A comprehensive guide to IRS Form 8850, used to identify eligibility for the Work Opportunity Tax Credit (WOTC).
The Preparer Tax Identification Number (PTIN) is a unique identifier required for all tax preparers to include on their tax returns. This number is issued by the IRS to ensure each preparer is registered and authorized to submit tax documentation.
Private Letter Rulings (PLRs) are written decisions issued by the IRS in response to specific taxpayer requests, providing clarity on how certain transactions will be treated for tax purposes.
Private Letter Rulings (PLR) are issued by the IRS in response to specific inquiries by taxpayers, providing guidance on tax laws as applied to individual situations. These rulings are neither published nor precedential.
Private Letter Rulings (PLRs) offer individualized tax guidance to specific taxpayers, distinguishing them from broader Revenue Rulings.
The Preparer Tax Identification Number (PTIN) is an identification number that the IRS requires for all compensated tax return preparers. This number is essential for anyone preparing or assisting in preparing federal tax returns for compensation to comply with IRS regulations.
A qualified appraiser is a professional who meets specific IRS (Internal Revenue Service) qualifications for conducting appraisals. They play a crucial role in ensuring the accuracy and reliability of appraisals for tax-related purposes.
An in-depth exploration of the IRS's criteria for determining a Qualified Dependent, including age, relationship, residency, and financial support requirements.
A type of dividend that meets specific IRS criteria for favorable tax rates.
A Qualifying Child is a dependent meeting specific IRS criteria related to age, residency, and relationship. This article provides a comprehensive overview of the qualifications, examples, and implications.
Qualifying Widow(er) Status provides tax benefits and considerations for widowed individuals in the federal income tax system.
A comprehensive guide to understanding quarterly taxes, including their historical context, types, key events, detailed explanations, formulas, charts, importance, applicability, examples, and more.
A detailed exploration of the concept of Reasonable Needs, particularly in the context of IRS examples and case laws defining legitimate business needs.
A detailed overview of refund claims, explaining the process, definitions, types, examples, and other related considerations in seeking the return of overpaid taxes from the IRS.
An in-depth look at what a Revenue Agent is, their responsibilities, qualifications, and impact on tax audits conducted by the IRS.
Revenue Procedures establish IRS procedural policy and administrative practices, distinct from Revenue Rulings that interpret law.
Revenue Rulings are official interpretations of tax laws by the IRS, providing guidance on how laws are applied in specific situations. They are binding on the IRS but not on the courts.
An in-depth look at Schedule A, part of Form 1040, used for listing itemized deductions including mortgage interest, medical expenses, and charitable contributions.
A detailed examination of Schedule A (Form 1040), focusing on itemized deductions for individual taxpayers.
Schedule C (Form 1040) is a tax form used by sole proprietors to report their income or loss. It is essential for determining taxable income and understanding financial health.
IRS form used to report capital gains and losses due to sales or exchanges of capital assets.
Schedule H (Form 1040) is a form used by household employers to report household employment taxes, including Social Security, Medicare, FUTA, and federal income taxes.
Tax regulations detailing how allocations must be consistent with the partners’ interest in the partnership.
A detailed exploration of the concept of 'Short Period,' typically referring to a tax year shorter than 12 months, its implications, uses, and relevance in various domains.
Understanding the 'Single' status, its implications, and differences from 'Married Filing Separately' in tax contexts.
The Standard Mileage Rate is a simplified method for calculating vehicle expense deductions based on a fixed rate per mile driven for business purposes, established annually by the IRS.
A method for determining tax residency in the United States based on physical presence over a three-year period.
A comprehensive guide to the various groups identified by the IRS for the Work Opportunity Tax Credit (WOTC) aimed at incentivizing employers to hire from these specific categories.
A comprehensive guide to understanding the role of a Tax Accountant, including historical context, types, key events, detailed explanations, importance, applicability, examples, considerations, related terms, comparisons, interesting facts, FAQs, references, and a final summary.
Comprehensive coverage of tax assessment, its methods, historical context, key events, formulas, and practical implications for individuals and businesses.
An elaborate overview of the Tax Code, officially known as the Internal Revenue Code, which outlines tax laws and rules enforced by the IRS in the United States.
A comprehensive guide on tax deductible donations, including types, eligibility criteria, examples, and their impact on taxable income.
An extension of the deadline for filing a tax return, but not for paying any taxes due.
