Federal Tax
This is FindLaw’s collection of Federal Tax articles, part of the Finance section of the Corporate Counsel Center. The Federal tax law is administered primarily by the Internal Revenue Service, a bureau of the U.S. Treasury. The U.S. tax code is known as the Internal Revenue Code of 1986 as amended (Title 26 of the U.S. Code). There is a special trial court which hears disputes between the IRS and taxpayers regarding federal income, estate and gift tax underpayments – the U.S. Tax Court. Law articles in this archive are predominantly written by lawyers for a professional audience seeking business solutions to legal issues. Start your free research with FindLaw.
Tax
Federal Tax Articles
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Tax Aspects of Refinancing and Restructuring:
Electric utilities will use the proceeds of securitization to retire existing debt and equity capital as part of a restructuring of the utilities' capitalization. These changes to the debt and equity sections of an electric utility's balance sheet ...
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Tax Basis of Inherited and Gifted Property
A very common but often overlooked aspect of income taxation concerns the tax consequences of an individual's sale of an asset received either by inheritance or as a gift. When such property is sold, the question arises as to whether the seller has ...
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Simple Retirement Solutions for Small Business
Question: Starting a small business retirement savings plan can be easier than most business people think.There are a number of retirement options that provide tax advantages to both employers and employees. Why save? Experts estimate that ...
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Revenge of the Tax Lawyers?
The tax departments of most law firms have had a bad run over the last ten years, losing market share and top talent to accounting firms, but there is evidence that change is afoot. To understand the problems facing law firm tax lawyers, you have to ...
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Section 1031 Exchanges: A Legitimate Tax Shelter for Business
Engaging in a "like-kind" exchange under IRC section 1031 is one of the few legitimate tax shelters available to corporations and other business entities engaging in disposition transactions. In a like-kind exchange, the taxpayer sells business ...
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Sales Tax
International Business Machines Corporation v. Commissioner of Revenue, 1997 WL 694773 (Mass. App. Tax. Bd. 10/24/97). SALES TAX - IBM obtained resale certificates from its lessees in sale/leaseback transactions. It was able to produce two-thirds of ...
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Tax Savings with Foreign Sales Corporations
We all know that going global will be the wave of the future for the companies of the future. What would you say if I told you that your export company could exempt a portion of its income from tax? What if I also told you that this plan involved a ...
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Retirement Plan Changes: Small Business Job Protection Act of 1996 and Health Insurance Portability and Accountability Act
The Small Business Job Protection Act of 1996 (the "'96 Tax Act"), signed into law on August 20, 1996, contains a number of retirement plan amendments designed primarily to simplify the rules relating to retirement plans and increase access to ...
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Recent Developments Affecting Qualified Retirement Plans
This update summarizes several recent developments that may affect the administration of 401(k) plans and other qualified retirement plans. Earlier this month, the IRS published a revised model .Special Tax Notice. that is to be provided by the ...
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Public Disclosure of Tax Filings of Nonprofit Organizations
The IRS recently released final regulations which spell out how, when and where tax-exempt organizations, other than private foundations, must disclose their tax-exemption applications and annual tax filings to the public. The regulations became ...
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