corporation (CFC) – any foreign corporation of which more than 50% of the vote or value is owned by U.S. shareholders on any day during a given year.…
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States with NO SALES TAX
States with NO SALES TAX Alaska Delaware Montana New Hampshire Oregon […]Read More… from States with NO SALES TAX
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States with NO INCOME TAX
States with NO INCOME TAX Alaska Florida Nevada South Dakota Texas Washington Wyoming […]Read More… from States with NO INCOME TAX
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Charitable Donations 501(c)(3) Deduction
Donations to Charities are a tax deduction ONLY if they are a qualified organization per IRS. Click 501(c)(3) to show a map that can be researched by State. Gives lots of information. Giving money to friends or homeless, while it might be a nice thing to do is NOT a deductible charitable donation. […]Read More… from Charitable Donations…
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GILTI Tax eff Jan 1st, 2018
GILTI (Global Intangible Low-Taxed Income) effective January 1, 2018 Form 8992 is used to disclose the calculation. It basically is your share of Controlled Foreign Corporation (CFC)** Income which, prior to 2018, was just disclosed on Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations). It was a Balance Sheet and Income…