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

Charitable Contributions

Gifts to charity may produce an immediate income tax deduction and result in reducing the amount of gift and estate taxes payable. Moreover, it is possible to obtain these results and at the same time retain the income produced by the asset being ...
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Changes in Retirement Plans for 1997

In 1996 the United States Congress enacted several pieces of legislation impacting the use of retirement plans. The outline below summarizes several of the changes that are effective as of January 1, 1997. INDIVIDUAL RETIREMENT ACCOUNTS (IRAs) ...
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Cash that Gift Check Right Away

Before his mother passed away, Mark used his power of attorney to write gift checks from her checking account to himself, his wife, and some other relatives, hoping to take advantage of the annual $10,000 gift tax exclusion. The checks were not ...
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Beyond the Legend: The Impact of New Circular 230

By now, corporate taxpayers will have noticed a change in much of the written tax advice they have received from their outside tax advisers after June 20, 2005. This change is the immediate result of new regulations the U.S. Treasury has issued to ...
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Be Careful Moving Your IRA Money

The Tax Court has recently highlighted another IRA rollover tax trap. There are two basic ways to move money from one IRA to another Â– a direct rollover and a trustee-to-trustee transfer. Although a direct rollover may be more convenient, the ...
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Avoiding Taxes While “Trading Up”

You.ve occupied your old facility for many years. It.s risen greatly in value, even though you.ve claimed so much depreciation on it over the years that it has a very low basis for tax purposes. Business is going great guns and you need to add more ...
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Asset Protection Planning

This is an excerpt from Chapter 1 of the Asset Protection Planning Guide -- A State-of-the-Art Approach to Integrated Estate Planning (published by CCH) by lead author Barry S. Engel of the Colorado firm of Engel & Reiman pc. Years ago, when asset ...
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Long-Awaited Breakthrough in German Tax Reform

In Germany, the breakthrough for genuine tax reform has at last occurred. The modest tax reform proposals that were enacted for 1999-2000 have now been followed by fundamental reforms that will be implemented over the next five years. Not only has ...
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New Treasury Department Rules Governing Public Disclosure of Information by Tax-Exempt Organizations

The Internal Revenue Service ("IRS") has issued regulations requiring tax-exempt organizations to provide copies of their applications for recognition of exemption and most components of their tax returns to the public. The new rules apply to ...
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New Options for Individual Retirement Planning

TRA '97 created many new opportunities for individuals to increase their retirement savings on a tax-favored basis. One such innovation is the Roth IRA, which has received tremendous coverage in the press. Individuals with a modified adjusted gross ...
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