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Can You Tell Me What To Do If I Lost All My Tax Files In A Flood? What Do I Need To Do?
User Photo Philip Yasenak
Tax Professional Level: Tax Enthusiast

I am assuming that you lost your tax file for 2012 that you need to prepare your taxes. First thing would be to write a list of everything that you had in the file. If you are unsure you can look at previous tax...   Read More
Would Some One Explain What Is FATCA? Why Was It Intreduced? What Impact Does It Have On USC Living Abroad?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

FATCA stands for The Foreign Account Tax Compliance Act (FATCA) Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting...   Read More
What Is A Dual Consolidated Loss?
User Photo Douglas Stransky
Tax Professional Level: Tax Enthusiast

In general, Treas. Reg. § 1.1503-2(b)(1) provides that a “dual consolidated loss” of a “dual resident corporation” cannot offset the taxable income of any domestic affiliate in the taxable year in which...   Read More
What Is A Controlled Foreign Corporation?
User Photo Douglas Stransky
Tax Professional Level: Tax Enthusiast

Under Internal Revenue Code section 957(a), a controlled foreign corporation ("CFC") is defined as a foreign corporation in which, on any day of its tax year, greater than 50% of the voting power or value of its...   Read More
What Is Subpart F And Why Was It Created?
User Photo Douglas Stransky
Tax Professional Level: Tax Enthusiast

Subpart F (under Internal Revenue Code sections 951-964) was enacted in 1962 in an effort to avoid improperly encouraging foreign investment by U.S. investors. The provisions provide that U.S. investors in...   Read More
Should We Keep Working To Gather Information For The Research And Development Tax Credit Even Though It Hasn't Been Extended Yet? What Is...
User Photo Ray Gering
Tax Professional Level: Tax Enthusiast

While I understand that no one would like to do work with no guarantee that it will be used, and admit that there is nothing guaranteed 100% when it comes to the tax code, I would advise that you look at the...   Read More
My Son Turned 18 In December Last Year,graduated High School In June This Year, 2012 ,is Joining The Navy And Leaving For Boot Camp In Late...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Since he was a fulltime student for at least five months during the year and (I assume) you provided at least half of his support for at least six months of the year then you may claim him as a dependent. Make...   Read More
Which States Have A "flat Tax"?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The following states have a "flat tax". Colorado 4.63% Illinois 5.0% Indiana 3.4% Massachusetts 5.25% (with exceptions) Michigan 4.33% New Hampshire 5.0% Pennsylvania 3.07% Tennessee 6.0% Utah 5....   Read More
Are Tax Refund Anticipation Loans A Good Idea?
User Photo Conrado Mangapit, EA
Tax Professional Level: Tax Enthusiast

The Refund Anticipation Loan or RAL is no longer available as a financial product that can be offered in the tax preparation industry. It worked like this: 1. You know you have a substantial refund coming but you...   Read More
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