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The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the United States Department of ...
A foreign tax credit (FTC) is generally offered by income tax systems that tax residents on worldwide income, to mitigate the potential for double taxation. The credit may also be granted in those systems taxing residents on income that may have been taxed in another jurisdiction. The credit generally applies only to taxes of a nature similar ...
Section 6109(a) of the Internal Revenue Code provides (in part) that "When required by regulations prescribed by the Secretary [of the Treasury or his delegate] [ . . . ] [ . . . ] Any person required under the authority of this title [i.e., under the Internal Revenue Code] to make a return, statement, or other document shall include in such return, statement or other document such identifying ...
The Federal Trade Commission (FTC) issued a final order on Jan. 22, that Intuit, the maker of TurboTax, engaged in "deceptive advertising in violation of the FTC Act." It added that it "deceived...
Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040. A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if ...
Main article: Form 1040. As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for ...