Tax Equity and Fiscal Responsibility Act

TEFRA32

• L.Tooltip Public Law (United States) 97-248), also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. (wikipedia.org)
• It is also called a TEFRA waiver because it was passed as a provision of the Tax Equity and Fiscal Responsibility Act of 1982. (wikipedia.org)
• Excise taxes on cigarettes were temporarily doubled, and excise taxes on telephone service temporarily tripled, in TEFRA. (wikipedia.org)
• One week after TEFRA was signed, H.R. 6863 - the Supplemental Appropriations Act of 1982 which Ronald Reagan claimed would "bust the budget" was passed by both houses of Congress over his veto. (wikipedia.org)
• The original TEFRA bill as passed by the House would have lowered taxes. (wikipedia.org)
• In 1988, libertarian political writer Sheldon Richman described TEFRA as "the largest tax increase in American history. (wikipedia.org)
• In 2003, former Reagan adviser Bruce Bartlett wrote in National Review that "TEFRA raised taxes by $37.5 billion per year", elaborating, "according to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. (wikipedia.org)
• Taxpayers still receive $375 billion in tax cuts in the 3 years following TEFRA. (wikipedia.org)
• As it shows, the TEFRA increased tax revenues by almost 1% (0.98%) of GDP, in marked contrast to the 1981 tax cuts and the milder effects of the other Reagan-era tax bills. (wikipedia.org)
• City Administrative Officer report 0220-00540-1639, dated January 25, 2023, relative to considering the TEFRA hearing minutes and authorizing the Los Angeles Housing Department to issue supplemental tax-exempt multifamily conduit revenue notes for The Journey, a supportive housing project. (lacity.org)
• Los Angeles Housing Department report, dated November 9, 2022, relative to adopting a TEFRA Resolution and minutes, and a request for authority to issue a supplemental tax-exempt multifamily mortgage conduit revenue note for The Journey (formerly Lincoln Apartments),a supportive housing project. (lacity.org)
• City Administrative Officer report 0220-00540-1585, dated January 5, 2022, relative to adopting the TEFRA Resolution and minutes, and authorizing the Los Angeles Housing Department to issue tax-exempt and taxable multifamily conduit revenue bonds, or notes, for The Journey (formerly Lincoln Apartments), a supportive housing project. (lacity.org)
• Los Angeles Housing Department report dated December 21, 2021, request to adopt the Tax Equity and Fiscal Responsibility Act (TEFRA) resolution and minutes for The Journey (formerly known as Lincoln Apartments), a supportive housing project. (lacity.org)
• The Bipartisan Budget Act of 2015 (BBA) created a centralized partnership audit regime that replaced the partnership audit procedures under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). (irs.gov)
• Before the Tax Equity and Fiscal Responsibility Act (TEFRA) was passed in 1982, which was when diagnosis-related groups (DRGs) came into play, hospitals made more money by doing more things in all medical lines of business. (medscape.com)
• The RMD was hidden inside the Tax Equity and Fiscal Responsibility Act (TEFRA) passed in 1982 and signed by President Ronald Reagan (possibly holding his nose). (markskousen.com)
