A detailed exploration of Extra-Statutory Concessions made by HM Revenue and Customs to taxpayers, their historical context, importance, applicability, and more.
The Failure-to-Pay Penalty is a punitive financial charge imposed by tax authorities on individuals or entities that do not pay their tax liabilities by the designated due date.
A detailed exploration of the Federal Estate Tax, including its history, applicability, key events, types, mathematical models, and more.
Federal Insurance Contributions Act tax paid by both employees and employers to fund Social Security and Medicare.
FICA Taxes, the combined taxes for Social Security and Medicare, are essential contributions collected from both employees and employers to fund critical social insurance programs in the United States.
A Filer Identification Number (FIN) is a unique identification number used for certain tax filing circumstances, primarily in the U.S. context. Learn the definition, importance, and applications of FINs in this comprehensive guide.
A comprehensive guide to understanding the importance, history, and intricacies of the filing deadline for tax returns.
Flexible Spending Accounts (FSAs) allow individuals to save pre-tax money for qualified medical expenses within a plan year, offering financial and tax benefits.
A comprehensive overview of the Foreign Earned Income Exclusion (FEIE) provision that allows qualifying U.S. citizens and residents to exclude a certain amount of foreign earned income.
Detailed exploration of income generated from foreign investments, employment, or assets. Understand types, key events, tax considerations, and practical examples.
Form 1040 Schedule D is used by U.S. taxpayers to report capital gains and losses from the sale or exchange of personal and investment property.
An overview of Form 1040-SR, the simplified version of Form 1040 designed for seniors age 65 or older, including historical context, types, key elements, and more.
Form 1040A was a simplified version of the IRS Form 1040, designed for taxpayers with straightforward tax situations. It was discontinued after 2017.
Form 1040X is used for amending individual tax returns when corrections or changes are needed after the original Form 1040 has been filed.
Form 1041, also known as the U.S. Income Tax Return for Estates and Trusts, is filed by estates and trusts to report income distributed to beneficiaries.
An in-depth guide to Form 1099-C, a document issued by lenders to report the amount of canceled debt.
An in-depth overview of Form 1120S, including its purpose, usage, and key components for S-corporations, a type of pass-through entity.
A comprehensive guide to the differences between IRS Form 2106 and Form 2106-EZ, their uses, and how to file them for tax deductions.
Form 4868 is used by taxpayers to obtain an automatic extension of time to file their U.S. individual income tax return. This form enables taxpayers to extend the filing deadline from the usual date, generally in mid-April, to mid-October.
Form 7004 is used by businesses to request an automatic extension of time to file specific types of business income tax, information, and other returns.
Detailed explanation of Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return, covering its purpose, requirements, filing guidelines, historical context, and more.
Comprehensive guide on IRS Form 8582 used to report passive activity losses, including historical context, importance, applicability, and detailed explanations.
Learn about IRS Form 8821, which authorizes a representative to receive confidential tax information without granting the power to represent the taxpayer before the IRS.
An in-depth guide on Form 8832, used by businesses to elect how they will be classified for federal tax purposes, including its importance, application, historical context, and detailed procedures.
Form 8962 is utilized to reconcile the Advanced Premium Tax Credit (APTC) with the Premium Tax Credit (PTC) when filing federal tax returns. It ensures that the credit received in advance is accurately compared to the actual premium tax credit the filer is eligible for.
Form 940 is the IRS form that employers use to report and pay their annual Federal Unemployment Tax (FUTA). This form plays a crucial role in the administration of unemployment benefits to workers.
Form 941 is used by employers in the United States to report wages paid to employees and the taxes withheld from their wages.
Form SS-4, issued by the IRS, is used by entities to apply for an Employer Identification Number (EIN), a vital tax identification number for businesses.
An essential tax form filled out by employees to determine the amount of federal income tax to be withheld from their paychecks.
A comprehensive guide to the taxation on all forms of gambling activities.
Understand the fundamental differences between General Business Credits and Tax Deductions, how they impact tax liability and taxable income, their types, applicability, and more.
Explore the definitions, differences, and applications of General Business Credit and Personal Tax Credit, including their implications for businesses and individual taxpayers.
General Commissioners in the UK: Their Role, Historical Context, and Importance in Tax Adjudication
A comprehensive overview of the Generation-Skipping Transfer (GST) Tax, including its definition, historical context, applicability, and examples.
