Tax

Tag: Featured

  • Audit

    Tax Audit Audit means: an examination and verification, in a taxation context, of a taxpayer's books and records by the U.S. Internal Revenue Service. Examination and verification carried out by an outside agency (such as an accountancy firm or the tax authorities) of a taxpayer's books and […]

  • Estate Tax

    Estate Tax means: the amount due to the government, generally based on the fair market value of one's property at death, less liabilities. The federal estate tax and gift tax have been unified, and one unified credit applies to the sum of the property given during one's lifetime and remaining […]

  • Principal Business Activity Codes

    Principal Business Activity Codes Agriculture, Forestry, and Fishing Crop production 111100 – Oilseed & grain farming 111210 – Vegetable and melon farming 111300 – Fruit & tree nut farming 111400 – Greenhouse, nursery, & floriculture production 111900 – Other crop farming (tobacco, cotton, etc.) Animal production 112111 – Beef cattle ranching & farming 112112 –…

  • IRS Documents

    IRS Documents Officially Published IRS Documents The Internal Revenue Bulletin/Cumulative Bulletin The IRS produces many documents, most of which are published in the weekly Internal Revenue Bulletin (IRB). The IRB has four main parts: the Code (which includes revenue rulings, final regulations, and Supreme Court tax decisions relating to the provisions of the IRC); Treaties…

  • 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…

  • Revenue Rulings

    Revenue Rulings Overview A revenue ruling is an official interpretation by the IRS of the Internal Revenue Code, related statutes, tax treaties and regulations. It is the conclusion of the IRS on how the law is applied to a specific set of facts. Revenue rulings are published in the Internal Revenue Bulletin for the information…

  • Technical Advice Memoranda

    Technical Advice Memoranda Overview A technical advice memorandum, or TAM, is guidance furnished by the Office of Chief Counsel upon the request of an IRS director or an area director, appeals, in response to technical or procedural questions that develop during a proceeding. A request for a TAM generally stems from an examination of a…

  • Internal Revenue Code

    About Internal Revenue Code: The Internal Revenue Code Of 1986 (IRC) is an enactment or legislation passed by Congress that specifies what income is to be taxed, how it is to be taxed, and what may be deducted from taxable income. Court cases, regulations, revenue rules, and revenue procedures attem…

  • Treasury Regulations

    Treasury Regulations Treasury Regulations Treasury Regulations, commonly referred to as Federal tax regulations, pick up where the Internal Revenue Code (IRC) leaves off by providing the official interpretation of the IRC by the U.S. Department of Treasury. Index of the Treasury Regulations CHAPTER I – INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY Subchapter A –…

  • Exclusion

    Exclusion means:an amount that would otherwise constitute a part of gross income, but is excluded under a specific provision of the Internal Revenue Code. Some major exclusions are gifts, inheritance, life insurance proceeds, scholarships, and lodging or meals furnished for the convenience of th…