If foreign tax credits exceed the limitation in a given taxable year, these can be carried back one year and forward up to ten years. Excess credits on general limitation income...
Posted by The Accounting and Tax on 12/25/2015
Capital gains and losses receive a special treatment under U.S tax law. Individual capital gains and losses are netted. Non corporate taxpayer’s net capital gains get a preferred...
Posted by The Accounting and Tax on 12/23/2015
General Income: It includes all income other than passive income. It includes most of the foreign source active business profits of domestic corporations and their foreign subsidiaries. Passive...
After computation of creditable foreign income taxes, next step is to compute foreign tax credit limitation. Example: USAco has U.S source income = 200 Foreign source taxable...
The United States restricts the credit to foreign income taxes that duplicate the U.S income tax against which the credit is taken. Under code section 901, a foreign levy must...
There are a number of opinions when it comes to choosing between bookkeeping services and doing it on your own. Bookkeeping services are not only required for filing your income tax...
What is money laundering? Money laundering is a criminal act perpetrated by individuals in which they disguise the real ownership and control of the proceeds of illegal conduct by...
Posted by BHATIA & CO, INC, CPAs on 10/30/2015
Forensic auditing is just like forensic criminology. The way forensic experts visualize the crime scene by analyzing bullets and blood, a certified forensic auditor analyses the financial...
10 Things You Should Know Before Hiring A Tax Preparer It is never an easy task to do your taxes and most people prefer to hand it over to someone else. If you are one of...