An overview of 501(c)(9) section of the Internal Revenue Code, where Voluntary Employees' Beneficiary Associations (VEBAs) qualify for tax-exempt status.
An accountable plan is an IRS-compliant arrangement wherein employer reimbursements for expenses are excluded from an employee's income, provided they meet specific requirements.
A comprehensive overview of the Accounting and Tax Index, including its historical context, evolution, significance, and its transition to the online database ProQuest Accounting and Tax.
Ad Valorem Tax is a tax proportional to the price of the object being taxed. This article explores the concept, types, applications, historical context, and significance of Ad Valorem Tax.
A historical tax payment method that required companies to pay an advance on corporation tax when distributing dividends. Abolished on 6 April 1999, it has since been replaced by an instalment-based system for larger companies.
An amended return is a form filed to make corrections or adjustments for errors in a previously filed tax return. This entry explains the definition, types, special considerations, examples, historical context, applicability, comparisons, related terms, FAQs, and references.
The Alternative Minimum Tax (AMT) System is designed to ensure that taxpayers pay at least a minimum amount of tax despite deductions and credits.
The Annual Investment Allowance (AIA) allows businesses to offset 100% of their capital expenditure in a year against corporation tax, within set limits.
An in-depth look into balancing charges in corporation tax, including definitions, types, examples, historical context, importance, and considerations.
Explore the concept of the basis period in tax assessment, including its historical context, types, key events, explanations, formulas, importance, applicability, examples, considerations, related terms, comparisons, interesting facts, famous quotes, jargon, FAQs, and more.
An in-depth look at the bed and breakfasting strategy used in financial markets, its historical context, and tax implications.
A comprehensive guide to understanding Benefits in Kind, non-cash benefits provided to employees, and their taxation implications.
An in-depth look at Bloomberg Tax's extensive services in tax, accounting, and payroll, including its news and data analytics offerings.
An in-depth exploration of the concept of 'burden' in economic contexts, particularly focusing on debt burden and tax burden, including definitions, impacts, examples, and related terms.
A principle requiring transactions to have a genuine business purpose beyond tax benefits.
An in-depth guide to understanding Capital Allowance, including historical context, types, key events, detailed explanations, mathematical formulas, diagrams, and applications in business.
Comprehensive guide to Capital Allowances, a form of tax relief available for businesses that invest in capital assets such as plant and machinery, industrial buildings, and long-life assets.
A comprehensive guide to Capital Gains Tax, its history, mechanisms, types, and importance, along with real-world examples and explanations.
An in-depth exploration of capital loss, its historical context, types, key events, detailed explanations, formulas, charts, importance, applicability, and more.
Capital transfers refer to the transfer of assets between individuals, commonly through gifts or bequests, which recipients view as additions to their capital rather than income. Historically subject to the Capital Transfer Tax in the UK until replaced by Inheritance Tax in 1986.
A comprehensive guide to the tax provision 'Carry Forward,' which allows the deduction of expenses to future years.
A detailed analysis of Cascade Tax, its historical context, types, key events, mathematical formulas, charts, importance, applicability, examples, and more.
An in-depth guide to Chargeable Assets, including definitions, historical context, key events, types, and related financial considerations.
An in-depth look at Chargeable Gains in the UK, detailing their historical context, classifications, events, mathematical models, importance, and examples, along with related terms and FAQs.
Detailed exploration of the term 'Chargeable Person' in the context of UK Capital Gains Tax.
A detailed overview of chargeable transfers, including their definition, context, implications, and examples within the realm of inheritance tax.
The Chartered Institute of Taxation (CIOT) is a leading professional organization for tax practitioners in the UK, known for setting high standards in the taxation field.
A comprehensive guide to chattel exemption, which applies to gains from the disposal of chattels, i.e., items of moveable personal property, below £6000, excluding wasting assets.
The Chartered Institute of Taxation (CIOT) is the leading professional body for tax advisers in the UK. This article explores its historical context, roles, and importance in the field of taxation.
An in-depth look at the Chartered Institute of Taxation, its historical context, key events, importance, and applicability in the field of taxation.
Combined Income represents the total of Modified Adjusted Gross Income (MAGI) plus 50% of Social Security benefits, used to determine the taxable portion of the Social Security benefits.
The Common Reporting Standard (CRS) is a global framework developed to facilitate the automatic exchange of financial account information among tax authorities worldwide.
Consortium Relief is a tax mechanism allowing loss transfers between consortium members and the consortium company under specific ownership and shareholding conditions.
