Section 2035 of the tax code, which stipulates that assets that have been gifted through an ownership transfer, or assets for which the original owner has relinquished power, are to be included in the gross value of the original owner's estate if the transfer took place within three years of his or her death. If gifted assets do not meet the necessary requirements, the value of the assets is added to the value of the estate at the time of the original owner's death, increasing its value and the estate taxes imposed on it. This rule prevents individuals from gifting assets to their descendants or other parties once death is imminent in an attempt to avoid estate taxes. The rule does not include all assets gifted or transferred in that three-year period and is mainly focused on insurance policies or assets in which the deceased retains an interest.
For income tax and estate planning, this refers to the year in which a person has died. In most countries there are special tax limits and rules during a person's terminal year.
A fully automated phone service that offers prerecorded messages on various tax topics for callers. Teletax covers about 150 different tax-related issues commonly faced by taxpayers, such as who must file, tax credits, retirement accounts and payment arrangements. Teletax also provides filers with automatic information about their refund status. An update is usually available for a taxpayer approximately four to five weeks after filing. The Teletax system allows callers to access various topics by typing in a three-digit code. All Teletax topics are also now available online at www.irs.gov.
A tax service provided nationally by the IRS from 1997-2005 that allowed taxpayers filing form 1040EZ to phone in their tax returns with a touch-tone phone. Telefile was provided as a service of convenience for taxpayers with simple tax returns. The Telefile service worked by letting taxpayers dial the numbers on their tax return directly into the phone to report their income. Telefile was not a service that could be ordered; eligible taxpayers automatically received the Telefile package in the mail. It was first tested in Ohio and its service was eventually expanded to include self-employed filers. Telefile was replaced in the U.S. by electronic filing in 2005, but is still in use in Canada.
Any kind of tax that is levied on the transfer of official documents or other property. Transfer tax is paid by the seller of the property. Gift and estate taxes are both transfer taxes. Transfer tax is also known as "excise tax" in some states. Transfer taxes can be levied at the federal, state and local levels, depending on the type of property being transferred. States and local municipalities often tax the transfer of legal deeds, certificates and titles to property, while the Internal Revenue Service (IRS) taxes the value of the property itself through gift and estate taxes. Transfer taxes are usually nondeductible, although they may be added to basis on the sale of securities and/or investment property.
An moving expense deduction related to the costs of a taxpayer's relocation. Transportation and storage costs include the cost of moving and storing the taxpayer's possessions.The type of property with deductible costs includes furniture, vehicles, pets and personal belongings. The cost of storing the taxpayer's belongings during the relocation process is deductible for the first 30 days. Transportation and storage costs are reported on Form 3903. They are aggregated with all other moving-related expenses and must meet certain requirement in order to be deductible.
An opinion that can be offered by a Certified Public Accountant before he or she audits an organization's books. This is known as an unaudited opinion, and it will reflect the opinion of the accountant or CPA concerning the organizations's books and financial records. The subsequent audit may or may not bear out the opinion given. Unaudited opinions are given to provide the organization being audited with some idea of the expected results. This is the opposite of an audited opinion, which is given at the end of an audit and is based upon its findings.
A basis used for depreciation purposes. Unadjusted basis uses the original cost of property or equipment without regard to salvage value. This method of calculating depreciation is used for accelerated cost recovery systems (ACRS) and modified accelerated cost recovery systems (MACRS).
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