What is a combat zone?A combat zone is designated as a war zone for a specified period with the aim of reporting to the Internal Revenue Service by military personnel. While serving...
April 15 is normally U.S. Tax Day, which is when personal income tax returns are due with the IRS unless that day is a weekend or statutory holiday. When this is the case, the due...
Section 4261 of the IRC typically imposes a special 7.5% air tax on amounts paid for "taxable transportation" and certain segment-specific dollar taxes. However, certain...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Background. Effective for each tax year beginning after December 31, 2017, an ATEO is generally subject to a special tax (currently 21%) on the amount of any employee's overcompensation...
Hi, my name is Julian O. Guzman, MBA. Since year 2000 I began developing myself as an entrepreneur, self-employed, and business consultant. At the same time, I learned a variety...
Posted by Taxes and Accounting Solutions-SLC on 10/27/2020
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
Carried interest is part of the income obtained when a private equity fund sells an asset. Sometimes called "carry," it is part of the net capital gains of the sale fund....