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tax
An overview of the relevance of Tracking Basis for the tax calculations of US taxpayers!
Taxation is a domain that is not just limited to a set of rules and regulations. There are many underlying concepts involved in the process of calculation of taxable income and tax liability. For the taxpayers in the US, numerous concepts make up the tax calculation structure. Tracking the basis for your entity is one
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tax
An Overview of the tax provisions covered under the Passive Activity Loss Rules
In the realm of real estate, there are many property owners, particularly rental property owners, who incur losses as per tax regulations. Many activities, such as renting out a property, are covered under the definition of a passive activity. The loss in passive activities is a recurring phenomenon due to the use of different operating
tax
IRS Amnesty Program Streamlined Tax Filing Procedures for Expats from the USA
As per the estimates of the US State Department, more than 9.6 million US citizens are currently residing abroad. The United States is one of the few countries that impose a tax on its migrated citizens’ world income. The US expats must apprehend the fact that their liability towards the US Government does not end
tax
Challenges faced by Restaurants in the US amidst the COVID-19 Pandemic and the relevant Tax Compliances to Consider
The food and Hospitality industry has undergone the most atrocious times during the strike of the COVID-19. Everyone considered these business sectors as one of the most booming areas worldwide. The United States is one of the countries in particular, where people are frequent visitors to restaurants and café throughout the week. Unfortunately, the Corona
tax
Avail Additional Tax Credit for 2020 with the Economic Impact Payment Notice 1444
The US Government has established many beneficial initiatives to uplift the American Citizens suffering as a result of the COVID-19 Pandemic. Most schemes fall under the purview of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted this year. One such essential program is that of the Economic Impact Payments. Under the program,
tax
What does the Revived Form 1099-NEC entail for Taxpayers in 2020?
The Internal Revenue Services officially released the Form 1099-NEC in December 2019. After a hiatus of about 38 years, this Form has been reinstated from the tax year 2020. The revamped Form substitutes the Box 7 of Form 1099-MISC. It is to be used for declaring Non-Employee Compensation, as the acronym NEC denotes. Form 1099-NEC
tax
8 Smart Tax Preparation Tips for Businesses
When it comes to tax preparation for your clients, things seem to be overwhelming because of the need to handle so many accounts. Apart from the lack of information about the latest regulations, finding time for tax preparation for all your clients can be a challenge while managing your day-to-day operations. You will require some
tax
5 Common Mistakes You Dont Want to Make this Tax Season
Tax season is a troublesome time for accountants. In fact, the tax season is full of activity and the busiest time of the year for accounting firms in the USA. Activities like tax filing should be completed so that tax returns can be submitted on time. During the tax season, CPAs need to collect tax