• There are two kinds of Medicaid liens - a pre-death lien, also known as a Tax Equity and Fiscal Responsibility Act (TEFRA) lien, and a post-death lien, also known as an estate recovery lien. (hawkinselderlaw.com)
• A TEFRA lien presumes that any attempt to transfer the property shows that the house is no longer the recipient's residence or any of the above-stated qualified individuals, resulting in the equity becoming available for consideration as a source of payment. (hawkinselderlaw.com)
• Pursuant to the provisions of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), partnerships that are subject to an Internal Revenue Service (IRS) audit are audited at the partnership level and the audit is controlled by a 'tax matters partner. (maslon.com)
• Under TEFRA, if there is an underpayment of tax, it is assessed and collected from the partners. (maslon.com)
• RSDI dependent benefits for children who receive MA under the Tax Equity and Fiscal Responsibility Act (TEFRA) option or receive services through a Brain Injury (BI), Community Alternative Care (CAC), Community Access for Disability Inclusion (CADI), or Developmental Disabilities (DD) waiver are excluded. (aaronhall.com)
• Until recently, the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) set federal standards for IRS audits of partnerships and those entities treated as partnerships for income tax purposes (LLCs, etc. (berrydunn.com)
• Unlike TEFRA, the BBA and PATH Act granted Partnership Representatives sole authority to act on behalf of a partnership for a given tax year. (berrydunn.com)
• We review de novo the Tax Court's reading and application of a TEFRA statute 1 in a convoluted action arising from (1) a partnership's attempted use of a bogus tax shelter to offset capital gains, and (2) the Commissioner of Internal Revenue's subsequent denial of a $32.5 million "loss" claimed by the partnership to eliminate income tax liability on an asset sale resulting in a $28 million capital gain. (taxnotes.com)
• Category for Medicaid eligibility based on the Tax Equity & Fiscal Responsibility Act (TEFRA) 1982. (candicelange.com)
• The Tax Equity and Fiscal Responsibility Act ("TEFRA") has governed the procedures for auditing partnerships since 1982. (mattersoftrustlaw.com)
• Under TEFRA, if the IRS audited a partnership, any federal income tax liabilities remained with the applicable partners rather than the partnership. (mattersoftrustlaw.com)
• For tax years 2018 and beyond, the Bipartisan Budget Act of 2015 and final regulations issued by the Treasury Department in August of 2018 repeal the TEFRA audit rules. (mattersoftrustlaw.com)
• The old TEFRA audit rules required partnerships to designate one partner as the Tax Matters Partner. (mattersoftrustlaw.com)
• Under TEFRA, the Tax Matters Partner was functionally limited to acting as a liaison between the IRS and the partners and had limited power to bind partners to the final resolution of an audit. (mattersoftrustlaw.com)
• Pursuant to the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), the IRS will first audit the partnership because this is where the losses at issue were generated. (thorntaxlaw.com)
• Under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), any interest payments made on *new* issues of domestic bearer bonds are not deductible as an ordinary and necessary business expense so none have been issued since then. (zeugmaweb.net)

