- info@kaizencpa.com
- Our Office: USA - Hong Kong - Shenzhen - Shanghai - Beijing - Taiwan - Singapore - Japan - UK
+852 2341 1444(Hong Kong)
Search for anything.
Knowledge
- Home
- Knowledge
- US Taxation
Differences Between Tax and Book Accounting in U.S.
Difference between net income per company’s financial statements and taxable income reported on the tax return exist because of the difference between Generally Accepted Accounting Principles (GAAP) and tax law.Temporary differences are items of income or expense that are recognized in one period for book but in a different period for tax.
U.S. Alternative Minimum Tax (AMT)
The alternative minimum tax (AMT) is a separate tax that is imposed in addition to your regular tax. It applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. These tax benefits can significantly reduce the regular tax of some taxpayers with higher economic incomes.
What is the Streamlined Sales Tax Project in the U.S.?
What is the Streamlined Sales Tax Project?How does the Streamlined Sales Tax Project work?What is the Streamlined Sales Tax Project Member-States?Streamlined Sales Tax (SST) was established in 1999 as a cooperative effort between state and local governments and the business community. Its goal is to make it easier for businesses to pay state sales tax by covering the cost of sales tax software from certified providers.
U.S. Intangible Property Depreciation Method
This method lets you deduct the same amount of depreciation each year over the useful life of the property. To figure your deduction, first determine the adjusted basis, salvage value, and estimated useful life of your property. Subtract the salvage value, if any, from the adjusted basis. The balance is the total depreciation you can take over the useful life of the property.
What is U.S. Net Investment Income Tax?
The net investment income tax is a 3.8% surtax applies to individuals, estates, and trusts that have modified adjusted gross income (MAGI) above applicable threshold amounts. It is generally paid by high earners with significant investment income.In general, net investment income for purpose of this tax, includes, but is not limited to:
Find Out Your U.S. Dividend Tax Rate
Dividends are the most common type of distribution from a corporation. They are paid out of the earnings and profits of the corporation. Dividends can be classified either as ordinary or qualified. Whereas nonqualified dividends are taxable as ordinary income, qualified dividends that meet certain requirements are taxed at lower capital gain rates.
U.S. Tax Tips When You Got a PPP Loan
Paycheck Protection Program (PPP) loan is intended to help small businesses maintain payrolls and continue necessary payroll-related payments like rent and utilities. And if you meet the criteria, the loan may be forgiven. However, some small business owners do not know how to deal with this PPP loan forgiveness when they file the tax return. This article will give you some tips.
Prepare for Your U.S. Tax Return
The tax season is coming. Kaizen highly recommend you gather and prepare you tax documents in advance for your 2020 tax return. The sooner you file the tax return, the sooner you will get you refund. This article will give you a checklist of basic documents you should prepare.
Why I Receive the US Form 1099-INT?
If you received interest more than $10, you would get a Form 1099-INT. A 1099-INT tax form is a record that a person or entity paid you interest during the tax year. You may not have to pay income tax on all the interest it reports, but you still need to report this information on the return. The Internal Revenue Service requires most payments of interest income to be reported on tax form 1099-INT by the person or entity that makes the payments.
Remote Seller in U.S.: Economic Nexus
Physical presence (employee, warehouse, or inventory) was previously the only consideration where sales tax nexus is concerned. On June 21, 2018, the Supreme Court of the United States ruled in favor of the state in South Dakota v. Wayfair, Inc. The decision overruled a longstanding physical presence rule, allowing states to require remote sellers to collect and remit sales tax even if the sellers don’t have a physical presence in a state.