The Tax Filing Deadline marks the final day by which individuals and entities must file their tax returns, a critical event in personal and corporate financial planning.
Detailed explanation of tax filing status, including types, applicability, historical context, comparisons, related terms, and FAQs.
A comprehensive exploration of the tax gap, including its definition, causes, types, importance, examples, related terms, and how various countries measure and address it.
An additional charge imposed by the IRS for non-compliance with tax regulations
An in-depth look into tax preference items, which are specific deductions and credits that affect the calculation of the Alternative Minimum Tax (AMT).
A comprehensive exploration of Tax Statements, encompassing any document detailing income and tax information.
An in-depth exploration of tax-exempt status, a classification often designated to non-profit organizations to be free from paying federal income tax.
Understanding Tax-Free Reorganization—transactions structured to meet IRS requirements to avoid immediate tax consequences, types, historical context, related terms, and frequently asked questions.
Comprehensive overview of Technical Advice Memoranda (TAM), their historical context, types, key events, detailed explanations, significance, applications, examples, considerations, related terms, and much more.
A comprehensive overview of the Taxpayer Identification Number (TIN), its types, uses, and importance in tax reporting in the United States.
Treasury Regulations are the official interpretations of the Internal Revenue Code (IRC), providing guidance and clarifications on tax laws and compliance requirements.
The U.S. Tax Court is a federal court that adjudicates cases where taxpayers contest IRS deficiency determinations, ensuring fair tax administration.
Underpayment occurs when an individual or entity pays less than the required amount of tax, potentially resulting in penalties.
An in-depth examination of the underpayment penalty, a fine imposed for not paying enough tax through withholding and estimated tax payments.
Understanding Unrelated Business Income Tax (UBIT), its historical context, categories, key events, detailed explanations, mathematical formulas/models, charts and diagrams, importance, applicability, examples, considerations, related terms with definitions, comparisons, interesting facts, and more.
Unrelated Business Income Tax (UBIT) refers to the tax levied on income generated from activities unrelated to the exempt purposes of tax-exempt organizations.
Form W-2, formally known as the Wage and Tax Statement, is a detailed form used by employees to report wages and salaries to the Internal Revenue Service (IRS). Unlike independent contractors, who use 1099 forms, employees receive W-2 forms from their employers.
A 30-Day Letter is a formal notice from the IRS giving the taxpayer 30 days to appeal the proposed finding of the Revenue Agent.
A comprehensive guide to 501(c)(3) organizations, detailing their criteria, purpose, and legal obligations.
A comprehensive overview of a 90-Day Letter issued by the IRS after an audit indicating a proposed tax deficiency and the steps a taxpayer must take to contest it.
Adjusted Gross Income (AGI) is a critical component in the computation of taxable income, factoring in various deductions and business expenses.
Annual Gift Tax Exclusion allows donors to exclude a specified amount of their gifts from gift taxes each year. The exclusion amount has been $13,000 per donee for the years 2010 and 2011 and increases periodically to account for inflation.
A detailed overview of apportionment, from property expenses allocation to federal and state tax considerations, including examples and special considerations.
Detailed explanation of the Assessment of Deficiency process within the IRS, including review and adjudication.
A comprehensive overview of auditing practices, types of audits, historical context, and their essential role in financial accuracy and organizational integrity.
The AUTOGEN (Automated Generation of Federal Tax Deposit Coupon) form is a document mailed by the IRS to a taxpayer to accompany the employment tax deposit at any Federal Reserve Bank.
An automatic extension allows a taxpayer more time to file a tax return by filing the appropriate form with the IRS by the original due date, although tax payments based on the taxpayer's best estimate remain due on the original date.
Six-digit code numbers for principal business activities, utilized to classify enterprises by type of activity for IRS administrative purposes. Similar in format to the North American Industry Classification System codes.
A detailed overview of what comprises a change in accounting method, including regulatory requirements, examples, and FAQs.
Comprehensive coverage on Charitable Contribution Deduction, its implications, limitations, examples, and related tax considerations.
Circular E (IRS Publication 15) provides comprehensive instructions for employers regarding employment tax withholding amounts and procedures.
A comprehensive guide to the Claim for Refund process, criteria, and special considerations for taxpayers seeking refunds from the Internal Revenue Service.
A comprehensive overview of Closing Agreements, written agreements between taxpayers and the IRS that conclusively settle tax liabilities or specific issues affecting tax liabilities.