19827

• Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping back into recession (the second dip of the "double dip recession") and Kemp-Roth's reduction in tax rates, and the deficit was likewise rising rapidly because of the fall in revenue and the rise in government expenditures. (wikipedia.org)
• In the United States, Congress created a Medicare hospice benefit in the Tax Equity and Fiscal Responsibility Act of 1982. (ruralhealthinfo.org)
• The action is part of the Tax Equity and Fiscal Responsibility Act of 1982 and the funding will come from the California Development Authority. (claremont-courier.com)
• From 1982 to 2015, there was significant growth in the number of entities taxed as partnerships and an increase in the number of very large partnerships, making the assessment and collection process difficult for the IRS. (maslon.com)
• Most notably, McCollum voted for the Tax Equity and Fiscal Responsibility Act of 1982 , which undid some tax cuts passed a year earlier. (politifact.com)
• McCollum's support of the Tax Equity and Fiscal Responsibility Act of 1982 is a notable example of a tax increase McCollum supported, but it also highlights a problem with Scott's accounting methods. (politifact.com)
• Medicare and hospice were only put together in 1982 as part of the Tax, Equity, and Fiscal Responsibility Act under President Reagan in response to a growing awareness of end of life concerns. (omahainsurancesolutions.com)

Bipartisan Budget Act4

• BBA partnership is a partnership that is subject to the centralized partnership audit regime that was enacted into law by section 1101 of the Bipartisan Budget Act of 2015. (irs.gov)
• As part of the Bipartisan Budget Act enacted on November 2, 2015, the procedures for the income tax audit of partnerships, including limited liability companies taxed as partnerships, for U.S. Federal Income Tax purposes will change. (maslon.com)
• Those rules changed, however, following passage of the Bipartisan Budget Act of 2015 (BBA) and the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). (berrydunn.com)
• For tax years 2018 and beyond, the IRS will begin implementing new audit rules directed at partnerships as part of the Bipartisan Budget Act of 2015. (mattersoftrustlaw.com)

LLCs1

• IRS audits of partnerships can be complicated since partnerships (and LLCs taxed as partnerships) are not regarded as entities and, therefore, do not pay tax on the income they report. (thorntaxlaw.com)

Partnerships8

• LD 1819 applies to Maine partnerships for tax years beginning on or after January 1, 2018. (berrydunn.com)
• Any additional tax, penalties, and/or interest arising from audit are due no later than 180 days after the IRS' final determination date, though some partnerships may be eligible for a 60-day extension. (berrydunn.com)
• Under the bill, certain exempt organizations would be permitted to invest in limited partnerships owning working interests in domestic oil and gas properties without incurring tax for unrelated business income. (co.ke)
• Please note: Throughout this article, reference to "partnerships" includes LLC's taxed as partnerships, and reference to "partners" includes members of LLC's taxed as partnerships. (mattersoftrustlaw.com)
• A primary purpose of the new audit rules is for the IRS to be able to more effectively collect tax deficiencies from partnerships. (mattersoftrustlaw.com)
• This change makes the process of collecting tax deficiencies much simpler for the IRS but can lead to significant difficulties and challenges for partnerships. (mattersoftrustlaw.com)
• First, partnerships may elect to "push-out" any tax deficiency. (mattersoftrustlaw.com)
• The tax attorneys at Thorn Law Group are experienced at representing partners and partnerships in audits of partnership activities. (thorntaxlaw.com)

20013

• THE TEN-YEAR BUDGET OUTLOOK [By fiscal year] -------------------------------------------------------------------------------------------------------------------------------------------------------- 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 -------------------------------------------------------------------------------------------------------------------------------------------------------- In billions of dollars -------------------------------------------------------------------------------------------------- Revenues. (hhs.gov)
• The campaign says McCollum voted at least 27 times between 1981 and 2001 for legislation that included higher taxes, and at least 15 times for legislation that included higher fees. (politifact.com)
• He was the lead sponsor of the Deficit Reduction Act of 2005 and, along with the late Senator Ted Kennedy, co-authored the No Child Left Behind Act of 2001. (newmountaincapital.com)

Pursuant3

• We have jurisdiction over this timely appeal pursuant to 26 U.S.C. § 7482(a)(1), and we conclude that the Tax Court's reading of the disputed statute was incorrect. (taxnotes.com)
• The tax debt is the result of final partnership item adjustments pursuant to the Tax Equity Fiscal Responsibility Act. (pbp-attorneys.com)
• Pursuant to the CARES Act Relief Fund program, the County received an automatic payment of $261,174,823 on April 23, 2020. (pbcgov.org)

Excise taxes1

• The bill increased excise taxes, airport and airway trust fund taxes, cigarette excise taxes, and a telephone excise tax. (politifact.com)

Exempt6

• FDA has obtained two exemptions from the Director of the Office of Management and Budget that exempt the following types of guidance documents from the requirement that they be posted to the guidance repository: (1) Product-Specific Guidances for Generic Drug Development, and (2) Mammography Quality Standards Act (MQSA) Policy Guidance Help System (PGHS). (hhs.gov)
• The city council will hold a public hearing to approve $14 million in tax-exempt financing for capitol improvements at The Webb Schools. (claremont-courier.com)
• This tax payment can be reduced if a partner amends its returns for the audited years and pays its share of tax or if the partnership itself can show that it has partners that are either tax exempt entities or are subject to a lower rate of taxation. (maslon.com)
• Under present law, most organizations which generally are exempt from Federal income taxation under Code section 501(a), including any trust that is part of a tax-qualified pension, profit-sharing, or stock bonus plan described in section 401(a), are subject to tax on any unrelated business taxable income (secs. (co.ke)
• The organizations that would be eligible under this provision include exempt trusts forming a part of tax-qualified pension, etc., plans, IRAs, and certain tax-exempt educational organizations. (co.ke)
• That portion of the distribution which is not a dividend, to the extent that it exceeds the adjusted basis of the stock and to the extent that it is out of increase in value accrued before March 1, 1913, shall be exempt from tax. (edrich.de)

