Low-income tax filers and families should especially take a close look at tax credits while they file their tax returns. The ...

The Eleventh Circuit Court of Appeals recently held that a life insurance company did not breach its fiduciary duties by retaining the benefits ...

As is evident, the revenue is aggrieved by grant of foreign tax credit (FTC) despite the fact that Form No.67 was not filed by the assessee within due date of filing of return of income. Having heard ...

A common strategy many wealth management firms recommend is ensuring that as much as 30% of your portfolio includes foreign ...

In the case of Narendra Vishnubhai Mistry vs. ITO, the Ahmedabad ITAT addressed whether procedural delays in filing Form 67 could bar a taxpayer from claiming Foreign Tax Credit (FTC). The assessee ...

Something to be aware of I have just discovered. Elements by IRIS follows general guidelines for calculating Foreign Tax Credit Relief as included in HMRC helpsheet 263, but does not automatically ...

U.S. taxpayers with foreign income face a complex interplay of tax obligations, including the potential to offset foreign taxes paid against their U.S. tax liability through the foreign tax credit ...

Languages: English. The Child Tax Credit has helped to reduce poverty and improve the quality of life for millions of children. According to research from the U.S. Census Bureau, it lifted 2.1 ...

The U.S. is moving to curb imports of used cooking oil, preventing foreign supplies used to make biofuels from qualifying for a lucrative tax credit. In long-awaited guidance, U.S. Treasury ...

The activities of a US company’s foreign subsidiary shouldn’t be attributed to the US parent in sourcing its services income for purposes of determining limitations on its use of the foreign tax ...

Donald Trump has had a remarkably vocal pre-presidency, particularly on foreign policy. Against the background of a no less astonishing silence from President Joe Biden, Trump has threatened to ...

With a new child, your taxes will get more complicated. On the flip side, however, you may qualify for several new tax credits and deductions. The first order of business is to make sure your ...