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 […]

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…

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…