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March 20, 2020

What is the Step Transaction Doctrine?

The Step Transaction Doctrine: Page Contents at a Glance Retired high-income earners who have contributed to a Roth IRA may find calculating income taxes confusing, especially […]
February 14, 2020

What method of accounting should be used for a construction contract?

Percentage of Completion Method Prior to the Tax Reform Act of 1986, the construction industry could choose from various accounting methods with little restrictions.  However, after […]
February 14, 2020

What types of contracts are used in the construction industry?

  Short-Term Contracts A contract that begins and ends within the taxpayer’s taxable year is classified as a short-term contract. Under a short-term contract, construction costs […]
January 30, 2020

What are IRS allowable expenses?

Allowable expenses are the expenses the IRS considers to be necessary in the production of income or to provide for the health and welfare of the […]
January 30, 2020

How do I get a tax lien removed or released?

The easiest and fastest way to get a tax lien released is to pay the tax debt in full. Once the tax debt is paid in […]
June 27, 2019

What is the Branch Profits Tax?

The branch profits tax was implemented to subject the income earned by foreign corporations operating in the United States to two levels of taxation like income […]