global affairs
Do you have to pay back a sign on bonus?
A signing bonuses or sign-on bonus is incentive pay offered by an employer to encourage a new employee to join the employer’s workforce. However, without ...
Category: Global Affairs
global affairs
Are amounts reported on 1099-LTC taxable?
For Contracts That Are Not Tax Qualified: We are required to report to the Internal Revenue Service on Form 1099-LTC the gross amount of long-term care be...
global affairs
Are divorce settlements tax free?
Capital gains and losses related to the dissolution of a marriage or de facto relationship are exempt from capital gains tax. The law also provides for ce...
global affairs
What is considered a loss in an LLC?
If your costs exceed your income, you have a deductible business loss. You deduct such a loss on Form 1040 against any other income you have, such as sala...
global affairs
Is income an interest income?
Where is the interest income presented? Interest income is usually taxable income and is presented in the income statement. The profit or for the simple r...
global affairs
When to file an estate tax Form 1041?
File estate tax Form 1041 in the year the estate closed. Make sure you mark the Final return box on the face of the return. Also, check the Final K-1 box ...
global affairs
Can I get paid to take care of my uncle?
5) California’s Paid Family Leave Act The Paid Family Leave (PFL) Act allows relatives to take time off from their job to care for a family member. They c...
global affairs
Does form 1310 need to be mailed?
You do not need to file Form 1310 to claim the refund on Mr. Green’s tax return. If the original return was filed electronically, mail Form 1310 to the In...
global affairs
What is the tax treatment of the vacant land?
A vacant land with no construction on it will not be considered as a land appurtenant. Only land attached to a building would be considered as Land appurt...
global affairs
Can I deduct private school expenses?
The Internal Revenue Service doesn’t allow you to deduct private school tuition to lower your federal tax liability. But in some states, like Arizona, you...
global affairs
What is the intermediary of a company?
What are intermediaries in business? A business intermediary acts as a liaison between manufacturers and consumers. Business intermediaries are external p...
global affairs
Does husband get pension if wife dies?
(i) Family Pension is payable to widow or widower up to the date of death or re-marriage, whichever is earlier. (ii) Family pension will continue to be pa...
global affairs
Are there estate taxes on trusts?
They give up ownership of the property funded into it, so these assets aren’t included in the estate for estate tax purposes when the trustmaker dies. Irr...