U.S. Citizens Abroad: Understanding Tax Benefits and Tests
November 28, 2023
If you are a U.S. citizen earning income in a foreign country, you may be required to pay taxes to the U.S. government and the country you work in. There are provisions to help mitigate this situation and reduce your U.S. tax liability. These benefits are based on meeting specific criteria related to your tax home, foreign earned income, and residency status in a foreign country.
Tax Planning: Maximizing Tax Savings with Qualified Opportunity Zones
November 15, 2023
The Tax Cuts and Jobs Act of 2017 introduced several changes to the United States tax code, affecting both businesses and individuals. One of the most innovative provisions was the creation of Qualified Opportunity Zones (QOZs).
Understanding Employer Tax Credit for Family and Medical Leave
November 09, 2023
The Consolidated Appropriations Act 2021 extends employer credit for paid family and medical leave through December 31, 2025. This tax credit encourages employers to provide their employees with paid family and medical leave. Under this provision, employers can claim a tax credit equal to a percentage of wages paid to qualifying employees while they are on family and medical leave.
Beware of the Latest Tax Scam: Employee Retention Tax Credit
November 06, 2023
The IRS wants you to know about the latest tax scam making headlines involving the Employee Retention Tax Credit (ERC), a pandemic-era tax break designed to assist qualified businesses.
Understanding Excess Business Losses for Non-Corporate Taxpayers: CARES Act and Beyond
November 01, 2023
The taxation landscape is constantly evolving, and one significant change introduced by the CARES Act is the limitation on *excess business losses for non-corporate taxpayers*. This provision primarily impacts shareholders and partners of pass-through businesses and sole proprietors.
When Do You Report Your Gambling Winnings?
July 19, 2023
Summertime is here, and you are planning a nice getaway long weekend in Las Vegas. Great pools, entertainment, a foodie paradise, and some gambling. What is not to love?