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 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 Agriculture, Forestry, and Fishing Crop production 111100 – Oilseed & grain farming 111210 – Vegetable and … Read more
IRS Documents Officially Published IRS Documents The Internal Revenue Bulletin/Cumulative Bulletin The IRS produces many documents, most of which are … Read more
Federal Underpayment Interest Rates Interest on underpayments of federal tax must accrue interest, compounded daily, at rates published quarterly by … Read more
Revenue Rulings Overview A revenue ruling is an official interpretation by the IRS of the Internal Revenue Code, related statutes, … Read more
Technical Advice Memoranda Overview A technical advice memorandum, or TAM, is guidance furnished by the Office of Chief Counsel upon … Read more
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, commonly referred to as Federal tax regulations, pick up where the Internal Revenue Code … Read more
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…
Federal Income Tax Documents Federal Tax Research: Documents and Resources The following entry describes the main types of federal income … Read more