Tag: MI
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Minor
Minor means:a person under the age of majority specified by law (18-21 years, depending on the state). Certain contracts, if entered into by a minor, are voidable by the minor. The other party is bound; only the minor may void them. For purposes of the kiddie tax, a minor is anyone under age 14….
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Mileage Allowance
Mileage Allowance means:a provision that permits an automobile expense deduction based on a standard rate per mile, for people who use their cars for business, medical, charitable, moving, or educational purposes. For example, the moving and medical expense mileage allowance is 9^ per mile for e…
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Mitigation Provision
Mitigation Provision means:a provision that allows correction of an error in a closed year even though the statute of limitations has run out for that year. IRC (check if this IRC provision is current here) § 1311….
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Millage Rate
Millage Rate means:a tax rate applied to property. Each mill represents $ 1 of tax assessment per $1,000 of assessed property value. Example of Millage Rate: Learn more about tax examples, explanations and calculations here</a…
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Military Personnel
Military Personnel means:persons serving in the U.S. armed forces; they receive a number of benefits such as housing and cost-of-living allowances and tax-free pay during combat zone service….
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Minimum Funding Standard
Minimum Funding Standard means:the minimum amount an employer must contribute at any given time to properly fund a qualified plan, especially a defined-benefit pension plan. Two basic actuarial methods apply to a defined-benefit plan: the accrued-benefit and the projected-benefit methods. For a …
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Miranda Warning
Miranda Warning means:the warning a special agent is required to give to a taxpayer, namely, “Under the Fifth Amendment to the Constitution, I cannot compel you to answer any questions or submit any information if such answers or information might tend to incriminate you in any way. I also advis…
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Mirror Subsidiary Acquisition Technique
Mirror Subsidiary Acquisition Technique means:the use of mirror subsidiaries to overcome the carryover basis of IRC (check if this IRC provision is current here) §334(b), which requires a parent company to carry over a subsidiary co…
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Minimum Participation Requirement
Minimum Participation Requirement means:the requirement of a minimum age or completion of a minimum period of service before an employee can participate in a retirement plan….
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Minimum Tax
About Minimum Tax: In certain countries or jurisdictions, companies or corporations are always liable to a certain amount of annual tax, regardless of whether they have realized a profit. See alternative minimum tax….