Category: US Taxation

Each tax year, the Internal Revenue Service (IRS) reviews and updates various deductions and credits on Form 1040. For the 2025 tax year, many of these changes reflect inflation adjustments, while others remain unchanged due to statutory limitations or pending...

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For the 2025 tax year (filed in 2026), the IRS has raised the Foreign Earned Income Exclusion (FEIE) from $126,500 to $130,000. This is a welcome update for U.S. citizens and resident aliens working abroad, allowing more of their foreign-earned...

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The Foreign Earned Income Exclusion (FEIE) is a critical tax benefit for U.S. citizens and resident aliens living and working abroad. It allows eligible individuals to exclude a portion of their foreign earned income from U.S. taxation, reducing or even...

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The Internal Revenue Service (IRS) has implemented a notable update to its e-filing system for tax year 2025: taxpayers can now electronically file Form 1040 returns that include foreign dependents previously claimed, provided the taxpayer uses a valid Identity Protection...

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The Internal Revenue Service (IRS) continues to enhance its security measures to protect taxpayers from identity theft. One of the most powerful tools in its arsenal is the Identity Protection Personal Identification Number (IP PIN). For the 2025 tax year,...

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In a significant and welcome update for small partnerships, the IRS has expanded the domestic filing exception for Schedules K-2 and K-3 for tax year 2025. These schedules, originally introduced to improve international tax compliance and transparency, placed a heavy...

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The Earned Income Tax Credit (EITC) is one of the most powerful refundable tax credits available for low- and moderate-income workers and families. For 2025, the IRS has increased both the maximum credit and income limits—offering a meaningful boost to...

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The Earned Income Tax Credit (EITC) is one of the most significant refundable tax credits available to low- and moderate-income working individuals and families. Designed to incentivize work and reduce poverty, the EITC can substantially increase a taxpayer’s refund or...

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As tax regulations evolve, so do the forms and procedures used to report income, claim deductions, and determine tax liabilities. The IRS has made several updates to Form 1040 for the 2025 and 2026 tax years, aligning it with inflationary...

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The Corporate Alternative Minimum Tax (CAMT), introduced under the Inflation Reduction Act of 2022, represents a significant shift in the U.S. corporate tax landscape. Beginning in 2023, the CAMT imposes a minimum 15% tax on the adjusted financial statement income...

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