45B for the excess employer Social Security tax an employer pays on tips, and the rules for employer reporting of tips under the notice and
According to the tax code, some loans are exempt from the imputed interest rules. These include loans "without significant tax effect" as described in Publication 550 and gift loans of less than $10,000, as long as the money isn't used to buy income-producing assets. What kinds of loans...
To an ordinary, law-abiding citizen, the lengthy process involved in declaring and paying taxes is a nuisance at its worst. However, those who attempt to circumvent or outright break the rules to avoid paying their dues to Uncle Sam are the ones who truly fear this organization. You see, ...
Most donations to places of worship, international relief organizations and war veterans groups are tax-deductible. Learn the IRS rules for charitable contributions, what qualifies and what doesn't.
Those who want to provide feedback and public comment on the matter must do so by May 7. Many service industry workers, like those in restaurants, rely on tips to supplement their hourly pay, which is usually below minimum wage. The IRS previously proposed new rules on reporting payments ov...
P.S. My archive of IRS humor features anew Obama 1040 form, adeath tax cartoon, a list oftax day tips from David Letterman, aReasonvideo, a cartoon ofhow GPS would work if operated by the IRS, anIRS-designed pencil sharpener, two Obamacare/IRS cartoons (hereandhere), acollection of ...
Twitter Google Share on Facebook Internal Revenue Service (redirected fromIrs forms) Thesaurus Legal Financial Encyclopedia Inter′nal Rev′enue Serv`ice n. the division of the U.S. Department of the Treasury that collects internal revenue, including income taxes and excise taxes, and enforces re...
This is against IRS e-file rules. Understand the preparer’s credentials and qualifications. Attorneys, CPAs, and enrolled agents can represent any client before the IRS in any situation. Annual Filing Season Program participants may represent taxpayers in limited situations if they prepared and ...
The Harris-Biden IRS guidance goes on to explain to employers that if they enroll in the program, they will receive liability from the IRS if their employees do not report their tips, “Participating employers receive protection from liability under the rules that...
A complete description of military-specific tax rules can be found inIRS Publication 3, Armed Forces Tax Guide. The IRS website also contains military tax tips and links to resources such asMilTax, a Department of Defense and Military OneSource program that provides free tax return preparation ...