news
Does Japan have a totalization agreement with the US?
Introduction. An agreement effective October 1, 2005, between the United States and Japan improves Social Security protection for people who work or have ...
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updates
What does foreign company mean?
“foreign company” means any company or body corporate incorporated outside India which,— (a) has a place of business in India whether by itself or through...
news
What percent of child care expenses are tax deductible?
How it works. Take 20 to 35 percent of qualifying dependent care costs as a credit on your tax return (up to a limit). This credit applies on up to $3,000...
updates
Can a US citizen work in Toronto Canada?
A work permit is a must for US workers in Canada. Unless your job is exempt from a work permit, you must receive a permit to work in Canada. Unfortunately...
news
Do you pay taxes on insurance payouts?
Money you receive as part of an insurance claim or settlement is typically not taxed. The IRS only levies taxes on income, which is money or payment recei...
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Can an LLC own life insurance policy?
An Alternative Structure: Use an LLC Under this technique, the business owners can still execute a “cross-purchase” agreement coupled with an ILLC to purc...
updates
Are purchases included in inventory?
During the year the Inventory account will show only the cost of inventory as of the end of the previous year. Purchases of merchandise are recorded in on...
news
What taxes are deductible on 1120?
Corporations deduct payroll tax expenses on Form 1120 (the corporate income tax return). These expenses are considered “taxes and licenses” and are fully ...
updates
Can a sole trader pay contractors?
Agencies and sole trader contractors The law requires that ‘self-employment’, ie being a sole trader, is not permitted for agency workers, and income tax ...
general
Is there a limit to 401k rollovers?
While there’s no maximum limit on how much you can roll over, you must meet certain minimum investment requirementsopens a layerlayer closed. While there’...
news
Do you inherit parents debt when they die?
In most cases, you won’t inherit debt from your parents when they die. However, if you had a joint account with a parent or you cosigned a loan with them,...
news
What is a de facto adoption?
A de facto adoption is where a child who has been fully integrated into a family but the relationship between the child and the family is not recognised l...
updates
What is the nanny tax in California?
Household employers have four primary tax responsibilities. These are sometimes referred to as the California nanny tax obligations: 1. Withhold Social Se...
