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RMD’s for 2020 (BIG CHANGE)
RMD (Required Minimum Distribution) Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72, applicable to distributions made after Dec. 31, 2019, for individuals who reach 70½ from Jan. 1, 2020 on. […]Read More… from RMD’s for 2020 (BIG CHANGE)
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Why does the 1040 reflect a different figure than the K-1?
Sometimes the loss on the K-1 is not totally deducted on the 1040 due to basis limitation…. And the unused basis limitation is carried forward in those computations. i.e. You put $10k into new business. The business has a loss of $12k on the first K-1 BUT the 1040 will only show up to…
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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