Foreign Earned Income and Housing Exclusion
If a taxpayer is a U.S. citizen or resident alien, the rules for filing income tax returns and paying estimated taxes are generally the same whether he or she is…
Bona Fide Residence or Physical Presence Test
A resident alien is generally taxed by the United States on worldwide income, just like a U.S. citizen. A U.S. citizen or resident alien who earns income in a foreign…
Determining Alien Tax Status
The distinction between a resident alien and a nonresident alien is crucial for your tax liability. Resident aliens are taxed like U.S. citizens, on their worldwide income, while a nonresident…
BBA Partnerships Are Eligible for Amended Return Procedures
The IRS has issued procedures for eligible partnerships to file amended income tax returns and partners’ Schedule K-1s in order to receive tax benefits. Partnerships subject to the centralized partnership…
Changes in Computing Certain Residential Rental Property Depreciation
The IRS has issued a revenue procedure which provides guidance under the Consolidated Appropriations Act, 2021, that retroactively provides a recovery period of 30 years under the alternative depreciation system…
Reminder: 2021 Second Quarter Estimated Tax Payments Extended in Designated Disaster Areas
As announced by the IRS back in May, second quarter (Q2) estimated tax payments for individuals, businesses, and trusts with addresses in the previously designated affected disaster areas (from the March…
Guidance on tax relief for deductions for food or beverages from restaurants
Businesses can temporarily deduct 100% beginning Jan. 1, 2021 The Treasury Department and the Internal Revenue Service issued guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The…
Certain States to Tax PPP Loan Forgiveness
Amid the COVID-19 pandemic, the Paycheck Protection Program has afforded millions of small businesses the option to keep their doors open and their employees working during these challenging times. Many…
Flexibility for Health FSAs and Dependent Care
The IRS has released guidance on temporary special rules under the Taxpayer Certainty and Disaster Relief Act of 2020 for health flexible spending arrangements (FSAs) and dependent care assistance programs…
Underpayment Penalty Relief on Certain Excess Business Losses
The IRS has granted relief by providing a waiver on estimated tax underpayment penalties incurred solely as a result of certain excess business loss related payments for tax years beginning…
