Child Tax Credit (CTC) Temporary changes made to the nation’s tax laws as part of a coronavirus relief package in 2021, resulted in many Americans receiving additional Child Tax Credit relief in monthly payments. For the year 2023, these credits have gone through a reset. Before we dive into the changes, let us understand what a Child Tax Credit (CTC) means for us. What is the Child Tax Credit? As the name suggests, it is a tax credit designed to help taxpayers support their families. This credit helps families of a qualified dependent child to reduce their tax liability. Here's some key items for taxpayers to consider be..
Read more »

What is an FBAR As Per the Bank Secrecy Act, every year you must report certain foreign financial accounts to the Treasury Department and keep records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114. Those who must file an FBAR and fail to timely file a complete and correct FBAR may be subject to civil monetary penalties, criminal penalties, or both. A financial account maintained with a financial institution located outside of the U.S. is a foreign financial account. It is the location of the account, not the nationality..
Read more »

Individual Taxpayer Identification Number (ITIN)

 

What is an ITIN

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have and are not eligible to obtain a Social Security number (SSN) An ITIN does not: • Authorize you to work in the U.S. • Provide eligibility for Social Security benefits • Qualify a dependent for Earned Income Tax Credit Purposes  

Who n..
Read more »

Bitcoin is a crypto currency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administ..
Read more »

As you all know, The President has signed into law on December 22, 2017, represents the most significant changes in tax law in more than 30 years. Whether you gain or loose from the taxes, you will be interested in knowing how these will impact you:

Here is the gist: Standard deduction and Exemption • Standard deduct..
Read more »

If you are an NRI (Non Resident Indian), you need to file your income tax returns if you fulfill any of these conditions:

• Your taxable income in India during the year was above the basic exemption limit, i.e. Rs. 250,000
• You have earned short-term or long-term capital gains from sale of any investments or asset..
  Read more »

An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. Taxes are complex and gray areas abound. So, if you think that you filed taxes and reported everything, still there is a chance of getting Audited by IRS. Selection of Audit..
Read more »

Please note: The due date for Financial Bank and Financial Accounts FBAR Filing for financial accounts maintained during calendar year 2016 is April 18, 2017, consistent with the Federal income tax due date. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The Act also mandates a maximum six month extension of the filing deadline. To..
Read more »