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R&D Tax Credits – IRS Forms 8974, 6765, 3800 & the TCJA

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Hold On! Resist the urge to gloss over the title so fast! Do whatever it takes to clear your head and FOCUS for 6,000 words or so on R&D Tax Credits - IRS Forms 8974, 6765, 3800 & the TCJA.

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Posted in R&D, Research Tax Credit, Tax Credit, Tax Reform, TCJA

Foreign Tax Credit (FTC) A Drill Down into IRS Form 1116

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Foreign Tax Credit (FTC) A Drill Down into IRS Form 1116 With all the political rhetoric about borders and boundaries circulating these days by 'news media' outlets the fact of the matter is US Taxpayers are increasingly working and living abroad

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Posted in Alien, Foreign Income, Foreign Investment, Foreign Tax Credit, FTC, International Tax, Tax Credit, Tax Guidance & Preparation

What is an FTE? What is a Seasonal Employee?

What is an FTE? What is a Seasonal Employee?

What is an FTE? What is a Seasonal Employee?

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Posted in Affordable Care Act, Business Expense, Employee Business Expense, FTE, Medical Expenses, Medicare, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation

What is a ‘Qualifying Relative’ for US Tax Purposes: IRC 152

Wading through the convolution required to identify specifically who qualifies as a relative for income tax reporting purposes oftentimes can be difficult, not because the actual tax code is difficult to understand in these regards or even subject to much

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Posted in Adoption, Child Tax, Children, Earned Income Tax Credit, IRS Enforcement, Tax Credit, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests

American Taxpayer Relief Act 2012

The American Taxpayer Relief Act of 2012 makes permanent many otherwise expiring tax provisions. The following is my summary of what I believe to be relevant provisions: Ordinary income above a certain threshold is taxed at a higher rate. The

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Posted in Adoption, Alternative Minimum Tax (AMT), Cancelled Debt, Capital Gain, Charitable Contribution, Child Tax, Employment Tax, Estate Tax, Excise Tax, Generation Ski[[ing Transfer Tax, Social Security Tax, Tax Credit, Tax Guidance & Preparation, Tax Relief

IRS and Federally Declared Disaster Areas

People living in a federally declared disaster area are entitled to a wide variety of tax benefits. Around the Nation provides IRS news specific to local areas, primarily disaster relief or tax provisions that affect certain states. 2012 federally declared disaster areas

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Posted in Disaster Loss, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

Non-business Energy Vs. Residential Energy Efficient Property Tax Credits – IRS Form 5695

Business Entity Selection and the Tax Consequences of Converting

The most important thing to remember about the non-business energy property credit and the residential energy efficient property credit is that not all energy-efficient improvements qualify so be sure you have the manufacturer’s tax credit certification statement IN YOUR TAX

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Posted in Energy Efficient Tax Credit, IRS Audit, Tax Credit

IRS Forms 8941 + 3800 Calculating + Claiming Small Business Health Care Tax Credit

For tax years 2010 to 2013, the maximum credit for eligible small business employers under the Small Business Health Care Tax Credit is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of

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Posted in Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Tax Credit

IRS Form 8863 + Publication 970 – Hope and Lifetime Learning Credits

According to IRS Publication 970 the modified version of the Hope Credit is now referred to as the American Opportunity Tax Credit (AOTC) and extended through 2012. The AOTC is available for the first four years of post-secondary education. It has been expanded so that

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Posted in Children, Education Expense, Tax Credit

Dependent Care Credit IRC 21

Business Entity Selection and the Tax Consequences of Converting

According to Internal Revenue Code Section 21, the maximum tax credit as of this posting date remains at $1,050 (35% of $3,000) for one qualifying individual and $2,100 (35% of $6,000) for two or more. This credit is for expenses paid for the

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Posted in Child Tax, Children, Deductible Expense, Dependent, Employment Tax, Tax Credit
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