Tax Law

Some, but not all, of the funds you receive from a settlement must be reported as taxable income. The Internal Revenue Service (IRS) determines whether the income is taxable by evaluating what...

The Common Experience Payment is a cash settlement given to qualified individuals as part of the ndian Residential Schools Settlement Agreement. The payment--also known as the CEP--is just one...

During 2008 and 2009, the federal government mailed out stimulus payments to millions of Americans. These payments were designed to help in the recovery of the American economy, which slid into...

The Fair and Equitable Tobacco Reform Act was signed into law in 2004. The law was designed to help tobacco growers branch out into other industries. The U.S. Department of Agriculture buys up...

Many individuals and married couples filing jointly received stimulus payments in 2008 after filing their federal income tax returns for the 2007 tax year. However, taxpayers who did not receive a...

When you work for an employer, your employer withholds social security tax, medicare tax, and federal income tax every time you are paid. Self-employed people, on the other hand, are responsible...

A 1099-MISC tax form is used to report payments made by a company to an independent contractor. This often includes payments to landscapers, attorneys, janitorial companies, or others who provide...

IRS form 1099 covers a broad scope for reporting types of payments. In fact, there are 13 different versions of Form 1099 that you may receive or be required to submit over the course of the tax...

Many Americans received stimulus checks courtesy of the Internal Revenue Service. These stimulus checks were the result of tax laws put in place that affected 2007 tax returns. Stimulus payments...

A tax penalty can increase the amount of money owed to the IRS and create a significant financial burden on a taxpayer. The type of tax penalty charged can very depending on what the taxpayer did...

The 1099 reporting form is used by small businesses or individuals to list payments made to independent contractors such as house cleaners, childcare providers, gardeners and other service...

The federal government has made it much easier for businesses to file and pay their taxes online. It's no longer necessary to fill out payment booklets, attach a check, buy stamps and mail. Now...

In the past, we were able to take advantage of the 'float' on checks written to pay our federal tax liability. Now, modern technology lets you pay your taxes from anywhere as long as you have a...