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
What is considered a convertible virtual currency?Convertible virtual currency is an uncontrolled digital currency. Still, it can be used as a substitute for a real and legally recognized...
On September 5, 2019, the Treasury Department and the IRS released proposed regulations that would affect when taxpayers report their gross income amounts. In general, section 451...
The US Internal Revenue Service has postponed this year's tax day from April 15 to July 15, and that may mean that many Americans are not thinking about taxes during this difficult...
There are four ways to stop paying taxes on your crypto earnings. If you're fed up with the IRS receiving half of your short-term profits and 20% of your long-term gains, here...
Bitcoin is a cryptocurrency. A type of electronic cash. It is decentralized digital currency without a central bank or single administrator that can be transferred from one individual...
Posted by Advanced Accounting & Tax Planning on 07/25/2019
11.3 Explanation & Interpretation of Article XI under U.S. Law 11.3.1 U.S Domestic Taxation of Interest Paid to Canadian Residents11.3.1[a] Definition of InterestInterest...
Posted by The Accounting and Tax on 06/25/2018
For many years, taxation and tax systems have played a pivotal role in forging the backbone of any economic system. Rules and regulations pertaining to taxation have been enforced...
Cryptocurrencies outperformed every traditional asset, and 2017 was a lucky year for these digital currencies. The value of cryptocurrencies amplified by 900% and it gives a staggering...
Posted by J.R.'S TAX SERVICE on 05/16/2018