science and technology
How do I know if I qualify for economic impact payment?
Eligible individuals will receive an Economic Impact Payment of $1,200, or $2,400 if married filing jointly, with an adjusted gross income (AGI) up to: $7...
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data and analysis
What is IRS reportable transaction?
A reportable transaction is a transaction described in one or more of the following categories. Listed Transactions. A listed transaction is a transaction...
culture and society
When do I have to take a RMD from my IRA?
We call it the RMD solution. Starting at age 72, retirees must take required minimum distributions from their traditional IRAs, based on the balance in th...
media and communication
Can capital gains be split between spouses?
You can’t just split a capital gain 50/50 with your spouse. Simply stated, the Attribution Rules say that when you transfer or loan property to your spous...
health and wellbeing
What happens to international students after they graduate?
One of the ways that students can stay in the US on an F-1 visa after graduation is with an OPT extension. The post-completion OPT allows recent graduates...
global affairs
How do you set up a Sage account?
Create a Sage login Visit > Sign in > My Sage > Create a Sage login. Enter your name, email address and password. You’ll receive an email to conf...
global affairs
Do I need to file a city of Columbus tax return?
Do I need to file a Columbus return? No, but if you had a filing requirement with Columbus in the prior year and received a pre-encoded form for the curre...
environment and climate
Who pays taxes on a grantor irrevocable trust?
Trusts are subject to different taxation than ordinary investment accounts. Trust beneficiaries must pay taxes on income and other distributions that they...
education and learning
Are partners expenses tax deductible?
A partner’s expenditure only qualifies for relief if it is incurred “wholly and exclusively” for the purposes of the partnership. Therefore deduction for ...
civics and society
Which is correct I am yet to receive or I have not?
The sentence: “I am yet to receive” is grammatically incorrect because you want to say: “I have yet to receive his reply” You could also say: “I am not ye...
media and communication
What are the three accounts of the balance of payments?
The BOP statement divides international transactions into three accounts: the current account, the capital account and the financial account. What is the ...
news
What is the latest date for filing federal income tax?
Due to the COVID-19 pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. In addi...
science and technology
Do you get 500 for each dependent?
Therefore, if you have a dependent college student who is up to the age of 24, you could qualify for a $500 Child Tax Credit. If you have more than one ch...