Liability5

• This effectively transfers the tax liability from the partners in the years audited, to the partners in the year that the audit is completed. (maslon.com)
• Just like it says, LD 1819 harmonizes Maine with updated federal rules for partnership audits by shifting state tax liability from individual partners to the partnership itself. (berrydunn.com)
• LD 1819 echoes key provisions of the BBA and PATH Act by shifting state tax liability from individual partners to the partnership itself and replacing the Tax Matters Partner with a Partnership Representative. (berrydunn.com)
• The amount of the vocational education instruction credit allowable in any taxable year generally would be limited to the taxpayer's income tax liability for the year reduced by (1) certain items of tax described in the last sentence of Code section 53(a), and (2) the sum of various other statutory credits allowable in the taxable year. (co.ke)
• The tax liability is unpaid or credits are denied. (pbp-attorneys.com)

Matters partner2

• The new rules replace the concept of a Tax Matters Partner with a Partnership Representative which comes with much greater authority. (mattersoftrustlaw.com)
• If the IRS determines that the partnership did not properly treat and report the losses, then the Tax matters Partner ("TMP") must decide whether to appeal this determination. (thorntaxlaw.com)

20231

• Last day for Mayor to act is February 21, 2023. (lacity.org)

Medicaid5

• Section 1115 demonstrations and waiver authorities in section 1915 of the Social Security Act are vehicles states can use to test new or existing ways to deliver and pay for health care services in Medicaid and the Children's Health Insurance Program (CHIP). (medicaid.gov)
• Medicaid liens are based on the presumption that equity in property belonging to Medicaid recipients should be used to offset the Medicaid recipient's health care costs. (hawkinselderlaw.com)
• With this lien, Indiana may require the recipient to use the home's equity to repay Medicaid for prior expenses paid towards long-term care on the recipient's behalf. (hawkinselderlaw.com)
• If there is remaining equity in the hands of the recipient, it may cause them to exceed Indiana's Medicaid asset limit. (hawkinselderlaw.com)
• The Social Security Act of 1965 led to the creation of Medicaid to provide health insurance for people with low incomes. (happyfox.com)

Adjustments4

• Affected partner is a partner that held an interest in a pass-through partner at any time during the tax year of the pass-through partner to which the adjustments in the statement relate. (irs.gov)
• The new statute provides a 'push out' election where the partnership can elect to push out the audit adjustments to the partners of the audited years who will then have to amend their returns and pay the tax. (maslon.com)
• Imputing tax on the net audit adjustments at the highest individual or corporate tax rates. (berrydunn.com)
• The Commissioner concedes that "[i]f taxpayers' elections to opt out, but only as indirect partners, are effective, then the assessment of deficiencies flowing from about $36.6 million in adjustments (or on the order of $10 million in tax) is time-barred. (taxnotes.com)

19981

• CBO BASELINE OUTLAY PROJECTIONS FOR MAJOR SPENDING CATEGORIES [By fiscal year, in billions of dollars] ---------------------------------------------------------------------------------------------------------------- Spending category 1993 1994 1995 1996 1997 1998 1999 ---------------------------------------------------------------------------------------------------------------- Defense discretionary. (hhs.gov)

