Tax is applicable on Long Term Capital Gains (LTCG) if your income (NOT INCLUDING LTCG NOR DIVIDENDS) exceeds Single $41,675 […]
Category: International Taxation
Including Extensions
In reading code (if you ever try to read it you will know why it is called CODE) and regulations (U.S. Treasury Dept interpretation of the Code–this is what we think it means) you will find the term INCLUDING EXTENSIONS. This means INCLUDING A TIMELY FILED EXTENSION. […]
2021 Tax Law Change – Business Meals
IRS Backlog Continues
In late November, IRS has still yet to process 6.5 million personal 2020 tax returns. And it is 2.6 million amended returns behind. […]
IRS Amended Returns as of 09-08-21
IRS is behind on alot of stuff…… Including, as of 09.08.21 …. 2.8 MILLION Amended Returns have yet to be processed! […]
IRS Commissioner-BACKLOG of UNOPENED
November 20, 2020 Currently, the IRS has approximately three million pieces of mail and one million returns that remain unprocessed, IRS Commissioner Charles “Chuck” Rettig said. The IRS mail backlog is down from where it sat at over five million last month. Testifying before the House Ways and Means Oversight Subcommittee on November 20, Rettig […]
2018 FACTS on WHO PAYS TAX
2018 FACTS on WHO PAYS TAX The top 1% of individual filers paid 40.08% of all U.S. income taxes for 2018 per IRS (up from 2017’s figure of 38.47%). The top 1% earned at least $540,009. The top 5% earned at least $217,913 and paid 60.30% of total income tax. The top 10%, those with AGIs […]
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 INCOME TAX
States with NO INCOME TAX Alaska Florida Nevada South Dakota Texas Washington Wyoming […]