Category: R

Reconsideration means:the first level of appeal by a person who disagrees with a Social Security Administration decision on a disability claim. Reconsideration entitles the worker to have a decision reviewed by individuals other than those who made the decision….

Recovery of Capital Doctrine means:the doctrine that no income is subject to tax until a taxpayer has recovered any invested capital. For example, a seller of stock can reduce his or her gross receipts (i.e., the selling price) by the adjusted basis of the stock sold. Doyle v. Mitchell Bros. Co….

Removal Costs means:the costs of demolishing and removing equipment. Removal costs are not capital expenditures and are currently deductible even if the equipment is replaced by a similar asset in the same location….

Responsible Person means:the person responsible for deciding how the funds of a business are to be spent, including payment of all employment taxes due the government. A penalty is imposed upon the person who is required to collect, truthfully account for, and pay over employment taxes but willf…

Reimbursement means:the payment of an employee or another party for incurred expenses or losses. The payment of an employee or another party for incurred expenses or losses. For example, an employer may reimburse an employee for travel and entertainment expenses, thereby making such expenses ded…

Remainder means:the part of an estate or trust that is left upon the termination of the immediately preceding estate (often a life estate or estate for a term of years) or trust and that does not amount to a reversion to the original grantor or his or her heirs. Example of Remainder: <a href="h…

Recovery Period means:the number of years (e.g., five years for an automobile) over which the cost of an asset may be depreciated….

Reasonable Cause means:the means by which a taxpayer or tax return preparer can avoid an applicable penalty or other sanction.The late filing and late payment penalties set forth in G. L. c. 62C, s. 33(a) – (c) may be waived or abated if a taxpayer demonstrates that the failure to file or pay re…

Residency Termination Date means:the last day an alien is present in the United States during a calendar year if (1) the alien had a closer connection to a foreign country than to the United States for the remainder of that year, and (2) the alien's tax home was in that foreign country for the r…