| Expatriation Tax |
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| The Internal Revenue Code imposes a tax on an individual who abandons his U.S. citizenship for the principal purpose of avoiding U.S. taxes. The expatriation tax applies to citizens who lose U.S. citizenship and to long-term permanent residents who terminate U.S. residency or who are treated as residents of another country pursuant to a treaty and who fail to waive treaty benefits. This tax may be assessed on U.S. source income for 10 years after the loss of the individual's citizenship or residency.More... |
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| Fraternal Societies |
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| Under the Internal Revenue Code, certain organizations and programs are exempt from income taxation. One type of organization that frequently seeks tax-exempt status is the fraternal society. More... |
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| Replacement of Underground Storage Tanks at Retail Gasoline Stations |
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| Under regulations issued by the Environmental Protection Agency, petroleum companies and independent marketers owning and operating gasoline stations are required to remove and replace leaking underground storage tanks and to clean up any related contamination. The question arises as to whether the substantial costs of removal, replacement, cleanup, and monitoring are capital expenditures or are currently deductible expenses.More... |
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| Taxation of Dividends |
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| There are many types of dividends, but they generally consist of distributions of cash, stock, or other property paid to a taxpayer by a corporation. Most dividends consist of cash, but they can be distributions of more stock, stock rights, other property, or even services. More... |
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| Use of Faxes for Taxpayer Submissions |
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| The world of communications has drastically changed since the first tax laws were enacted by Congress. Until recently, contacts between the Internal Revenue Service and taxpayers have been by mail, phone, or personal interviews, or a combination of them all. But now almost all businesses use the fax machine as an integral part of their operations, and the IRS, based on requests from taxpayers and practitioners, has approved the use of faxes in certain circumstances for issues related to income, employment, excise, estate, gift, and generation skipping tax, as well as tax exempt and employee plan determinations.More... |
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