Archive: income

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Tax Compliance Series for Construction Contractors: Lookback

In part one of our six-part series on tax compliance, we explored the various methods of accounting common to construction companies. Today, we take a closer view at lookback. When the IRC Section 460 was enacted in 1986, the IRS determined that it was possible for contractors to abuse the new reporting requirements and intentionally […]
June 24, 2015

The Basics to Know About Foreign Tax Credits

1. Foreign Taxes Paid by a U.S. Company Conducting Business Activities Directly in a Foreign Country or through a Foreign Branch C Corporation – A U.S. company that is a C corporation which conducts business in a foreign country directly or through a foreign branch may claim a foreign tax credit for foreign taxes paid […]
October 25, 2012

Jurisdiction to Tax Income Earned in a Foreign Country

If a U.S. company performs a contract, provides services or does some type of work directly in a foreign country or through a branch in a foreign country, foreign tax could be imposed on the revenue earned in that country. If the United States has a tax treaty with the foreign country, the business profits […]
October 18, 2012