Deficiencies3

• 1983). Second, the United States Tax Court, which is hearing ten test cases which will be dispositive of the tax deficiencies of 1,400 First Western investors, quashed a subpoena duces tecum the IRS issued to First Western and Warner seeking all of First Western's customer records. (justia.com)
• If this election is made, the partners pay an interest rate on the deficiencies that is two percentage points higher than if the tax were paid at the partnership level. (maslon.com)
• Therefore, the IRS audits the partnership itself and any resulting deficiencies and refunds are applied to the partners' tax returns. (thorntaxlaw.com)

19941

• The date of the enactment of the Retirement Protection Act of 1994, referred to in subsec. (govregs.com)

Legislation7

• Federal tax legislation notably establishing 10% withholding on interest and dividends. (realestateagent.com)
• We also relied on descriptions of the legislation provided by the Tax Policy Center , a joint venture of the Urban Institute and Brookings Institution. (politifact.com)
• Scott is right that McCollum voted for legislation that increased taxes. (politifact.com)
• Both in 1990 when discretionary caps were first established and in 1993 when they were extended, discretionary caps were instituted as part of broad deficit-reduction legislation that combined restraint on discretionary programs with increases in taxes (particularly for those who could best afford to pay more) and reductions in entitlement spending (in part by reducing Medicare payments to health-care providers). (cbpp.org)
• The impact of legislation on the effective tax rate. (irsmedic.com)
• March 2, 1799 - An amending act to the legislation of 1798 extended Marine Hospital Service benefits to officers and men of the U.S. Navy. (nih.gov)
• This bipartisan commission, which is modeled after legislation first introduced by Senator Gregg and Senator Kent Conrad (D-ND), is responsible for developing recommendations that will help balance the budget and achieve fiscal sustainability over the long term. (newmountaincapital.com)

Amend2

• The movement went on to amend the Child Abuse Act. (dukeupress.edu)
• Under the old audit rules, the IRS would apply any audit changes to the existing partners and in turn the partners would amend their tax returns to reflect these changes. (mattersoftrustlaw.com)

Reform Act1

• The date of the enactment of the Tax Reform Act of 1986, referred to in subsec. (govregs.com)

Year9

• However, this "increase" was achieved primarily through the cancellation of future tax cuts scheduled by ERTA the year before that had yet to take effect at the time of TEFRA's passage. (wikipedia.org)
• AAR partnership's adjustment year is the partnership tax year that includes the year the AAR was filed with the IRS. (irs.gov)
• Audited partnership's adjustment year is the year that includes the date the court decision became final, if the partnership petitioned the Tax Court. (irs.gov)
• RMD requires older Americans to withdraw around a certain percentage of their Individual Retirement Accounts (IRA) and other retirement funds every year , which is then subject to income taxes. (markskousen.com)
• The Tax Court ruled that a taxpayer holding both direct and indirect interests in a partnership may elect under 26 U.S.C. § 6223(e)(3)(B) not to be bound by the results of a partnership proceeding -- or partnership audit 2 -- as to some, but not all, of those interests held during the relevant taxable year. (taxnotes.com)
• Under the proposal, the cap for each fiscal year through 2011 would be set at the overall levels for discretionary programs proposed for that year in the budget that the President submitted to Congress in February. (cbpp.org)
• The $152 billion figure represents the amount by which the funding levels in the President's budget fall below the CBO baseline, which is CBO's estimate of the amounts needed to maintain current levels of service in these programs and equals the fiscal year 2006 funding levels for these programs, adjusted for inflation. (cbpp.org)
• This documentation must be for the tax year in question, and must not have been submitted to the IRS previously. (pbp-attorneys.com)
• The Act authorizes $12.6 million per year for ten years, but will require action by Appropriators to provide the authorized $12.6 million for FY 2016 and any subsequent years. (nih.gov)

Loopholes1

• Because capital gains rates reward taxpayers in a position to take risks, and because loopholes and tax shelters enable the wealthiest corporations and individuals to escape the higher tax brackets, the progressiveness of the tax system has often been more theoretical than real. (irsmedic.com)

