Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form 8802 – Application for US Residency Certificate
A business or individual may have to prove they are a U.S. tax resident to a foreign governmental organization. The Form 8802 can be filed to receive a certificate of U.S. tax residency.
IRS Form 1125-E Disclosure of Officer Compensation
The IRS Form 1125-E may be required with a business tax return when when the company's gross receipts exceed $500,000. Officer compensation is separately disclosed on Form 1125-E for every officer of the company.
IRS Form 8843 – Statement for Exempt Individuals
If a nonresident is physically present in the United States for a certain number of days, the nonresident becomes a U.S. tax resident under the substantial presence test. The individual may be able to use Form 8843 to override the substantial presence test.
IRS Form 4137 – Social Security and Medicare Taxes on Tip Income
An individual taxpayer can include Form 4137 with their income tax return to calculate any Social Security or Medicare taxes due on their tip income.
Schedule B-1 Disclosure of Partners on IRS Form 1065 Partnership Tax Return
A partnership tax return may require a Schedule B-1 to disclose certain partners in the partnership. This generally is required when a partner owns a certain percentage of the partnership.
IRS Form 1125-A for Cost of Goods Sold (COGS)
The IRS Form 1125-A is included with a business tax return to calculate a company's cost of goods sold (COGS). The form reconciles beginning inventory, purchases, ending inventory, and COGS.
IRS Form 1120S Forgiven Debts and Cancellation of Debt Income
If an S corporation has any debts cancelled or forgiven during the tax year, it may be required to provide additional disclosures on IRS Form 1120-S.
Top 7 Tax Deductions for Rental Real Estate Properties
Many individuals and companies invest in rental real estate property. Here are the top 7 most common tax deductions that rental property owners need to make sure they claim on their tax returns.
IRS Penalties on Early Withdrawals from IRA
Taxpayers can make contributions to tax favored retirement accounts including IRAs and 401(k) plans. If a taxpayer withdraws funds from their IRA's before retirement age, they must generally pay a penalty on the early withdrawal.
S Corporation Restricted Stock Disclosures on Form 1120-S
An S corporation must provide additional disclosures on its annual Form 1120-S if the entity has any restricted stock issued and outstanding.
Taxation of Grantor vs. Non-Grantor Trusts
The U.S. federal tax treatment for a trust will largely depend upon whether the trust is a grantor or non-grantor trust arrangement. This article and video walkthrough discuss some of the basic differences.
Different Types of Taxpayer ID Numbers
There are many different types of tax ID numbers that serve a variety of different purposes. This article examines the most common tax identification numbers and their similarities and differences.
Does a Nonresident Receive Form 1099-NEC from a US Company?
Form 1099-NEC is filed by U.S. entities when they pay nonemployee compensation to an individual or business. Nonresidents that work for U.S. companies generally receive a Form 1042-S instead of Form 1099-NEC.
US Taxation of Foreign vs Domestic Corporations
U.S. federal tax rules apply differently between U.S. and foreign corporations. This article summarizes those key differences and how each is taxed.
What is FDAP Income?
U.S. source Fixed, Determinable, Annual or Periodic (FDAP) income is generally subject to taxation when amounts are paid to nonresident taxpayers. This article summarizes the key components of FDAP income.