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...
The US tax system is continuously growing as the government is constantly adding new rules to close loopholes and increase tax revenues. Yet, there remain many strategies people can...
Source of income can have significant impact on calculation of foreign tax credit limitation.
Formula for foreign tax credit limitation
= Pre-credit U.S tax x foreign...
Welcome 2015! As the new year rolls around, it's always a sure bet that there will be changes to current tax law and 2015 is no different. Below you'll find a summary of tax changes,...