IRS

The IRS defines the word "insolvent" in a very specific way. Find out what the IRS considers "insolvent" to mean with help from an attorney in this free video clip.

A IR Repeater is a device that is used to control audio and video components with your infrared remote control, or IR, that are hidden behind walls or doors of an entertainment cabinet. Hidding cable…

Infrared viewing devices display images of objects using an extended light wavelength. The images can be displayed in black and white or in rainbow colors that show display different temperature…

The Internal Revenue Service uses your invoices to verify that the expenses and income you claimed on your income taxes are accurate. The IRS does not require that your invoices are original; if you…

A dependent, for IRS tax purposes, must be a child or an adult relative. An adult nonrelative, may not be claimed as a dependent on your income tax return. The only two instances in which you can…

The Internal Revenue Service has sweeping powers when it comes to collecting taxes. The IRS has the right to garnish payments, seize assets and even put you in jail. Its powers go far beyond those of…

Internal Revenue Service Form 1096 is used to transmit paper forms to the IRS. It tells the IRS the number of forms included when you are filing your federal income taxes through the mail. You submit…

One of the major benefits of an S corporation is that it minimizes the taxes that are applied to shareholders. Unlike C corporations, S corporations are not subject to double taxation. Also, because…

Your tax liability is directly proportional to your income. When you pay more tax to the Internal Revenue Service than you owe, the IRS returns the over-payment to you via a tax refund. In certain…

A tax deduction helps lower your tax bill by reducing your taxable income. There are a number of items the IRS allows taxpayers to deduct, including donations of money, services and goods to qualified…

Not paying your federal income tax bill can result in unpleasant consequences. The Internal Revenue Service will notify you if you owe the agency money and neglected to pay. There are a variety of…

Most taxpayers who are late in filing a tax return or paying their taxes face penalty charges and interest. Such penalties can be overturned if the IRS is at fault and directly responsible for the…

The Internal Revenue Services allows a taxpayer to deduct casualty damages to his property. A casualty loss is defined as an unexpected or unusual incident. Flood damage meets this definition and is…

A number of factors go into determining your yearly tax obligation to the U.S. government, including your wages earned. It’s your employer’s duty to report your wages, but if it…

Abandonment of property occurs when you intend to end your ownership of property without transferring it to someone else, and you voluntarily and permanently give up custody and use of the property.…

Any employee or employer would want to convert taxable income into nontaxable income, as this actually amounts to a pay raise. Both the employee and the employer save money. It is therefore important…

The thought of the Internal Revenue Service summoning your records is enough to strike fear into the hearts of many law-abiding Americans. However, if you understand what the IRS expects of your…

A court summons is a direct order to appear in court. If you have received a summons from the Internal Revenue Service, you have probably ignored repeated requests to pay a tax bill or produce…

An IRS subpoena means that the IRS has audited your income tax return and it wants you to verify the information you provided. Usually, this means that one or more of your deductions was considerably…

If your computer is used for business purposes, you’re allowed to depreciate the cost of the computer as a business expense on your income tax return. The cost of the computer is recovered over…

If you receive benefits from Social Security disability insurance, they are typically exempt from most types of garnishment. However, if you owe unpaid taxes to the Internal Revenue Service, it may be…

The more dependents you claim on your taxes the less you will have to pay, as you receive an exemption for each dependent. There are two types of dependents: qualifying child and qualifying relative.…

The Internal Revenue Service expects you to report and pay taxes on all your sources of income. When you receive interest income on your checking and savings accounts, the IRS considers those payments…

The Internal Revenue Service keeps copies of your tax returns for seven years. Sometimes, creditors or others may require you to submit proof of income and will accept a transcript of your tax return…

Employers must file Forms W-2 with the Social Security Administration (SSA) annually for all employees. They must send employees a copy of their W-2 statements by the last day of January. The Internal…

Although most members of the clergy do not receive large amounts of financial compensation, a relatively unknown tax break provides them with assistance for housing costs. If you work as a minister or…