Taxpayers5

• As a result of this meaningful reduction in the credit, taxpayers who have historically claimed the credit will want to discuss with their tax advisors whether it makes sense to continue claiming the credit for 2020 and beyond. (berrydunn.com)
• The panel remanded an appeal by the Commissioner of Internal Revenue and held that the tax court erred in concluding that taxpayers could opt out of a partnership administrative proceeding under the Tax Equity and Fiscal Responsibility Act. (taxnotes.com)
• Accordingly, it appears that if the IRS prevails, the taxpayers will be liable for additional taxes. (taxnotes.com)
• This provision is designed to prevent taxpayers from being pushed into higher percentage tax brackets by inflation. (co.ke)
• Through an audit reconsideration, taxpayers can examine the results of an audit where an additional tax was assessed or a tax credit was reversed. (pbp-attorneys.com)

Regulations2

• It has also been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations. (justia.com)
• Underfunded pensions, outdated regulations and fiscal troubles threaten the nest eggs of millions of American Workers. (institutionalinvestor.com)

Medicare1

• Congressman Bill McCollum Voted To Raise Employment Taxes, Tobacco Taxes, Gas And Energy Taxes, Airport Taxes, Telephone Taxes, Taxes On Business, And Medicare And Social Security Taxes. (politifact.com)

19744

• Federal act passed in 1974 regulating mobile homes. (realestateagent.com)
• Shapiro had spent his career defending U.S. corporations accused of breaching their fiduciary duties under ERISA, the landmark statute otherwise known as the Employee Retirement Income Security Act of 1974. (institutionalinvestor.com)
• The Employee Retirement Income Security Act of 1974, referred to in subsecs. (govregs.com)
• Part 1 of subtitle E of title IV of the Employee Retirement Income Security Act of 1974 is classified generally to part 1 (§ 1381 et seq. (govregs.com)

Taxpayer's1

• Passage of LD 1671 on July 2, 2019 will usher in a significant change to the Maine Capital Investment Credit, a popular credit which allows businesses to claim a tax credit for qualifying depreciable assets placed in service in Maine on which federal bonus depreciation is claimed on the taxpayer's federal income tax return. (berrydunn.com)

Authority3

• Under the new system, a partnership income tax audit is conducted at the partnership level and administered by a partnership representative who will have the authority to bind the partnership. (maslon.com)
• The partnership representative will have sole authority to act for the partnership, and it can be any designated person, not just a partner. (maslon.com)
• Under the new audit regime, the Partnership Representative has sole authority to act on behalf of the partnership. (mattersoftrustlaw.com)

Provisions1

• Title II of the Act specifies "provisions relating to savings in health and income security programs. (nih.gov)

Increases4

• The Republican-controlled Senate replaced the text of the original House bill with a number of tax increases, and the bill became law after President Ronald Reagan signed it. (wikipedia.org)
• The bill passed the House 226-207, with Republicans supporting the tax increases 103-89 and Democrats voting 123-118 in favor. (politifact.com)
• Florida's four Republicans in the U.S. House (McCollum, C.W. Bill Young, Louis Bafalis and Clay Shaw) all supported the tax increases. (politifact.com)
• As income increases for both the individual and business, so does the tax rate. (irsmedic.com)

