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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The Canadian Goods and Services Tax
The goods and services tax (the "GST") is a broad-based value-added tax levied by the federal government at two rates: 7% and 15%. The 15% rate is only levied on transactions that are considered to be made in one of the provinces that has ...
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Taxpayer Relief Act of 1997: Highlights
Effective August 5, 1997, TRA '97 eliminates the requirement that qualified pension and welfare plans file summary plan descriptions ("SPDs") and summary of material modifications ("SMMs") with the DOL. SPDs and SMMs, however, must continue to be ...
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Taxation of Electronic Commerce in Canada
Technological developments in electronic commerce over the past several years have strained the ability of the tax authorities to apply existing principles and concepts to tax persons on the resulting income. Perhaps the most obvious electronic ...
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Your Rights When You Owe the IRS
In July, 1998, President Clinton signed the IRS Restructuring and Reform Bill of 1998. This legislation is the beginning of a true taxpayer revolution to put respect for the individual taxpayer back into the system. I am very proud to have taken an ...
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Tax Reporting of Plan Loan Defaults
The IRS Form 1099-R for 1997 includes a new distribution code for reporting certain taxable amounts relating to plan loans. This new code comes into play in case of a "deemed distribution" that results when a participant defaults on a plan loan or ...
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Tax Incentives Newsletter
Notwithstanding that the unemployment rate in South Carolina increased more than any other state in the nation last year, economic development incentives have come under increasing attack. The Baltimore Sun, ABC News, op-ed editorials in The State ...
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Cross-Border Tax Issues For U.S.-Based High-Tech Companies: Initiating or Expanding Foreign Operations
The following is a descriptive list of some of the more salient cross-border tax issues that could be faced by a "high-tech" client contemplating the initiation or expansion of foreign operations. Needless to say, the list is by no means exhaustive ...
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How Comprehensive Is Your Estate Plan: Seek Advice For Every “No” And “Don’t Know” Answer.
Do you have a Will? Do you have a Health Care Power of Attorney and Living Will? Do you have a Durable General Power of Attorney? Does your will name a guardian for your children if both you and your spouse are deceased? Are you comfortable with the ...
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Governor Proposes Income Tax Rebate
In his address to a joint session of the Connecticut General Assembly on February 10, Gov. John Rowland (R) introduced his budget and tax packages for the fiscal 2000-01 biennium. The budget proposes spending $11.6 billion in fiscal 2000 (July 1 ...
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Finance Panel Reports Out Potpourri of Tax Bills
Over the last two weeks, the Connecticut Finance, Revenue and Bonding Committee of the General Assembly favorably reported out several tax bills, including four bills proposed by the Connecticut Department of Revenue Services. The last day for ...
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