Lend someone money at zero interest, and you don't make any profit from the deal. Therefore, you might assume that the loan doesn't have any tax implications for you. In many cases, though, you'd be wrong. The tax code expects you to charge a certain amo
355 tax-free spin-off. The new rules also address whether a corporation is engaged in a trade or business through attribution of trade or business assets and activities from a partnership.EBSCO_bspFederal Tax Course Letter
An IRS rule can sometimes be used (but not abused) to claim tax-free rental income on your home.
You see, the IRS is in the business of enforcing the gargantuan list of rules and regulations that make up our country’s tax code, punishing those who break these rules with fines, liens, and even prosecutions. And according to the most recent release of theIRS Criminal Investigation Annual...
Effective January 1, 2025, the proposed regulations aim to align digital asset tax reporting with traditional financial instruments.
Don't miss:Best tax software for small business owners in 2023: Save time filing and get your maximum refund The new "$600 rule" Under the new rules set forth by the IRS, if you got paid more than $600 for the transaction of goods and services through third-party payment platforms, ...
I get asked this question a lot every tax season and the answers is usually, “it depends.” The processing engine is similar across most of them (after all tax rules are the same for all) but they do differ on usability, premium features and availability of “liv...
“We will likely have a three-year window of tax rules that are reasonably certain,” said Koepp. “As a result of the mid-term elections, divided government could both reduce market volatility and the likelihood of significant tax legislation.” Changes in 20...
IRA transfers must be made within 60 days to avoid tax penalties. The required minimum distribution may not be transferred over. You can take money out of your traditional IRA without penalty at the age of 59½. Understanding IRA Transfers ...
A 1040 tax return form from the IRS, which warned on Tuesday that thousands of taxpayers could face criminal prosecution for filing false returns.(iStock / iStock) The Fuel Tax Credit is designed for off-highway business and farming use, the IRS said, and taxpayers who claim the credit a...