Income tax10

• Because the IRS believed that these investments were motivated solely by tax considerations and could not reasonably lead to a profit, it disallowed losses that Wheatley claimed on his 1980 federal income tax return in connection with his investments at First Western. (justia.com)
• By age 90, you will be forced to withdraw $87,719, subject to income tax. (markskousen.com)
• On June 18, 2019, the State of Maine enacted Legislative Document 1819, House Paper 1296, An Act to Harmonize State Income Tax Law and the Centralized Partnership Audit Rules of the Federal Internal Revenue Code of 1986 . (berrydunn.com)
• If the IRS conducts an audit and finds a deficiency, the imputed underpayment is computed based on the highest individual or corporate income tax rate. (mattersoftrustlaw.com)
• Using the producer's net profits as the basis would render the royalty an income tax, which would be inconsistent with mainstream economic principles that a royalty is part of a factor payment, and would likely reduce, and at times totally eliminate, royalty payments. (congressionalresearch.com)
• Instead, you must file a formal claim using Form 1040X , Amended U.S. Individual Income Tax Return. (pbp-attorneys.com)
• The personal income tax, levied on incomes of households and unincorporated businesses, and the corporate (or corporation) income tax, levied on net earnings of corporations. (irsmedic.com)
• With these warnings, here are the four tax rate schedules of income tax brackets for 2011. (irsmedic.com)
• It is important to note that businesses pay corporate tax, and the shareholders also pay income tax on dividends they receive. (irsmedic.com)
• Regardinless of the income tax brackets…The revenues the IRS collects has been right around 21% of Gross Domestic Product. (irsmedic.com)

Capital gains4

• A capital gains tax is a tax on capital, but it is not a wealth tax per se because you can postpone indefinitely the tax by not selling your assets. (markskousen.com)
• The reduced tax rates for capital gains are taken into account as preference items for purposes of the corporate and noncorporate minimum taxes. (co.ke)
• recognized generally would be subject to the reduced tax rates applicable to capital gains. (co.ke)
• Long-term capital gains receive preferential tax treatment both for individuals and corporations. (irsmedic.com)

Cuts1

• Once the impeachment is a wrap, Reid noted that left "a pretty clear path" to what else needed to be addressed - tax cuts, a Continuing Resolution to keep the government funded, and the Strategic Arms Reduction Treaty plus votes on some other extraneous bills, one of which included the DREAM Act. (boxturtlebulletin.com)

Shelters1

• Wheatley invested in commodity forward contracts through First Western Government Securities, Inc. (First Western), a company that the Internal Revenue Service (IRS) had identified as a promoter of abusive tax shelters. (justia.com)

Americans1

• If Bernie Sanders' wealth tax became law, it would be a form of double taxation, since older Americans already pay a wealth tax through RMD. (markskousen.com)

Percentage1

• Using "gross income for depletion purposes" is conceptually the same as market value, although it has practical advantages since that is the basis for a producer's computation of its percentage depletion allowance for tax purposes. (congressionalresearch.com)

Deductible2

• Interest and real estate taxes on a second home and real deductible for tax purposes. (realestateagent.com)
• This may not be legal in some instances, and any resulting losses may not be tax deductible. (realestateagent.com)

Purposes3

• Making matters worse, Congress has not stopped tweaking the original act, adding components to boost tax revenue, benefit niche constituents or serve other political purposes. (institutionalinvestor.com)
• For certain other purposes, U.S. tax law does take inflation into account. (co.ke)
• Florida provides guidance on catastrophic event property damage for property tax purposes. (songincpa.com)

Statute1

• Under the new statute, the IRS assesses tax and collects any underpayment from the partnership, not from the partners. (maslon.com)

Years4

• But almost 37 years later, a slew of factors - legislative, economic, social, technological - have undermined the heart of the well-intended act. (institutionalinvestor.com)
• With more than 20 years of experience in federal and state tax law, we have the knowledge and skill to help you achieve a favorable resolution for your claim. (pbp-attorneys.com)
• Over 80 years of expertise for your complicated tax law issues. (thorntaxlaw.com)
• Concerns will be raised about the anonymity aspects, the usefulness for evading taxes and reporting requirements, etc. - a messy issue, sure to be debated and legislated about for many years + split the cash into many pieces. (zeugmaweb.net)

Taxable income1

• The Federal tax law generally does not take inflation into account in determining taxable income. (co.ke)

