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Bookkeeping - Cash or Accrual - Deduction Basics |
The IRS and Equality of Treatment
Author: Evan Bailyn
When making decisions about taxation, the Internal Revenue Service (IRS) is required to treat similarly situated taxpayers equally. Not only does its decisions need to be fair, its equality of treatment must be predicable and consistent. In fact, if the IRS does decide to treat one party differently than another similarly situated party, it must explain why.
Regulations Governing Tax Reporting
Author: Evan Bailyn
Choosing the Proper Form
Under the law, there are specific regulations that prescribe which form a taxpayer must use when reporting and self-assessing their taxes. For example, in Lane Wells the taxpayer filed a regular corporate tax return but did not file a separate personal holding tax return (Form
Employment and Tax Withholding
Author: Evan Bailyn
If you are an employer responsible for the withholding of taxes from the wages of your employees—listen up! The IRS has decided to take a closer look at your financial statements. More attention is going to be paid to anything related to or concerning withholding taxes.
Corporate Underpayment of Taxes
Author: Evan Bailyn
Current law holds that individuals are not permitted to deduct interest on federal taxes that have been assessed after 1990. Corporations are entitled to that deduction; however the interest charged against major corporate underpayments is higher than that charged individuals. Major underpayments are any amount in excess of $100,000, excluding penalties and other assessments and they are charged interest at the rate of five percentage points over the short-term federal rate, two percentage points more than the rate for non-major underpayments.
A Brief History of the Internal Revenue Service Part Two
Author: Evan Bailyn
In 1995, Congress began the most recent overhaul of the nation's internal revenue system. Political inertia had been overcome by a series of revelations about the IRS' inability to modernize its own operations despite the expenditure of billions of dollars and multiple commitments from the Service to get their house in order.
A Brief History of the Internal Revenue Service Part One
Author: Evan Bailyn
When the Civil War began, it was a popular notion in the north that it would be a short and decisive confrontation. The first major battle of the war, at Bull Run in July of 1861, sent Union troops running back over the Potomac to Washington in a panic.
Securities and Exchange Commission
Author: Evan Bailyn
The Securities and Exchange Commission (SEC) is be an agency to which the Director of the Administrative Office of United States Courts will direct copies of petitions and schedules. This is not to say that the SEC is interested in cases dealing with a family held corporate debtor.
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