A document published by the Internal Revenue Service (IRS) that provides information on how taxpayers are to treat casualty, theft and other property gains and losses when filing taxes. IRS Publication 547 indicates how insurance payments for losses are to be reported, what constitutes property theft or casualty loss and the amount of loss that can be deducted. Gains and losses caused by some natural disasters, such as floods and hurricanes, may fall under special, temporary rules that allow the taxpayer extra allowances. Taxpayers typically fill out Form 4684 (Casualties and Thefts) when reporting a casualty or theft, but may also need to complete Schedule A, Schedule D or Form 3797 (Sales of Business Property).
A document published by the Internal Revenue Service (IRS) that provides information on how taxpayers are to treat income from the sale, exchange or disposal of property. IRS Publication 544 outlines how gains and losses on the property are calculated, whether they are considered ordinary or capital, and how to report them to the IRS. The document also indicates whether a gain is taxable or loss deductible. Taxpayers typically must file Schedule D of Form 1040, Form 4797 (Sales of Business Property), or Form 8824 (Like-Kind Exchanges). Individuals, businesses and estates that purchase real property from foreign persons may have to withhold income tax if the property acquired is in the United States. IRS Publication 519 has more information on how aliens are to treat U.S. tax law. Investments, such as stocks, bonds and options, the sale of a primary (main) home, installment sales, and property transfers are not discussed in IRS Publication 544.
A document published by the Internal Revenue Service (IRS) that provides information on the general tax rules domestic corporations must follow. IRS Publication 542 outlines the type of organizations that are taxed as corporations, the accounting methods typically used, the deductions allowed and the tax tables to be used. Corporations are treated differently than partnerships, in which gains and losses are passed through to partners, and S Corporations, where gains and losses are passed through to shareholders. Shareholders in a corporation can receive income from the business itself in the form of dividends, which can be taxed both on the corporate level (prior to distribution) and on the individual level (when sent to shareholders). Corporations are still subject to the alternative minimum tax (AMT).
A document published by the Internal Revenue Service (IRS) that provides tax information for partners and partnerships. IRS Publication 541 is a supplement to Form 1065, used to report a partnership's income, and Schedule K-1. Income earned by a partnership is not typically taxed by the IRS; rather, the partnership's income is passed on to the individual partners and taxed as regular income. Partnerships organized before 1996 fall under a different set of guidelines than today, but the IRS still treats them as partnerships provided that the partnership still has two or more members. IRS Publication 541 indicates which organizational types with at least two members are not considered partnerships, including insurance companies, real estate investment trusts and tax-exempt organizations.
A document published by the Internal Revenue Service that outlines the tax rules for U.S. citizens or resident aliens earning income in a foreign country. Income earned abroad is typically subject to taxation, and citizens or resident aliens earning income abroad are responsible for the same filing requirements as individuals living in the U.S. IRS Publication 54 discusses how to determine if a tax return should be filed, how to report earnings if they are paid in a foreign currency (the return requires reporting in U.S. dollars), whether estimated taxes should be paid and how to file the return itself. The document also indicates how to treat contributions to foreign organizations, and how to take foreign taxes into account. Living abroad also carries with it some special rules for tax deductions and credits. Workers may be eligible to exclude a certain portion of their incomes from taxation, as well as deduct part of their housing expenses from taxable income.
A document published by the Internal Revenue Service (IRS) that details the different commonly recognized accounting methods. The IRS requires taxpayers to use a consistent accounting method when reporting income. All income, regardless of source or type of taxpayer (individual or business), is reported according to a tax year. The most common accounting methods are cash accounting and accrual accounting. The cash method of accounting has the taxpayer report income in the year that it was received, while the accrual method has the taxpayer report income in the year that income was earned, although it may not be received during that tax year. If a calendar year is adopted as the filing year it must continue to be used even if the taxpayer incorporates, enters a partnership or becomes a sole-proprietor. Special permission must be granted by the IRS to change the filing schedule.
A document published by the Internal Revenue Service (IRS) that provides information on the audit process, a taxpayer's right to appeal and how a taxpayer can claim a tax refund. The IRS uses a software to assign a score to both individual and corporate tax returns, with high scores more likely to result in further review. It can also be pulled for review if information in the return does not match other data sources, such as a Form 1099 or a W-2. If any changes, such as additional taxes due, are proposed by the IRS, the taxpayer can either agree to (and pay) or appeal the decision. If the decision is appealed it can be fast-tracked for resolution. The IRS reviews tax returns for a variety of reasons, and may not make any adjustment to the reported tax figure. If the IRS determines that additional taxes should be paid, taxpayers can hire an Enrolled Agent, attorney or other sanctioned person to represent themselves in IRS proceedings. Additional information on the audit process is available in IRS Publication 1, Your Rights as a Taxpayer.
A document published by the Internal Revenue Service (IRS) that provides information to taxpayers who are married, live in a state supporting community property laws and are filing separate tax returns. Income and property is considered community if it is purchased or owned while the couple is married. All else is considered separate. Couples filing separately report half of their joint income and all of their separate income. Not all states treat community property the same way. IRS Publication 555 only addresses Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. If the tax payer's primary residence is in one of these states, or if residency has been established by voting or by paying state income tax, then community property rules are likely to apply. Married taxpayers will typically have a lower tax obligation if a joint return is filed rather than an individual return, but this is not always the case.
登录
工商服务
危机公关
金融律师
app开发
财税服务
金融牌照
网站建设
知识产权
企业征信
审计评估