Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. The IRS charges taxes on certain gifts that people make during the year. Learn about the IRS rules for Gift Tax with help from TurboTax in th
(IRS) approval of unlimited tuition exclusion for prepaid tuition. Ways grandparents can get more out of their estate than just one year's tuition without any gift tax; Details on the IRS technical advice memorandum on unlimited tuition exclusion for prepaid tuition; How to qualify for the ...
The Internal Revenue Service (IRS) is the division of the U.S. Treasury Department tasked with enforcing theInternal Revenue Code(IRC), administering federal tax laws, and collecting federal taxes from U.S. individual and corporate taxpayers. The IRS collectsgift,excise,estate, and income taxes,...
The term “tax benefit” refers to any tax law that helps you reduce yourtax liability. Benefits range from deductions and tax credits to exclusions and exemptions. They cover various areas, including programs for families, education, employees, and natural disasters. Some tax benefits are related...
Carrie Brandon Elliot explains the treatment of 25-percent-owned domestic subsidiaries in determining passive foreign investment company status, along with antiabuse rules and proposed safe harbors.Show All Sign up for a free trial to access more content. A 7-day trial subscription is an easy way...
Very often the IRS asks taxpayers to "prove" certain items on their tax returns. A recent court case clarifies how much time the IRS has to request this proof for gift-tax returns. A discussion of this case, and a suggestion on how to better prove payment of income taxes, are contained...
Tax Turkey to Avoid #4: Overlooking alternative ways to give to charity Thursday, November 28, 2024 In addition to donating cash to your favorite charity, there are other ways to give. Here are three alternative charitable giving options. (Photo by Mark John Hilario) 🦃 Happy 🍗 Thanks...
The article reports on a crackdown on tax deductions, that is said to concentrate on gift records, being undertaken by the U.S. Internal Revenue Service (IRS). It focuses on two Tax Court rulings upholding the decision of the IRS to deny tax deductions to donors who failed to provide pro...
it ensures that you are filing your taxes correctly, reducing the risk of an audit or penalties. Additionally, maintaining compliance builds trust with the IRS and demonstrates your commitment to following tax regulations. By adhering to the rules, you can protect your financial interests and mainta...
I’vebeen arguingfora long timethat we need tax simplification rather than a bigger budget for the IRS. The clowns in Washington have a different perspective, however, and they approvedthe Biden-Harris plantodramatically increase the IRS budgetbecause that supposedly would generate hundreds of billi...