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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New IRS Rules on Corporate Sponsorships
The IRS has issued new proposed regulations intended to help tax exempt organizations determine whether payments received from corporate sponsors are taxable as unrelated business taxable income. The regulations, published February 29, are the ...
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New Governance and Accounting Rules Concerning Goodwill and Intangible Assets
Hot companies, inflated stock prices and aggressive acquisition strategies will most likely result in a lot of goodwill being carried on the books of the acquiring company. Since traditional goodwill was defined as the excess of the purchase price ...
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New Dollar Limits for 1999
On October 23, 1998, the IRS announced the new cost-of-living-adjusted dollar limits that will apply to qualified retirement plans for 1999 plan years. Most 1998 limits are unchanged for 1999. Here are the 1999 limits that apply to most employer ...
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New Dollar Limits for 1998
On October 22, 1997, the IRS announced the new cost-of-living-adjusted dollar limits that will apply to qualified retirement plans for 1998 plan years. Here are the 1998 limits that apply to most employer plans: For the 1998 calendar year, the ...
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Minimum Distribution Requirements Satisfied by After-Tax Contributions
In a private letter ruling (P.L.R. 9840041), the IRS recently privately ruled that the distribution of after-tax contributions from a 401(k) plan could be used to satisfy the minimum distribution requirements imposed by Section 401(a)(9) of the ...
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Mandatory Withholding on In-Service Distribution
The Small Business Job Protection Act of 1996 ("SBJPA") made significant changes to pension and benefits law. Prior to the SBJPA, pension plan participants were generally required to begin taking distributions from qualified plans by the April 1 of ...
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Long-Term Care Insurance Premiums Now Deductible
It is time for us to face the harsh realities of the current Medicaid system. Short of totally impoverishing ourselves, and then somehow surviving for three years, we will never qualify for Medicaid in order to pay for nursing home expenses. The ...
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Obtain Innocent Spouse Relief
The Internal Revenue Service has recently issued Notice 98-61 which gives taxpayers and practitioners guidance regarding the criteria necessary to obtain innocent spouse relief from federal tax liability under Section 6015(f) or 66(c) of the ...
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Keep Those “Crummey” Notices Coming
Estate planners (and many clients) are familiar with Crummey powers. They are the neat trick that an enterprising taxpayer named Crummey and his attorney found about 25 years ago to turn a gift which wasn't eligible for the annual gift tax exclusion ...
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It’s Not Too Late to Convert to a Roth IRA
If you are eligible to convert a regular IRA to a Roth, chances are you should do it, and you should do it quickly! If a single taxpayer (or married couple) has Adjusted Gross Income ("AGI") of $100,000 or less, a regular IRA can be converted to a ...
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