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
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...
Explore recent news and coverage regarding PFICs. Browse through a list of articles about U.S. taxpayers and their foreign investments on Tax Notes!
For you to claim them under the qualifying child rules, a tax dependent must meet the above requirements. Dependent rules require the dependent to live with you for more than half of the year. If your child was born or died during the year and lived with you, your home must have been ...
If the tax agency rules are met, the donations also might be tax deductible. But some older philanthropists have another option. They can give part or all of their required minimum distribution, or RMD,... Read more → Posted on Sunday, November 17, 2024 at 03:56 PM in Charity, ...
IRS Simplifies Rules for Payroll Tax DepositsRead the full-text online article and more details about "IRS Simplifies Rules for Payroll Tax Deposits" by Shafroth, Frank - Nation's Cities Weekly, Vol. 15, Issue 40, October 5, 1992Shafroth, Frank...
DC Tax Flash: IRS Issues Proposed Rules on Excise Tax on Aircraft Management Services Tax Alert07.29.2020 The Internal Revenue Service (IRS) today issued proposed regulations on the exemption for amounts paid for certain aircraft management services under Internal Revenue Code section ...
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...
Whether you have to pay for an IRA transfer depends entirely on your financial institution. Each investment firm has its own rules about what fees they charge (or don't charge) for transferring money somewhere else. As such, some firms may charge you for taking your business elsewhere. It'...