With our extensive experience in helping taxpayers with their US taxation matters, the following are examples of the benefits you may not be fully benefiting from:
Domestic Production Activities Deduction
A US taxpayer may claim a deduction against gross income equal to 9% of it qualified production activities income or its taxable income without regard to the deduction (whichever is less). However, the amount of this manufacturing deduction for any tax year may not exceed 50% of the W-2 wages paid by the taxpayer. Are you maximizing the amount of this additional deduction? Just contact us and we can assist you with this benefit.
Foreign Tax Credits
Subject to certain limitations, a US taxpayer is allowed a credit or deduction against US income and alternative minimum tax (AMT) liability for foreign taxes paid or accrued to a foreign country or US possession during the tax year. The credit or deduction is intend to relieve US taxpayers of double taxation on foreign source income. Generally, it is more favorable for a US taxpayer to claim the credit since it is taken against a taxpayer's US tax liability on a dollar for dollar basis. The allocation of certain deductions may limit the amount of credits. If you need assistance with claiming the foreign tax credit, contact us and we will be able to use our expertise to assure compliance with this credit.
Foreign Earned Income Exclusion
A qualifying individual who lives and works abroad may elect to exclude from gross income a certain amount of foreign earned income attributable to her or his residence in a foreign country during a tax year. The maximum amount that can be excluded is $92,900 for 2011 and will be $95,100 for 2012. In order to qualify for this exclusion, a taxpayer has to meet certain tests. Contact us for any assistance you may need concerning this benefit.
Tax Provisions
Publicly traded corporations as well as many private companies are required to calculate the effect of income taxes to be included in their financial statements. With experience with performing these calculations under both ASC 740 (formerly FAS 109) and IFRS, we are able to assist you with your tax provision needs. Contact us today for a free initial consultation.
Domestic Production Activities Deduction
A US taxpayer may claim a deduction against gross income equal to 9% of it qualified production activities income or its taxable income without regard to the deduction (whichever is less). However, the amount of this manufacturing deduction for any tax year may not exceed 50% of the W-2 wages paid by the taxpayer. Are you maximizing the amount of this additional deduction? Just contact us and we can assist you with this benefit.
Foreign Tax Credits
Subject to certain limitations, a US taxpayer is allowed a credit or deduction against US income and alternative minimum tax (AMT) liability for foreign taxes paid or accrued to a foreign country or US possession during the tax year. The credit or deduction is intend to relieve US taxpayers of double taxation on foreign source income. Generally, it is more favorable for a US taxpayer to claim the credit since it is taken against a taxpayer's US tax liability on a dollar for dollar basis. The allocation of certain deductions may limit the amount of credits. If you need assistance with claiming the foreign tax credit, contact us and we will be able to use our expertise to assure compliance with this credit.
Foreign Earned Income Exclusion
A qualifying individual who lives and works abroad may elect to exclude from gross income a certain amount of foreign earned income attributable to her or his residence in a foreign country during a tax year. The maximum amount that can be excluded is $92,900 for 2011 and will be $95,100 for 2012. In order to qualify for this exclusion, a taxpayer has to meet certain tests. Contact us for any assistance you may need concerning this benefit.
Tax Provisions
Publicly traded corporations as well as many private companies are required to calculate the effect of income taxes to be included in their financial statements. With experience with performing these calculations under both ASC 740 (formerly FAS 109) and IFRS, we are able to assist you with your tax provision needs. Contact us today for a free initial consultation.
D&Co
Donahue & Company H1
About Us
At Donahue & Company, we believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to all of our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of training and technical experience.
We provide a variety of services including:
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Tax Return Preparation for corporations, partnerships and individuals
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Tax audit assistance
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Multi-State tax returns
- Domestic Production Activities Deduction
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Delinquent tax returns preparation
- Tax Assessment Assistance
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Foreign Tax Credits for both corporations and individuals Forms 1118 and 1116)
- Foreign Earned Income Exclusion
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Implementation of tax efficient international holding companies tax structures
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Tax planning for outward investments from the US
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Tax planning for inward investment into the US
- Withholding Tax Planning
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U.S. permanent establishment assistance and U.S. tax treaty analysis
- Interest Charged Domestic International Sales Corporations (I/C DISC)
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Expansion into new countries assistance
- Controlled Foreign Corporation Planning, including Subpart F
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Tax provisions assistance under both US GAAP (ASC 740, FAS 109) and IFRS
International Practice Group Welcome Services Benefits Contact Us
