Section 179 depreciation, a tax provision that currently allows taxpayers to write-off up to $500,000 for 2016 ($510,000 for 2017), has been around long enough that you may think you’re very familiar with the rules. Here’s a quiz to check your knowledge.
Do you have a backup plan? The IRS does too.
Depending on which myth you chose to believe, your double is roaming the world searching for you, either with a desire to complete you or to do you evil.
Like the ubiquitous Kilroy of World War II fame, tax law seems to be everywhere. Here are two examples of tax rules popping up where you might not expect them.
The food pyramid, an old-school nutrition guide issued by the US government, disappeared in 2011. But if your reading diet includes IRS documents, you’re in luck.
Steel yourself for a bit of truth: The internal revenue code occasionally uses phrases that are not defined anywhere in the code itself.
Say you’re cooperating with the Department of Justice and the IRS Criminal Investigation Division in connection with the ongoing investigation of two Swiss bankers.
What happens when you file a joint federal income tax return signed by only one spouse? Does silence necessarily mean “yes,” as in the nonsigning spouse consents to filing a joint return?
In 1998, the US congress passed the Internal Revenue Restructuring and Reform Act in response to Internal Revenue Service abuses in the administration and enforcement of tax laws.
As it applies to the taxation of annuities, the “income-first” rule (internal revenue code section 72(e)) means you include payments received before the annuity starting date in your gross income to the extent allocable to income on the contract.