Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form 8288 and 8288-A for the Sale of Real Estate by a Non-US Person
When U.S. real property is sold, and the seller is a nonresident, there are certain reporting requirements and federal withholding taxes which may apply.
How to Deduct Casualty Losses on IRS Form 4684
If a taxpayer suffers property damage, they may be able to deduct the losses as a casualty loss on their federal tax return.
Nondividend Distributions on IRS Form 5452
Nondividend distributions from a corporation are generally not subject to tax because they are not distributions form a corporation's earnings and profits (E&P). The nondividend distributions must be separately disclosed on Form 5452.
IRS Form 1128 Change Tax Year for a Corporation
The default tax year for a corporation is the calendar year. If a corporation wants to change from its initial tax year, it can file IRS Form 1128.
Where to Report Form 1099-DIV Income on Form 1040
When a taxpayer receives dividend income from ownership in a corporation, the dividend distributions are reported on Form 1099-DIV. This information can be used to complete Schedule B of a taxpayer's Form 1040.
IRS Form 4136 for Federal Tax Credit on Gasoline Taxes
For businesses that need to regularly purchase fuel, they may be entitled to a federal tax credit on their fuel purchases. This article and video discuss the Form 4136 for the federal tax credit on gasoline purchases.
IRS Form 1122 Election for Consolidated Tax Return
The IRS Form 1122 is an election filed by a subsidiary corporation to have its activities included as part of a consolidated tax return with the parent corporation. This article and video cover the Form 1122.
Deemed Dividend Distributions on IRS Form 972 and 973
A corporation can have deemed dividend distributions which must be reported on Forms 972 & 973. The shareholder must generally consent to this inclusion. This article and video tutorial cover the basics and how to prepare the forms.
Cancelled Debt Income is Taxable – Use IRS Form 982 to Reduce Your Taxable Income
U.S. taxpayers must include in their gross income any cancelled debts. If a taxpayer has cancelled debt income, they may be able to use Form 982 to exclude it from their taxable income.
IRS Form 6252 Tutorial – Reporting Capital Gains Using the Installment Method
Taxpayers may sell assets and collect the gross proceeds on an installment basis. If eligible, the taxpayer may recognize the income under the installment method and report those amounts on Form 6252.
How to File IRS Form 966 for a Corporate Dissolution or Liquidation
When a corporation decides to cease operations and liquidate, it must notify the IRS of its intention. The IRS Form 966 can be filed with the IRS.
How to File IRS Form 2350 for Additional Time to File IRS Form 1040
U.S. expats that live and work abroad may be eligible for the foreign earned income exclusion (FEIE). If the taxpayer needs more time to establish residency, they can file Form 2350.
IRS Form 1127 – Extension of Time to Pay Taxes
In general, taxpayers must make estimated tax payments and pay all taxes owed before the filing deadline. In some cases, the taxpayer may be granted an extension to pay those taxes. This article and video tutorial cover the Form 1127 extension request.
Personal Holding Company Taxes on Schedule PH (Form 1120)
If a corporation qualifies as a personal holding company (PHC) for federal tax purposes, the Form 1120 corporate tax return should include Schedule PH.
Non-US Persons Pay Tax on US Source Income
Nonresidents of the U.S. are generally not subject to any U.S. federal income taxes unless they have U.S. source income. U.S. source FDAP income paid to nonresidents is subject to withholding taxes at source.