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U.S. New York State Individual Withholding Tax Requirements
If you are an employer as described in federal Publication 15, Circular E, Employer's Tax Guide, and you maintain an office or transact business within New York State, whether or not a paying agency is maintained within the state, you must withhold personal income tax.
U.S. Tax Treatment of Alimony
Some readers may be interested in the tax treatment of alimony. This article will help you better understand how to deal with the alimony on your tax return. The Tax Cuts and Jobs Act of 2017 eliminated both the inclusion of alimony in gross income and the deduction for alimony for any divorce or separation agreement executed after December 31, 2018.
U.S. Forms W-8 and W-9 Introduction
Forms W-8 are used to establish the payee’s foreign status of income tax withholding purpose. Form W-9 is used for requested for Taxpayer Identification Number for reporting an information return the amount paid. This article will discuss details about these two types of forms.
Tax Tips for U.S. New Business Owner
Congratulations! You start a new business in U.S. However, understanding the tax responsibilities that come with starting a business venture is also significant for you as the business owner. This article will give you some tax tips of starting a new business based on IRS resources.
How to Notify U.S. IRS of Your Address Change
If your address has changed (e.g. moving), you need to notify the IRS to ensure you receive any tax refunds or IRS correspondence. You may also write to inform IRS that your address is changing. Mail your signed statement to the address where you filed your last federal tax return and make sure include the following information: your full name; old and new addresses;
How to Amend U.S. Business Income Tax Returns
U.S. corporations as taxpayers may realize an error for a few reasons after filing an income tax return, including from basic mathematical miscalculations to full fraud. Upon identifying an error, taxpayers must contact their accountants as soon as possible to decide how to rectify it by filing an amended return.
U.S. Individual Foreign Tax Credit Introduction
If you paid or accrued foreign taxes to a foreign country or U.S. possession and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes.You can take the foreign tax as a deduction or claim as a credit to reduce your U.S. taxable income/tax liability. In most cases, it is to your advantage to take foreign income taxes as a tax credit.
U.S. Corporation Foreign Tax Credit Introduction
Domestic corporations that have paid or accrued qualified foreign income taxes to a foreign country or U.S. possession may generally credit those against their U.S. income tax liability on foreign source income.The goal of the foreign tax credit is to keep a U.S. taxpayer’s worldwide effective tax rate from exceeding the U.S. statutory tax rate, which is accomplished through the foreign tax credit limitation.
U.S. 199A Qualified Business Income Deduction Introduction
Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction, for years beginning after December 31.
U.S. Foreign Investment in Real Property Tax Act (FIRPTA) Introduction
The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.