The Construction Industry Scheme (CIS) outlines statutory provisions for tax deductions in the construction industry, implemented on 6 April 2007.
Constructive Receipt is a tax principle requiring income to be taxed when it is made available to a taxpayer without restrictions.
A detailed encyclopedia article on Controlled Foreign Company (CFC), encompassing its definition, historical context, key regulations, and applicability in tax planning for UK-resident companies.
A comprehensive guide to corporate income tax, its historical context, categories, key events, formulas, and its significance in economics and finance.
An in-depth guide to Capital Transfer Tax, including historical context, types, key events, formulas, examples, and related terms.
The basis of assessment of profits for tax purposes in the UK, where tax is charged in a fiscal year on profits arising in the accounts for the period ending in that tax year. Compare preceding-year basis.
A comprehensive guide on debt forgiveness income, its tax implications, types, key events, examples, and considerations. Understand how forgiven debt is treated as taxable income and its significance in personal finance and business.
An in-depth exploration of the process, requirements, and implications of deregistration for Value Added Tax (VAT) when a taxable person ceases to make taxable supplies.
An in-depth look at Determination Letters, issued by the IRS to resolve specific issues, often related to the status of tax-exempt organizations.
A comprehensive overview of Directors or Higher-Paid Employees under UK tax law, including definitions, historical context, types of benefits, compliance requirements, and important considerations for employers.
An entity which, for tax purposes, is not separate from its owner. ULCs often benefit from this designation under U.S. tax law.
An overview of the tax-free dividend income limit, including its historical context, applicability, and key considerations.
Comprehensive coverage on policies aimed at reducing or eliminating double taxation, including tax treaties and credits.
A Dual-Status Alien is an individual who spends part of the year as a resident alien for tax purposes and part as a nonresident alien, subject to different tax rules and obligations.
Detailed explanation of the process of submitting tax returns electronically, its types, benefits, and considerations.
Economic Nexus defines a tax obligation for remote sellers based on significant sales revenue within a state, regardless of physical presence.
Detailed exploration of the election to waive exemption, its historical context, types, key events, explanations, formulas, diagrams, importance, applicability, examples, considerations, related terms, comparisons, interesting facts, inspirational stories, famous quotes, proverbs, expressions, jargon, FAQs, references, and a summary.
Understanding the Emergency Tax Code used by the Inland Revenue in the UK.
The principle of Equal Sacrifice states that the tax burden should be allocated across individuals so that each makes an equal sacrifice, measured in various terms such as consumption or utility. This concept raises questions about the measurement of sacrifice and interpersonal comparisons of utility.
Estate Duty was a tax formerly levied on the estate of a deceased person in the United Kingdom. It has since been replaced by other forms of taxation.
Understanding the critical differences between Estate Tax and Inheritance Tax, including their definitions, applications, and legal implications.
An overview of estimated assessment, a method used by HM Revenue to determine taxes based on estimated profits or income, including historical context, types, key events, detailed explanations, and examples.
A comprehensive guide to Exempt Supplies, which are goods or services identified as exempt from Value Added Tax under the Value Added Tax Act 1994.
An in-depth look at exempt supplies, which are goods and services not subject to Value Added Tax (VAT), commonly found in sectors like healthcare, education, and finance.
An exploration of expenditure tax, a consumption-based tax alternative to income tax, discussing its history, types, key events, and implications for economic growth and savings.
Understanding the First-Year Allowance: A Special Capital Allowance in the UK Tax System
A detailed exploration of First-Year Allowance (FYA), a tax relief enabling a 100% deduction on specific assets in the first year.
Comprehensive overview of First-Year Allowances (FYA) in taxation, including historical context, key events, explanations, applicability, examples, and more.
A U.S. tax credit for taxes paid to foreign governments designed to reduce double taxation.
Form 1040-EZ was a simplified tax return form for individuals with straightforward tax situations. It was discontinued after the 2017 tax year.
Form 1139, also known as the 'Corporate Application for Tentative Refund,' is used by corporations to apply for a quick refund of taxes due to a net operating loss (NOL) carryback or an unused general business credit carryback.
Form 8824 is an IRS form used to report like-kind exchanges of property, particular transactions that are tax-deferred under Internal Revenue Code Section 1031.
An in-depth look at Form W-2, the document employers use to report employees' annual wages and the amount of taxes withheld from their paycheck.
An in-depth look at Franked Investment Income, a tax-efficient distribution mechanism that allowed dividends to be transferred between UK companies without incurring additional taxes.