Laws2

• Under the Tax Laws. (congressionalresearch.com)
• Eric Hughes spent a lot of time reading up on the laws regarding banks, commercial paper, taxes, etc., and concluded much the same. (zeugmaweb.net)

Assets1

• Assets held for more than 12 months are taxed at a top rate of 15%, versus a top rate of 35% for short-term gains on assets held for 12 months or less. (irsmedic.com)

Defense2

• Senate Armed Services Committee chairman Sen. Carl Levin - perhaps slightly dismayed at no mention of the National Defense Authorization Act - prodded Reid to "say something about the Defense bill. (boxturtlebulletin.com)
• The district court denied the IRS's petition, finding that the IRS was attempting to learn whether it had a defense to anticipated tax refund suits of First Western investors, rather than perpetuating evidence already known. (justia.com)

Partnership6

• The panel held that the meaning of 26 U.S.C. § 6223(e)(3)(B) is clear and unambiguous that unless a partner elects to have all of his or her partnership items treated as nonpartnership items, the partner cannot elect out of proceeding under the Tax Equity and Fiscal Responsibility Act. (taxnotes.com)
• i.e., the IRS can now target the partnership itself to collect a tax deficiency. (mattersoftrustlaw.com)
• The Partnership Representative is to be designated by the partnership on its annual tax return. (mattersoftrustlaw.com)
• The Partnership Representative must have a substantial presence in the United States, have a U. S. address, and a U. S. Tax ID number. (mattersoftrustlaw.com)
• Second, a partnership may be allowed to make an annual opt-out of the new audit rules with its timely filed tax return (Form 1065). (mattersoftrustlaw.com)
• Thus, the tax is paid by the individual partners who report partnership income based on information provided by the partnership. (thorntaxlaw.com)

Rate4

• At a 35% tax rate, you pay a wealth tax of $13,672. (markskousen.com)
• The tax is assessed at the highest individual rate. (maslon.com)
• For corporations , an alternative tax rate of 28 percent applies to net capital gain if the tax computed using that rate is lower than the corporation's regular tax. (co.ke)
• The special mining tax breaks are sufficient to lower the effective marginal tax rate slightly below that for other industries. (congressionalresearch.com)

Individuals4

• The Birth to 3 Program is a federally-mandated program (Part C of the Individuals with Disabilities Education Act-IDEA) to support families of children with delays or disabilities under the age of three. (3of21.com)
• Kansas Infant Toddler Services (authorized by the Individuals with Disabilities Education Act - IDEA Part C) is administered by the Kansas Department of Health and Environment (KDHE). (3of21.com)
• Under present law, a targeted jobs tax credit is also available, on an elective basis, to employers who hire individuals from one or more of nine target groups (sec. 51). (co.ke)
• At Poole Brooke Plumlee PC, we represent both individuals and businesses involved in tax disputes with the IRS and the Commonwealth of Virginia. (pbp-attorneys.com)

Litigation1

• After Wheatley paid the additional tax the IRS denied his refund claim, leaving him free to initiate tax refund litigation against the IRS. (justia.com)

Paid3

• If you have already paid your tax debt in full, then you cannot submit a request for reconsideration. (pbp-attorneys.com)
• This act also increased the amount of hospital tax paid by seamen from 20 cents to 40 cents per month, a tax which continued until 1884. (nih.gov)
• After the seamen's hospital tax was abolished July 1, 1884, the cost of maintaining Marine hospitals was paid out of a tonnage tax until 1906. (nih.gov)

Alternative Min1

• The U.S. hardrock minerals industry pays income taxes, including the alternative minimum tax, and, in addition, is assessed a variety of claims and patent fees. (congressionalresearch.com)

Democrats1

• I suddenly realized that a wealth tax as proposed by Bernie Sanders, Elizabeth Warren and other radical democrats is already in the tax law. (markskousen.com)

Requirements1

• However, other personnel from the IRS PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. (justia.com)