A document published by the Internal Revenue Service (IRS) that provides information on individual retirement arrangements (IRAs), including how to set up an IRA, how to contribute, how much can be contributed, how to treat distributions and how to take tax deductions for contributions made to IRAs. IRS Publication 590 also provides information on penalties that taxpayers might face if IRA regulations are not followed properly. There are significant differences between the various retirement accounts covered in IRS Publication 590, including Roth IRAs and traditional IRAs, especially when it comes to the tax treatment of contributions. The IRS allows taxpayers who make eligible contributions to a IRA, 403(b), 401(k) or SEP to take a tax credit of up to $1,000.
A court of law whose sole jurisdiction is to decide litigation involving federal income, death, and other taxes. This is where you go if you don't pay your taxes!
A document published by the Internal Revenue Service (IRS) that provides information on how to treat distributions from pensions and annuities, and how to report income from these distributions on a tax return. IRS Publication 575 also outlines how to roll distributions into another retirement plan. IRS Publication 575 does not cover the tax treatment of funds from nonqualified plans, such as commercial annuities. Information on this treatment is available in IRS Publication 939 (General Rule for Pensions and Annuities). In addition, this publication does not cover benefits from retired government employees or their beneficiaries, which are covered in IRS Publication 721 (Tax Guide to U.S. Civil Service Retirement Benefits).
An arrangement whereby the tax benefits received from a given venture are reinvested in the venture to cover any cash shortages. A tax clawback is just one of many types of "clawback" arrangements, which cover various distributions such as profits, dividends or even stock distributions. Along with dividend clawbacks, tax clawbacks are among the most popular type of clawback arrangements, providing instant and easy access to additional financing. Clawbacks are also used to describe what, in effect, amounts to a return of previously distributed money. For example, when Troubled Asset Relief Program (TARP) funds were used (in certain cases) to finance executive bonuses in 2008, it prompted some in Congress to advocate a tax clawback, whereby the executives in question would be forced to pay back some of the bonus money in the form of higher taxes.
To be free from, or not subject to, taxation by regulators or government entities. A tax exempt entity can be excused from a single or multiple taxation laws. Governments are often trying to encourage investment when exempting taxation. Certain securities or investor groups can be referred to as tax exempt. For example, the interest earned from municipal bonds is exempt from federal or state taxation. Many pension plans and income trusts are also designed to be tax exempt at the corporate level. Other forms of tax exempt entities include, but are not limited to, churches, religious organizations, amateur sports leagues and charities that try to provide relief for the poor and underprivileged.
A document published by the Internal Revenue Service (IRS) that provides tax information for filers who have a 403(b) retirement plan. IRS Publication 571 indicates who can contribute to a 403(b) plan, the maximum contribution that can be made to a 403(b) plan during the year, rules regarding excess contributions, and the rules regarding rollovers or distributions. Contributions for a 403(b) plan are generally reported in an employee's W-2 by the employer, and do not need to be reported by the individual employee to the IRS. While IRS Publication 571 does provide some information on rollovers and distributions of 403(b) accounts, it does not get into specific details. Specifics for rollovers can be found in IRS Publication 590, and information on distributions in Publication 575.
An illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties. Watch: Tax Avoidance Vs. Tax Evasion There is a difference between tax minimization/avoidance and tax evasion. All citizens have the right to reduce the amount of taxes they pay as long as it is by legal means.
A document published by the Internal Revenue Service (IRS) that provides information for business owners who wish to set up retirement plans for themselves and their employees. It outlines what type of plan to set up, how to set it up, how much can be contributed, how much is deductible, how to treat distributions and how to report information about the plan to both the IRS and to employees. IRS Publication 560 provides specific information for Simplified Employee Pension (SEP), SIMPLE IRAs, and qualified plans, which include Keoghs (for the self-employed) and 401(k)s. Contributions that a business owner makes to a personal plan or on behalf of the employees are typically allowed to be deducted. Each type of plan covered in the document has its pros and cons, and some plans are not available to employers of a certain size. IRS Publication 560 provides a quick reference chart to employers, which indicates the last date for contribution in the tax year, the maximum contribution that can be made to the plan, the maximum deduction allowed, and when the plan can be set up.
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