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What Is Usually The Biggest Issue During An IRS Review/audit When It Comes To The Research And Development Tax Credit?
User Photo Ray Gering
Tax Professional Level: Tax Enthusiast

This is a great question, and seeing as how the R&D credit is commonly reviewed during an audit, I'm glad to see that you're thinking ahead. We have had a lot of experience in reviews, with small, mid and large...   Read More
Was The Date To Submit Your Tax Returns For 2012 Extended A Few Days Last Year? Will It Be April 15, This Year Or Is It Dependant On What...
User Photo Abraham Itani, CPA
Tax Professional Level: Tax Enthusiast

The normal filing day for US personal income is April 15th of the following year. There are exceptions to this rule, if the 15th of April falls on a weekend day (Sat. or Sun) it will be Monday. There is also,...   Read More
I Am Working My First Paid Job And Was Wondering How And When I Need To Take Care Of Income Taxes? This Is Completely New To Me So Just A...
User Photo Hisham Jubran
Tax Professional Level: Tax Enthusiast

Assuming you work and get paid by cheque, at the end of the year your employer will issue a form called W-2 and will mail it to you (max) by Jan. 31st of 2013. Once you have it, you can file your taxes for 2012 in...   Read More
I Don't Get Amended Returns. Is It Really Necessary To File One If You Only Find Slight Discrepancies In Your Earnings, And What Kind Of...
Tax Professional Level: Tax Enthusiast

It depends on what you mean by "Slight Discrepancies." More than likely, if the difference is less than a dollar, the IRS will accept your return as it is. However, if it is more, it is better to be safe than...   Read More
Will The IRS Give Us Any Tax Relief If We Lost Our Entire Household Belongings In Hurricane Sandy?
Tax Professional Level: Tax Enthusiast

The IRS is probably working on tax relief for all the individuals affected by Hurricane Sandy as we speak. I'm sure you will get relief. Please check back as I am sure another tax adviser will provide you...   Read More
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

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