Category: Uncategorized
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Applicable Federal Rates
Applicable Federal Rates Applicable Federal Rates for 2016 Short Term Rates for Jan. (2016): Annual: 0.75% ; Semiannual: 0.75% ; Quarterly: 0.75% ; Monthly: 0.75% Short Term Rates for Feb. (2016): Annual: 0.81% ; Semiannual: 0.81% ; Quarterly: 0.81% ; Monthly: 0.81% Short Term Rates for March (2016): Annual: 0.65% ; Semiannual: 0.65% ; Quarterly:…
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Federal Underpayment Interest Rates
Federal Underpayment Interest Rates Interest on underpayments of federal tax must accrue interest, compounded daily, at rates published quarterly by the Internal Revenue Service in accordance with section 6621 of the Internal Revenue Code. (See Rev. Proc. 95-17, 1995-1 C.B. 556, for rules on how to calculate compounded interest.) The interest rate that applies to…
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General Information
General Tax Information Tax Research Resources Tax Research Resources General Information Tax Rate Schedules Amended Returns Backup Withholding Checklist of Common Errors When Preparing Your Tax Return Common Tax Scams Coverdell Education Savings Accounts Disclosure Authorizations Extensions of Time to File Your Tax Return Frequently Asked Tax Questions Highlights of Tax Changes Penalty for Underpayment…
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Decedent’s Estates
Decedent’s Estates Income Taxation of Decedent’s Estates A decedent’s estate is a separate legal entity for federal tax purposes. A decedent’s estates comes into existence at the time of death of an individual. A decedent’s estate figures its gross income in much the same manner as an individual. Most deductions and credits allowed to individuals…
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Topical Index
Topical Index General Topics Adjustments to Income 401K Alimony Education Expense Educator Expense Extenders Health Insurance Moving Expense Student Loan Interest Business / General Appeals At-Risk Rules Accrual Basis Cash Basis Draws Employer ID Number Liquidation NOL RE Pro Business Expenses Amortization Bad Debt Business Expenses Depletion Depreciation Domestic Production Activities Deduction Entertainment Fringe Benefits…
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IRS Publications
IRS Publications General Information Publications – How to Order Publications by Date List of IRS Publications Publication 1 – Your Rights as a Taxpayer Publication 3 – Armed Forces’ Tax Guide Publication 5 – Your Appeal Rights and How To Prepare a Protest If You Don’t Agree Publication 15 – Employer’s Tax Guide Publication 15-A…
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Tax Court Decisions
Tax Court Decisions “When the IRS determines a deficiency, the taxpayer can litigate the matter in any one of three courts: the Tax Court, a federal district court, or the Claims Court. [footnote omitted] If the first route is chosen, the taxpayer can litigate without paying in advance; to litigate in the district court or…
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IRS Headliners
IRS Headliners Introduction IRS Stakeholder Headliners are intended to provide alerts or reminders to taxpayers and tax professionals about tax matters and issues. For more authoritative information, readers are encouraged to review the materials cited or referenced in the Headliners. IRS Headliners available When IRS Headliners are not yet available on the American Tax Encyclopedia…
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Private Letter Rulings
Private Letter Rulings Definition of Private Letter Rulings Private Letter Ruling means: a reply from the U.S. Internal Revenue Service regarding the tax treatment of a proposed transaction. At one time, private letter rulings were unpublished, but they have been made public information and are later published by several private companies. Nonetheless, only the party to…
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General Counsel Memoranda
General Counsel Memoranda General Counsel Memoranda are documents prepared by the Office of the Chief Counsel that “contain the reasons behind the adoption of revenue rulings, private letter rulings, and technical advice memoranda” and have “important precedential value in determining future tax questions.” Taxation With Representation Fund v. IRS, 485 F.Supp. 263 at 266 (D.D.C.…