A comprehensive guide to understanding the General Anti-Abuse Rule (GAAR), its implications, types, historical context, importance, and more.
GAAR is a statutory framework designed to prevent and counteract abusive tax avoidance schemes, supporting fair taxation principles.
An in-depth exploration of General Anti-Avoidance Rules (GAARs), their historical context, implementation, and significance in the global taxation landscape.
An in-depth look at Generation-Skipping Transfer (GST), including historical context, types, key events, explanations, mathematical models, applicability, and examples.
A detailed exploration of 'Genuine Commercial Reasons' in the context of tax law, including definitions, historical context, key events, and applications.
A comprehensive overview of Gift Tax, including its historical context, types, key events, detailed explanations, examples, and related terms.
A detailed exploration of the concept of 'Gift with Reservation', including historical context, types, key events, detailed explanations, examples, and important considerations.
A detailed exploration of GIFTS *INTER VIVOS*, their types, tax implications, historical context, key events, and related concepts.
An in-depth exploration of Global Intangible Low-Taxed Income (GILTI), a provision of the U.S. tax code that targets the income of Controlled Foreign Corporations (CFCs). Learn about its historical context, implications, and detailed mechanics.
An explanation of the Green Card Test and its role in determining U.S. residency status for tax purposes.
Group Relief allows companies within a 75% group to transfer qualifying losses, reducing the overall tax liability by setting losses against profits of other group members.
An in-depth exploration of the Herd Basis election, its historical context, application in agriculture, and implications for tax liability and accounting.
An in-depth exploration of the higher rate of income tax, including its historical context, categories, key events, formulas, charts, importance, examples, and considerations. We cover related terms, interesting facts, famous quotes, and FAQs for a comprehensive understanding.
Horizontal equity is the principle that individuals in similar situations should be treated equally, particularly in the context of taxation.
Detailed coverage of the Imputation System in the UK, including its historical context, operations, key events, mathematical models, significance, and more.
Incentive Stock Options (ISOs) are a type of employee stock option that qualifies for special tax treatment under IRS regulations. These options allow employees to purchase company stock at a predetermined price and benefit from capital gains tax rates.
A comprehensive guide on the Income Tax Code, its historical context, key functionalities, calculation methods, and its significance in the PAYE scheme.
An Individual Taxpayer Identification Number (ITIN) is issued by the IRS to individuals required to have a U.S. taxpayer identification number but who are not eligible to obtain a Social Security Number (SSN).
An in-depth exploration of inheritance tax, its history, mechanisms, and implications for individuals in the UK.
A comprehensive guide on the Inland Revenue, its historical context, roles, and functions within government taxation systems.
An in-depth exploration of the role of an Inspector of Taxes in the UK HM Revenue and Customs, including historical context, duties, significance, and related terms.
Intangible Drilling Costs (IDC) are expenses related to drilling that can be expensed for tax purposes. These costs are crucial for the energy and oil industry.
Understanding the Investment Tax Credit (ITC), a tax incentive in the USA that allows businesses to offset part of the cost of a depreciable asset against their income tax in the year of purchase.
IRS e-file is the electronic system used by the Internal Revenue Service (IRS) for the digital submission of tax returns. Emphasizing speed and accuracy, the IRS e-file allows taxpayers to submit their returns electronically, reducing the need for paper-based filing and expediting the tax processing cycle.
IRS Form 2350 is used by U.S. citizens and resident aliens living outside the U.S. to request an extension for filing their tax return if they expect to qualify for special tax treatment.
Comprehensive guidelines provided by the IRS on the proper documentation and deduction of travel, entertainment, gift, and car expenses for business purposes.
An in-depth look at Land Value Tax (LVT), its historical context, categories, key events, explanations, and applicability.
An in-depth analysis of loss reliefs for sole traders, partnerships, and companies including types, key events, importance, applicability, and related terms.
An in-depth analysis of the Marginal Tax Rate, its significance in taxation, implications for economic behavior, and various calculations and considerations.
A comprehensive guide to understanding the legal requirements for online platforms like Amazon and eBay to collect sales tax on behalf of sellers.
An in-depth look at the role, responsibilities, and regulations surrounding Material Advisors in tax planning.
An in-depth look at the term MCT, covering its meanings, historical context, key events, explanations, and related concepts.
A comprehensive overview of the misdeclaration penalty, including historical context, types, key events, explanations, models, charts, importance, applicability, examples, related terms, comparisons, interesting facts, famous quotes, expressions, FAQs, references, and a final summary.
