Andrew Coleman
Articles
SECURE 2.0 Act changes impact Form W-2 reporting for businesses
The IRS has issued a reminder that changes under the SECURE 2.0 Act, effective from tax year 2023, may affect how businesses report certain amounts on Forms W-2. The new provisions under the act introduce several features designed to encourage employee p...
Understanding the Jock Tax: What athletes and remote workers need to know
Professional athletes, entertainers, and even some remote workers often find themselves facing a peculiar tax known as the "jock tax." This tax applies to income earned outside their home state or city, adding an extra layer of complexity to their financial planning. Let’s break down what the jock tax is, who it affect...
Estimated taxes: who must pay and due dates
Disclaimer This article is for informational purposes only and does not constitute legal or tax advice. Always consult with a tax professional for your specific circumstances. ...
IRS Form 1040 Schedule B: Understanding Interest and Ordinary Dividends
The tax landscape is filled with numerous forms, each serving a specific purpose. Among these, IRS Form 1040 Schedule B often stands out as a source of confusion for many taxpayers. This form, which deals with interest and ordinary dividends, is more than just another piece of paper - it's a crucial component of your tax return....
Tax Forms 8805 & 8804: Foreign Partner's Information Statement of Section 1446 Withholding Tax
When a U.S. partnership involves foreign partners, it's crucial to understand the tax implications and reporting requirements. Forms 8805 and 8804 play a pivotal role in ensuring that foreign partners meet their U.S. tax obligations. Let's delve into the specifics of these forms and th...
Form 1118: A comprehensive guide for corporations seeking foreign tax credits
One of the essential tax forms that corporations with foreign operations should be familiar with is Form 1118. This form allows U.S. corporations to claim foreign tax credits, ensuring they aren't taxed twice on the same income. ...