Tax

Tag: FA

  • Fair Labor Standards Act

    Description and Definition of Fair Labor Standards Act A key federal law protecting workers, it established the minimum wage and the 40-hour work week. It also states that workers get 1.5 times regular hourly pay if they work more than 40 hours in a week. Resources See Also Further Reading […]

  • Fair Market Value

    About Fair Market Value: Fair Market Value (FMV) is the price at which an item would be sold at retail by a willing seller to a willing buyer. The price a willing buyer would pay a willing seller in a transaction on the open market. For stocks and bonds, this generally is the mean value…

  • Farm

    Farm means:a category that, for federal tax purposes, includes livestock, dairy, fish, poultry, fur- bearing animals, truck farms, orchards, plantations, ranches, nurseries, ranges, and structures such as greenhouses used primarily for the raising of agricultural or horticultural […]

  • Failure-to-furnish-tax-shelter-registration-number Penalty

    About Failure-to-furnish-tax-shelter-registration-number Penalty: A penalty of $100 imposed on a person who sells or otherwise transfers an interest in a tax shelter and fails to report the tax shelter registration number. A person who claims any deduction, credit, or other tax benefit from a tax sh…

  • Failure-to-retain-copy-or-list-of-tax-returns-prepared Penalty

    Failure-to-retain-copy-or-list-of-tax-returns-prepared Penalty means:a $50 per return penalty, up to $25,000 a year, imposed on tax return preparers. Former IRC (check if this IRC provision is current here) §6695(d)….

  • Family Estate Trust

    Family Estate Trust means:a grantor trust to which an individual (the grantor) transfers personal assets and the right to income in exchange for use of the assets and compensation. The trust is effectively not recognized as a separate taxpayer by the U.S. Internal Revenue Service, and all income…

  • Failure-to-pay Penalty

    Failure-to-pay Penalty means:a penalty assessed at 0.5% of unpaid taxes for each month, or part of a month, after the due date when the tax is not paid, up to a maximum of 25%. Former IRC (check if this IRC provision is current here)…

  • Failure-to-sign-a-tax-return Penalty

    Failure-to-sign-a-tax-return Penalty means:a penalty of S50 per return, up to a maximum of $25,000 per year, imposed on tax return preparers. Former IRC (check if this IRC provision is current here) §6695(b)….

  • Failure-to-furnish-correct-payee-statement Penalty

    Failure-to-furnish-correct-payee-statement Penalty means:a penalty of $50 per return. Payee statements include the various Forms W-2 and 1099. The failures include: • any failure to furnish a payee statement before the date prescribed. • any failure to include all information required …

  • Failure-to-furnish-a-copy-of-tax-return-to-taxpayer Penalty

    Failure-to-furnish-a-copy-of-tax-return-to-taxpayer Penalty means:a penalty of $50 per return, up to a maximum of $25,000 a year, imposed on tax return preparers. Former IRC (check if this IRC provision is current here) §6695(a)….