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If a foreign partner has effectively connected income and is part of a partner’s distributive share of any items of income, gain, loss, deduction, or credit then you may need to file a forms 8804, 8804-C, and 8805 with your US partnership tax return (Form 1065). A foreign partner is one who is not a […]
A common question regarding international tax is: I have different types of income, how do I determine where those will be taxed- either here in the U.S. or in the foreign country? In U.S. federal income taxation, these are referred to as the source of income rules. These rules have numerous. exceptions and certain fact patterns may […]
As an incentive to help restaurants recover economically due to the COVID-19 pandemic, Congress has temporarily allowed that expenses for business-related meals are 100 percent tax deductible from January 1, 2021 through December 31, 2022. After that date, the federal tax deduction for business-related meals will return to the 50 percent level. It’s important for […]
AB FinWright LLP has expertise to help you in navigating the complex world of international tax. Our focus is U.S. Cross-border transactions U.S. citizens – including individuals and companies Located abroad With foreign-sourced income or operations Foreign persons and companies with activities in the U.S. International Tax The landscape of international tax and U.S. tax filing requirements is vast and complex. To […]
Each year, the IRS adjusts tax rates, standard deduction amounts, and other limits to account for tax law updates and cost-of-living adjustments. Currently for 2022, there are seven tax brackets: 10%, 12%, 24%, 32%, 35%, and 37%. Your filing status (example: single, married filing jointly, head of household) will be the determining factor of where […]
It’s almost that time of year again…tax season! While it may still feel like you have plenty of time to prepare, planning ahead can help ensure that you file an accurate return and avoid potential delays in the processing of any refund you might be due. How can you make sure you have everything ready […]
While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included. Employee Retention Credit Changes The Employee Retention Tax Credit (ERTC), which was a tax credit enacted under […]
On November 18th, 2021, the IRS released three new revenue procedures – Rev Procs. 2021-48, 2021-49, and 2021-50 – to provide further guidance on the tax treatment of Paycheck Protection Program (PPP) amounts that are excluded from gross income as a result of loan forgiveness. This guidance was issued due to several uncertainties surrounding the […]
CalSavers Retirement Deadline June 30, 2022 this year for 5-49 employees CalSavers is a retirement savings program for private sector workers whose employers do not offer a retirement plan. This program gives employers an easy way to help their employees save for retirement, with no employer fees, no fiduciary liability, and minimal employer responsibilities. Employers […]
Please be sure to reach out to us to discuss your options and we’ll run through the scenarios with and without the election. ___________________________________________________ (Text below from CA FTB website link here FTB Weblink) For taxable years beginning on or after January 1, 2021, and before January 1, 2026, qualifying pass-through entities (PTEs) may annually […]
