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Manasa NadigTax Professional Level: Tax Enthusiast
Yes, your client can take the interest paid on the home loan on his house in India as a deduction on his US taxes. This would go on Schedule A. If this is an investment property than the interest would go on... Read More
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Caran Ebert, CPATax Professional Level: Tax Enthusiast
You must file for a separate EIN for your California LLC. Your EIN is belongs to the specific company registered in the State of Illinois. It is like your individual social security number and only follows the... Read More
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Manasa NadigTax Professional Level: Tax Enthusiast
Sonja, Which article of the US-German Tax Treaty are you referencing? Here is a link to the technical explanation of the treaty on the Internal Revenue Website: https://www.irs.gov/pub/irs-trty/germtech.pdf Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
Introduction The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue... Read More
John StancilTax Professional Level: Master Tax Advisor
There is no hard-and-fast rule. Generally, it is preferable to prepare the statement by taxpayer. Thus in a family unit, a statement woud be issued to husband and wife. If any of their children give, a separate... Read More
John StancilTax Professional Level: Master Tax Advisor
No. You cannot put a dependent's income and expenses on your return. He or she would have to file their own return, not claiming their dependency exemption. If you could, you wouldn't want to do it since you're... Read More
John StancilTax Professional Level: Master Tax Advisor
There are no tax implications of investing in a company. The amount of your investment is your basis for gain or loss when the investment is sold. In the event of a merger, buy out, or conversion of the investment... Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
The Internal Revenue Service (hereinafter the “Service”) recently issued IRS Notice 2017-6 in connection to Tangible Property Regulations Compliance (hereinafter “TPR Compliance” or “Regulations”) that... Read More
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