Archives for Tax Credits

Congress extends Medicaid and education funding at expense of multinational corporations

Just read an excellent update on the new bill that passed on 8/10/2010 in the House, still subject to Senate vote.  Quick summary: Medicaid / Education funding for states passed Continual erosion of ability to get foreign tax credits for multinationals or even taxpayers with multiple foreign corps.  Foreign tax credits prevent the double taxation of US and foreign taxes.  For example if your US corp owns a UK corp, that US corp may have
Continue Reading

Alternative vehicle tax credits

Please check out the IRS website for the alternative vehicle credits.  There are credtis for hybrids, electric, clean diesel, fuel cell vehicles.  Keep in mind depends on quotas.  Talk with your tax advisor to see if the quota has been met for that vehicle.  Credits seem to be best on electric vehicles. Credits range from $500 to $4,000. http://www.irs.gov/businesses/corporations/article/0,,id=202341,00.html
Continue Reading