Tax

Tag: FA

  • Failure-to-furnish-identification-number Penalty

    Failure-to-furnish-identification-number Penalty means:a penalty of $50 per return imposed on tax return preparers. Former IRC (check if this IRC provision is current here) §6695(c)….

  • Failure-to-supply-social-security-number Penalty

    Failure-to-supply-social-security-number Penalty means:a penalty of $50 assessed for each time a person fails to include his or her Social Security number where required on a return, statement, or other document, or fails to provide his or her Social Security number to another person when it is …

  • Family Trust

    Family Trust means:a so-called B trust; complement of the A trust (marital deduction trust)….

  • Failure-to-file-correct-information-return Penalty

    Failure-to-file-correct-information-return Penalty means:a sliding-scale penalty imposed on a taxpayer and based on when, if at all. the correct information return is filed. The amount of the penalty is $15, $30, or $50 per tax return. Former IRC (check <a href="http://lawi.us/internal-revenue-c…

  • Farm-price Method

    Farm-price Method means:an elective method of valuing farm inventory at market price less the direct cost of disposition. Once elected, the method must be applied to the entire inventory except livestock (which may be inventoried by the unit-livestock-price method). Former Tax Regulation (check …

  • Fair Rental Value

    Fair Rental Value means:an amount (the fair rental value) (including utilities and certain other costs) of church-owned housing and/or portions of a household/ furnishings that a minister, rabbi, or priest may exclude from gross income for income tax purposes. However, these income items are inc…

  • Failure-to-file Penalty

    Failure-to-file Penalty means:the penalty assessed on a tax return not filed by the due date (including extensions). The penalty, based on the tax not paid by the original due date, is usually 5% for each month, or part of a month, that the return is late, up to a maximum of 25%. Former IRC (che…

  • Face Value

    Face Value means:the value indicated in the wording of an instrument. For example, the face value of a bank check is the amount for which the check is written. The interest rate of a bond refers to the face value, not the fair market value. Face value is also called par value or nominal value….

  • Faculty Housing

    Faculty Housing means:university-provided housing for professors and other employees. Although such housing could be considered a fringe benefit and thus a form of income, its value is tax free when adequate rent is paid. The required minimal rent is the lesser of 5% of the appraised value of th…

  • Facts and Circumstances Test

    Facts and Circumstances Test means, in applying a rule of law all facts and circumstances should be considered….