The traditional process is slow and tedious if you want to convert your corporation to an LLC. But in many states, there is an easier and less expensive way.Although it doesn't...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/28/2022
Taxpayers who have accrued or paid foreign income taxes in a U.S. possession or foreign country can generally deduct those taxes from their U.S. tax on foreign source income. The foreign...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/17/2022
For a small business owner, tax season can be stressful, and the prospect of paying a large sum of money to the government is not really a pleasant one. That's why small business...
Posted by Pat Raskob on 09/30/2022
The world is more connected than ever, and taxation is one of many ways to unite countries. However, tax lawyers are finding some discrepancies with the impact on economic development....
Posted by Tiffany Gaskin on 07/09/2022
A business's success depends on a good business structure because the impact comes in the long run. The consequence of neglecting a business structure is tremendous. The structure...
Posted by Abundant Wealth Planning LLC on 05/31/2022
What is a foreign tax credit?A foreign tax credit is a United States tax credit that is used to offset income tax paid abroad. United States citizens and resident aliens who pay income...
Posted by Rosovich & Associates, Inc. on 05/31/2022
The U.S. Supreme Court ruled in Comptroller of the Treasury of Maryland v. Wynne in 2015 that two states cannot tax the same taxpayer on the same income. But this decision is subject...
Posted by Abundant Wealth Planning LLC on 03/24/2022
Every US citizen that wants to live in another country should consider learning what the Foreign Tax Credit Entails and how it works. It also applies to all citizens that desire to...
Posted by KLSM CPA Firm PLLC on 12/18/2021
Americans do not like the estate tax, but they love the wealth tax. What's up with this?Both taxes focus their burden on the nation's most fortunate few. Both promise to dismantle...
Posted by Tiffany Gaskin on 11/11/2021
