When there is an installment sale for the purpose of tax, the payment for the property sale spans more than one tax year. This was one of congress's actions, which allows taxpayers...
Posted by KLSM CPA Firm PLLC on 02/17/2021
Interest income is the entire amount of interest that an amount generates in a given period. This amount can be likened to the investment balance used to calculate the return on investment...
Posted by Daniel P Vigilante CPA and Profit Consultants on 09/18/2020
Although it may seem little, the interest you earn during the year is not tax-free. The interest is subject to the same tax rates as the rest of the income.Sources of interest income...
Posted by LLOYD J CAZES CPA on 11/25/2019
Code Section 7701 (a)(30) U.S citizens are U.S Persons and Citizens of foreign countries are U.S Persons who meet either of the following two tests: Green Card test Substantial...
Posted by The Accounting and Tax on 12/28/2014
