December 12, 2022 -

Tax blog

The IRS has updated its FAQ on the Unemployment Compensation Exclusion.

The American Rescue Plan Act of 2021 helped those receiving unemployment benefits in 2020. In Fact Sheet 2022-39, the IRS updated frequently asked questions about the 2020 unemployment compensation exclusion. The updates are as follows: Individuals who received unemployment benefits

December 12, 2022 1 Comment

I.R.C. § 959 – Previously Taxed Earnings and Profits (PTEP)

The term PTEP refers to earnings and profits (E&P) of a foreign corporation attributable to amounts which are, or have been, included in the gross income of a U.S. shareholder under Sec. 951(a) or under Sec. 1248(a). Sec. 959(a)(1): Distributions

December 12, 2022 No Comments

I.R.C. § 199A – Qualified Business Income

The Tax Cuts and Jobs Act which was enacted on December 22, 2017, created a new provisioncalled Qualified Business Income (QBI) under Sec. 199A.Sec. 199A(a): Effective for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026, ataxpayer

December 12, 2022 No Comments

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December 12, 2022

The IRS has updated its FAQ on the Unemployment Compensation Exclusion.

I.R.C. § 959 – Previously Taxed Earnings and Profits (PTEP)

I.R.C. § 199A – Qualified Business Income

Company

Useful links

December 12, 2022

The IRS has updated its FAQ on the Unemployment Compensation Exclusion.

I.R.C. § 959 – Previously Taxed Earnings and Profits (PTEP)

I.R.C. § 199A – Qualified Business Income

Company

Useful links

Knowledge base