Tax

Category: P

  • Par Value

    Par Value means:the stated value of a negotiable instrument, stock, or bond, as opposed to its actual value on the open market. Assigned value printed on a share certificate. Face value….

  • Prudent Man Rule

    Prudent Man Rule means:the standard adopted by the U.S. Internal Revenue Service and some U.S. states to guide persons with responsibility for investing the money of others. Such fiduciaries (executors of wills, trustees, bank trust departments, and administrators of estates) must act as a prude…

  • Private Ruling

    About Private Ruling : Tax (private) ruling granted by the tax authorities to a single taxpayer, usually with respect to a single transaction or series of transactions. Normally the ruling can be relied upon only by the taxpayer to whom it is issued, not by other taxpayers, and is binding upon the t…

  • Partnerships.

    About Partnerships.: A partnership's nonrecourse financing may increase a general or limited partner's (see Limited Partnership) amount at risk provided that the financing is qualified nonrecourse for both the partner and the partnership. However, the amount treated as at risk cannot be more than th…

  • Proposed Regulations

    The Proposed Regulations are. tentative regulations issued by the U.S. Treasury Department to give interested parties time to respond. Courts tend to give no legal validity to proposed regulations. Temporary regulations are also issued as proposed regulations. An entry about U.S. Treasury Department…

  • Periodic Payments

    The Periodic Payments are. retirement benefits paid out over more than 1 year. Withholding from periodic payments of a pension or annuity is calculated the same way as withholding from salaries and wages….

  • Professional Expenses

    The Professional Expenses are. expenses that, when incurred by a self-employed person, are allowable on Schedule C. Professional expenses include, for example, dues paid to professional societies and subscriptions to professional journals. Similar expenses incurred by an employee would be classified…

  • Personal Allowances

    The Personal Allowances are. exemptions from withholding for a taxpayer, spouse, and dependents, used in calculating the amount of income tax to be withheld from periodic wage payments. Personal allowances are granted to individuals as deductions from income in computing their taxable income. There …

  • Payroll Taxes

    The Payroll Taxes are. amounts collected from the salary or wages of employees, including federal withholding taxes, state withholding taxes, FICA, Medicare, and FUTA. Tax charged on an employer's payroll (i.e. gross salaries, wages and other remunerations) paid to his employee without regard to the…

  • Prepaid Interest

    Prepaid Interest means (see more about entries related to interest in the U.S. here) interest paid in advance of the time it is earned. Prepaid interest is not tax deductible. An exception is made for customary points paid by a borrower on the initial mortg…