A detailed examination of the collapsible corporation, its tax implications, historical context, and special considerations.
A detailed explanation of controlled groups, covering their types, tax implications, and regulatory frameworks.
A correspondence audit is an examination of a tax return conducted largely by telephone or mail, usually involving substantiation or explanation of only a few items.
Income from forgiven debt that is typically subject to income tax unless exempted.
A comprehensive guide to Declaration of Estimated Tax, including its definition, purposes, processes, and legal considerations.
Comprehensive Guide to Tax Deficiency: Definitions, Implications, Examples, and More
An in-depth explanation of the Departure Permit, detailing its application process, forms required, and compliance with U.S. income tax laws for departing aliens.
A comprehensive guide to Dependency Exemption, detailing its definition, types, importance, and relation to dependents for tax purposes.
A comprehensive guide to understanding what constitutes a dependent for tax purposes, including qualifications and exemptions as defined by the Internal Revenue Code.
An overview of the Dependent Care Credit, its eligibility criteria, benefits, and application process.
The Discriminant Function System (DIF) is a sophisticated IRS technique utilizing mathematical formulas to identify and prioritize tax returns for examination based on their potential for tax error.
Understanding the District Court's role in hearing civil actions against the United States regarding the recovery of taxes allegedly assessed or collected erroneously by the IRS.
The District Director is the chief operating officer of one of the IRS districts and reports to the appropriate regional commissioner.
A comprehensive explanation of the Dividends-Received Deduction, a tax deduction allowed to a corporation owning shares in another corporation for the dividends it receives.
A detailed exploration of the concept of a divorced taxpayer, including definition, types, tax implications, historical context, examples, FAQs, and related terms.
A Document Locator Number (DLN) is a unique identification number stamped on tax returns, checks, and various documents that enables the IRS to efficiently locate and process specific documents.
A system whereby tax returns are transmitted electronically to the IRS by a transmitter, and tapes are created in the receiving station and loaded into the EFS computer system. Especially suitable for taxpayers expecting a tax refund.
An in-depth look at Electronic Return Originators (EROs), their roles, responsibilities, and significance in the electronic tax filing process.
An Electronic Return Originator (ERO) is a tax professional authorized to prepare and file tax returns electronically. This role is critical in the tax filing process, ensuring accuracy, efficiency, and compliance with IRS regulations.
An in-depth look into the Electronic Transmitter Identification Number (ETIN), a unique identifier assigned by the IRS to providers of electronically filed tax returns. Understand its significance, application process, and related compliance requirements.
Detailed information on Employer Identification Number (EIN), a Taxpayer Identification Number (TIN) for entities other than individuals, such as partnerships, corporations, estates, and trusts.
An Enrolled Agent (EA) is a tax professional who can represent taxpayers before the IRS. EAs must pass a rigorous examination or possess significant IRS service experience.
An in-depth analysis of the deductibility of entertainment expenses and business meals under current tax law, including conditions, limitations, examples, and frequently asked questions.
A detailed overview of estimated tax, including its significance, computation, requirements, exceptions, historical context, and related terms.
A comprehensive overview of the 1993 US tax law that limits the deductible executive compensation by publicly held corporations to $1 million per year, with exceptions for productivity-linked compensation.
A detailed explanation of Exempt Organizations, including their types, benefits, and regulatory considerations.
A comprehensive guide on the Failure-to-File Penalty assessed on a tax return not filed by the due date, including an overview of rates, exceptions, and related penalties.
A Federal Tax Lien is a legal claim by the United States on a taxpayer's property when the taxpayer neglects or fails to pay a tax debt owed to the federal government.
Filing status for tax purposes determines which tax return form is used, based on an individual's marital status and household situation.
Detailed definitions and guidelines for Form 1040, 1040A, and 1040EZ, the individual U.S. income tax returns required to report income, deductions, and credits for the previous year.
Form 1065 is utilized by partnerships and joint ventures in the United States to report financial information to the IRS. This article explores the purpose, components, filing process, and important considerations associated with Form 1065.
A comprehensive guide on Form 1099, its usage, types, and reporting requirements for interest, dividends, royalties, capital gains, miscellaneous income, and other distributions.
Detailed overview of FORM 1120, the U.S. Corporate Income Tax Return required to be filed by most domestic corporations.
A detailed exploration of the concept of a frivolous position in taxation, its implications, penalties, and the legal framework governing such positions.
