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For A Sole Proprietor Outside US Is The Foreign Earned Income Exclusion Based On Gross Income Or Next Taxable Income?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The foreign earned income exclusion for a sole proprietor is based on the net income shown on Schedule C. Keep in mind that the exclusion is only for income taxes, you will still have to pay self-employment taxes...   Read More
Do Most States Within The United States Offer Movie And Television Production Tax Incentives?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, most states currently offer Movie and Television Production Tax Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as...   Read More
I'm A South African Residing In South Africa (thus US Alien). I Have A LLC In The US. The LLC Will Receive Income FromUS Dividends,...
User Photo Cecilia Scutaru Andor
Tax Professional Level: Tax Enthusiast

A little idea about the dividends US-SA tax treaty :"The Convention establishes maximum rates of tax that may be imposed by the source country on specified categories of income, including dividends, interest, and...   Read More
I Am A US Citizen. My Residence Is In South Africa (I Stay There > 183 Days A Year). I Work Exclusively In The US And My Salary Is Paid...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since you reside in South Africa for more than 183 days each year, and I presume you have been doing this for more than three years, you are considered a SA resident subject to income tax on your earnings. If less...   Read More
I Am Selling The Stock Of My SCorporation And Am Wondering What My Document Retention Policy For Prior Years Should Be. Do I Pack Up All...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If you are selling the stock, you are selling the company to the new buyers. They own the company and the historical records. All you need are records of your cost basis in the stock and the sales price.   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Sorry, but that ship has sailed. The credit must be used each year in which you are eligible to use it. You can't file amended returns, as you can only do that for 3 years, meaning you can only go back to 2013 at...   Read More
User Photo Mary Beth Lougen EA USTCP
Tax Professional Level: Tax Enthusiast

Form 8621 is very labor intensive. The IRS estimates that it can take up to 24 hours to complete. There is a new online program available that prepares the form and attachments as well as provides a forms guide to...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the client did not file Form 8832, he has not made a valid election to be taxed as a corporation. I would treat it as a sole proprietorship and file as such.   Read More


Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA

President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

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