United States Corporate – Income Determination & Deductions
Income Determination Inventory valuation Inventories generally are stated at either cost or the lower of cost or market. Items may be deemed to be sold on a first in first out (FIFO) or
United States Corporate – Tax Administration
Tax period US corporate taxpayers are taxed on an annual basis. Corporate taxpayers may choose a tax year that is different from the calendar year. New corporations may use a short tax year
United States Corporate – Taxes on corporate income
The United States taxes resident corporations at a flat rate of 21%. US taxation of income earned by non-US persons depends on whether the income has a nexus with the United States and
United States Corporate – Tax Credits and Incentives
Foreign tax credit (FTC) Generally, in any year, a taxpayer can choose whether to take as a credit (subject to limitation) or as a deduction foreign income, war profits, and excess profit taxes
United States Corporate – Withholding Taxes
Under US domestic tax laws, a foreign person generally is subject to 30% US tax on the gross amount of certain US-source income. All persons (‘withholding agents’) making US-source fixed, determinable, annual, or
The One Big Beautiful Bill – Myth vs Fact
July 4th, 2025: President Trump has signed the One Big Beautiful Bill into Law No Tax on Tips! On average, Americans will receive about $1,300 more from no tax on tips per year
United States Corporate – Significant Developments
United States (US) tax reform enacted in July 2025 The One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump on July 4, 2025. OBBBA permanently extends, with modifications, certain