Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
How to File IRS Form 1040-NR for 2022 with Form 8833 Treaty Benefits
Nonresident taxpayers with U.S. source income may be required to file Form 1040-NR. In some cases, they can also claim tax treaty benefits using Form 8833.
How to File IRS Form 1040-NR for 2022 – U.S. Rental Property with Section 871(d) Election
Nonresident taxpayers with U.S. source rental income generally have to file Form 1040-NR. Those taxpayers can also make a special election to pay tax on net rental profits under Section 871.
Form 1099-S on Form 1040 for 2022 – Principal Residence Exclusion
When a person sells U.S. situs real estate, the transaction is generally reported on a Form 1099-S. The taxpayer uses this information to complete their Form 1040 tax return.
IRS Form 6781 with a Section 1256 Carryback Claim
Form 6781 is used to report gains and losses from Section 1256 contracts and straddles. In certain cases, if a taxpayer has a net loss for the year, they can carryback those losses to prior years.
IRS Form 8832 Late Election Relief – Disregarded LLC to Corporation
An eligible entity can file a Form 8832 to change their tax classification. If the entity files the election late, they may be eligible for late election relief. This example covers late election relief of a DRE to a corporation.
How to File IRS Form 1041 for 2022 Tax Year
In general, a nongrantor trust must file an annual Form 1041 if its gross income exceeds certain limits. This example we look at a Form 1041 filing for the 2022 tax year.
IRS Form 2553 Late Filing Procedures Under Rev Proc 2013-30
IRS Form 2553 is filed by a domestic eligible entity to elect to be an S corporation for federal tax purposes. If the election is filed late, the entity may qualify for late election relief.
IRS Form 7203 – Capital Gain Distributions in Excess of Basis
The Form 7203 is completed by individual taxpayers to track their stock and debt basis in an S corporation. If a shareholder receives a distribution in excess of their basis, they generally must recognize capital gains.
IRS Form 7203 – Election Under Section 1.1367-1(g)
The election under Section 1.1367-1(g) allows an S corporation shareholder to deduct nondeductible expenses under different ordering rules. This article covers the basics of the election and the implications.
IRS Form 7203 – How to Calculate Adjusted Capital Gain on Stock Sales
Sale of S corporation stock may result in a capital gain or capital loss. This example covers the reporting and calculation using Form 7203 for the sale of S corporation stock.
IRS Form 7203 – Sale of S Corporation Stock with Suspended Losses
Form 7203 tracks an S corporation shareholder's stock and debt basis in an S corporation. If the shareholder doesn't have sufficient basis, any losses passing through from the S corporation are generally suspended losses.
IRS Form 7203 – Multiple Blocks of S Corporation Stock
If an S corporation shareholder purchases or otherwise acquires S corporation stock at different intervals, it generally treats each occurrence as a separate "block" of stock. The stock basis in each block is tracked separately.
Sale of S Corporation Stock – Section 1.1368(g) Election
The Section 1.1368(g) election is available to S corporations that have ownership changes during the tax year. The election allows the S corporation to create separate tax years for allocating net income amongst the shareholders. This article covers the detailed rules and an example.
IRS Form 7203 – S Corporation Loss Limitations on Stock Basis
S corporations are pass through entities for federal tax purposes. If a shareholder is allocated losses which exceed their basis, the losses are generally suspended. This article covers an example with Form 7203.
Tax Refund Updates – 2023 Tax Season
Tax refunds are slowly making their way to taxpayers. When will you receive yours?