An in-depth look at the Generation-Skipping Transfer Tax (GST), its implications, regulations, and general overview for better financial planning.
The Generation-Skipping Transfer Tax (GSTT) is a federal tax imposed on transfers of property to individuals who are at least two generations younger than the donor.
Gross Payment Status is a classification for subcontractors that allows them to receive full payment without any tax deductions at the source.
A comprehensive understanding of the higher rate of income tax, including its historical context, categories, importance, and practical examples.
An in-depth exploration of higher-rate taxpayers, including historical context, types, key events, formulas, importance, applicability, related terms, examples, and more.
An extensive overview of HMRC, its history, functions, key events, importance, and applicability in the realm of taxes and government regulations.
Hobby Income refers to the earnings generated from activities that individuals engage in primarily for pleasure rather than for profit. This type of income has specific tax implications and is distinct from business income.
An in-depth exploration of the Home Equity Loan Interest Deduction, its benefits, limitations under the Tax Cuts and Jobs Act (TCJA), and its implications for homeowners.
The Home Mortgage Interest Deduction allows taxpayers to deduct interest paid on loans secured by their primary or secondary residences from their taxable income.
An in-depth exploration of the home office deduction, including its historical context, types, key events, detailed explanations, mathematical formulas/models, applicability, and related considerations for maximizing tax savings on business use of home spaces.
An in-depth exploration of the 45-day Identification Period for identifying replacement property in a 1031 exchange, including its definition, special considerations, examples, and more.
A corporation tax system in which a company making a qualifying distribution pays tax on the dividend paid, with the shareholder treated as having suffered tax on the dividend.
Income Reporting is the practice of documenting and disclosing all sources of income on tax returns to ensure compliance with tax regulations and avoid legal consequences.
Income Tax Month refers to the crucial period during which individuals and businesses prepare and file their income tax returns. This time involves various responsibilities, crucial deadlines, and financial strategies to ensure compliance with tax laws.
An in-depth guide to income tax schedules, their historical context, types, key events, detailed explanations, and more.
A system of personal taxation where married individuals are taxed separately, allowing for independent treatment of income and capital gains.
A system where individuals are taxed separately on their income and capital gains, independent of marital status and spouse's income.
An in-depth look into Indexation Allowance, an adjustment for inflation on gains made before April 1998, and the transition to Entrepreneurs' Relief.
An in-depth exploration of Inheritance Tax (IHT), including historical context, types, key events, detailed explanations, formulas, importance, applicability, and examples.
Injured Spouse Relief provides financial protection for a spouse whose share of a tax refund has been intercepted to pay the other spouse's past debts. This relief ensures that a spouse is not unjustly penalized for debts that are not their own.
Innocent Spouse Relief is a tax provision allowing a spouse to be relieved of responsibility for tax, interest, and penalties due to errors made by the other spouse.
A comprehensive look at Input Tax, its function in VAT systems, historical context, key events, types, and its relevance in modern economics.
An Installment Agreement is a payment plan with the Internal Revenue Service (IRS) that allows taxpayers to pay their outstanding tax debts in manageable monthly installments rather than in a lump sum.
A comprehensive guide on the tax deduction available for interest paid on qualifying loans, particularly mortgage loans, and how it affects taxpayers.
Exploring the additional charges that accrue on unpaid tax amounts, their historical context, types, key events, and mathematical calculations.
A detailed look into the Internal Revenue Service (IRS), its roles, responsibilities, history, and importance in the United States.
An in-depth overview of the Investment Income Surcharge, its historical context, types, implications, and related terms.
IR35 is a regulation introduced in the Finance Act 2000 in the United Kingdom to combat tax avoidance by individuals supplying services to clients via an intermediary. This rule ensures that such individuals are taxed as employees rather than as self-employed, leading to necessary PAYE deductions and National Insurance contributions.
Comprehensive coverage of the Internal Revenue Code, its historical context, key provisions, implications, and related financial and legal frameworks.
The Internal Revenue Code (IRC) is the comprehensive set of federal tax laws that dictate tax policy, tax computations, tax collections, and enforcement protocols in the United States. This critical financial framework ensures uniform compliance and integrity in the federal taxation system.
Detailed examination of IRC Section 2503(e), a U.S. tax code provision detailing the laws around qualified transfers.
A detailed explanation of irrecoverable input VAT, its types, importance, applicability, related terms, and more.
The IRS is the federal agency responsible for tax collection and enforcement of tax laws in the United States.
The IRS is the U.S. federal agency responsible for tax collection and tax law enforcement.
IRS Form 1116 is used by U.S. taxpayers to calculate and claim the Foreign Tax Credit for income taxes paid or accrued to foreign countries or U.S. possessions.
IRS Form 709 is used to report gift tax and generation-skipping transfer tax to the IRS. Learn about its purpose, requirements, and usage.
An essential form used by Limited Liability Companies (LLCs) to elect classification as a corporation for federal tax purposes, thus changing their default tax treatment.
IRS Form 940 is the tax form filed with the IRS by employers to report annual Federal Unemployment Tax Act (FUTA) tax owed.
IRS Form 945 is an official document used by businesses to report backup withholding amounts to the Internal Revenue Service. This form ensures compliance with federal tax policies.
IRS Form W-9 is a document used in the United States by individuals and entities to provide their Taxpayer Identification Number (TIN) to the requester for tax purposes.
A comprehensive guide to understanding IRS guidelines, their historical context, types, key events, detailed explanations, applicability, and more.
Free resources provided by the U.S. Internal Revenue Service (IRS) that are informative but less comprehensive than CCH's expert analyses.
A comprehensive guide to IRS Regulations, the guidelines issued by the Internal Revenue Service (IRS) to implement and clarify the Internal Revenue Code (IRC).
IRS Section 179 allows businesses to deduct the full purchase price of qualifying assets in the year they are put into service, providing significant tax relief and encouraging investment in business equipment.
Comprehensive definition and explanation of IRS Section 368, which defines various types of corporate reorganizations under U.S. tax law, including the different types of reorganizations, examples, historical context, applicability, and related terms.
An IRS Tax Examiner reviews tax returns for accuracy, primarily dealing with less complex cases.
Understanding itemized deductions, specific expenses that taxpayers list separately on their tax returns to reduce taxable income.
A comprehensive guide to the Individual Taxpayer Identification Number (ITIN), its purpose, application, and significance for U.S. taxpayers who are not eligible for a Social Security Number (SSN).
A tax return filed by married couples, allowing the combining of income, deductions, and credits.
A comprehensive guide to understanding joint tax returns, a tax filing status used by married couples to combine their income and deductions on one tax return.
Explore the system where a couple's income is combined for tax assessment, including historical context, types, key events, formulas, examples, and related concepts.
An in-depth exploration of the income levels at which the Lifetime Learning Credit begins to be reduced and eventually eliminated.
The tax rate applied during an individual's life, currently at 20%, applicable to lifetime transfers.
An initiative by the CIOT focused on simplifying tax processes for individuals with low incomes.
Comprehensive coverage of various mechanisms allowing losses to be set against profits in different financial contexts.
An in-depth exploration of the Marginal Rate of Tax, explaining its concept, historical context, types, key events, mathematical models, applicability, and more.
Detailed explanation of Marginal Relief, including historical context, calculation methods, and key considerations for small companies.
Explore the concept of the Marriage Bonus, where married couples pay less tax compared to single taxpayers, particularly when there is a significant income disparity between spouses.
Material Participation refers to the active and substantial involvement in the operations of a business or trade. A taxpayer is considered to materially participate if they engage in the business activities on a regular, continuous, and substantial basis.
An in-depth look at the regulations, categories, and key considerations regarding the deductibility of meals and entertainment expenses in a business context.
Mileage reimbursement is a standard rate set by the IRS to compensate for driving expenses. Employers use this rate or another agreed-upon rate to reimburse employees for business miles driven.
A comprehensive overview of the negligence penalty, which is imposed for failing to make a reasonable attempt to comply with tax laws.
Net Income Tax refers to the total tax payable by an individual or an organization after accounting for all the allowable deductions and exclusions from gross income.
A comprehensive guide to understanding the Net Investment Income Tax (NIIT), including its historical context, types, key events, detailed explanations, importance, applicability, examples, and more.
Comprehensive guide on non-allowable expenses, which are costs that cannot be deducted and must be added back to total profits.
Non-MEC refers to life insurance policies that retain their tax-advantaged status, allowing gains to be free from income tax under certain conditions.