You receive a Form 1099-R when you receive distributions from a retirement plan. Distributions may include funds received from traditional and Roth IRAs, employer-sponsored pension and annuity plans,…

Personal IRS assessments are comprised of several components. Many taxpayers view the principal tax balance owed as the total IRS assessment. However, many other assessments may accrue on your…

Photocopying is a big expense for businesses, and individuals occasionally need to copy important documents, as well. While the IRS has specific allowances for certain activities, such as allowing a…

Internal Revenue Service Form 1040X replaces an earlier tax return you sent to the agency. You use the 1040X to correct errors on a previous return or to add new information. For example, you may have…

In times of national economic crisis, more and more people look to taking money out of retirement plans before retirement. In 2010, hardship distributions hit record numbers. When taking funds out of…

When you get a divorce, both your property and your debts will typically be divided. In this situation, the debts could be divided in one of several ways, depending on the circumstances of your…

Many employers directly reimburse employees for work-related transportation expenses, including using their own vehicle for work purposes. Federal tax law allows employees whose employers do not…

Owing the Internal Revenue Service (IRS) brings a lot of stress and worry to taxpayers, especially when making payments causes a financial hardship. If you have trouble making scheduled payments to…

Failure to make payments as agreed upon through a payment plan, as well as ignoring multiple attempts by the IRS to resolve back income tax issues can trigger a look at your current income. The IRS…

If you file electronic tax returns for your clients, your clients may sign the return in one of two ways. A client may select his own electronic personal identification number (PIN) or allow you to…

The IRS is infamous for its astronomical late penalties and interest. If you are a military service member, however, you can delay paying your taxes without incurring any penalties. This includes any…

Getting a big tax refund at the beginning of every year might seem like a great thing, but it actually means that you have been lending money interest-free to the government all year. It is generally…

When you receive an inheritance, you must report the inheritance to the Internal Revenue Service. In some cases, representatives will ask you to verify the inheritance amount, particularly if the…

All taxpayers in the United States, including incorporated businesses, must file tax returns each year with the Internal Revenue Service. The tax forms a corporation must file are significantly…

Federal income taxes confuse many taxpayers. Highly technical tax lingo and jargon pepper tax documents, even those intended to explain rules and regulations. Dependents provide tax exemptions for…

When a person files his taxes, he will often claim a dependent on his forms. This dependent is a person who the filer is responsible for taking care of financially. For each dependent that a person…

The Internal Revenue Services (IRS) authorizes businesses to pay a per diem rate to compensate employees for expenses incurred while travelling away from home in the course of their employment. This…

In the past, television viewers recorded favorite shows on tape, such as the VHS (Video Home System) format. Currently, television and set top box technology have advanced into recording shows on…

A phone call or notice in the mail from the Internal Revenue Service can be a nerve-wracking experience, particularly if the purpose is to inform you of a tax audit or to collect back taxes. However,…

In determining the accounting method best for your business, consistency is the key. The Internal Revenue Service does not suggest a preference between the most common counting methods, cash and…

Religious organizations, charitable organizations, and others create nonprofit organizations. The Internal Revenue Service does not impose restrictions on membership in a nonprofit organization. It…

If you believe the IRS wrongfully assessed your tax liability, you can appeal your case with the IRS. If you lose, you can appeal to the U.S. Tax Court in Washington, D.C. You may also attempt to…

Qualified settlements funds, or QSFs, refer to accounts or trust that are set up to end disputes or wrongdoing. To be a QSF under Internal Revenue Service code, the fund must meet three requirements…

Filling out your tax forms each year might seem like a chore, but the alternative is worse. The IRS requires you to file and pay taxes on all of the money you earn during the year. This filing…

Anytime employment or the exchange of money for services occurs, the IRS wants to know about it. Standard permanent employees typically fill out the W-4 form, but independent contractors and the firms…

If you have grandchildren, you may be interested in trying to pay for their college education. Depending on how you handle the tuition payments, it could affect your tax liability. Before giving money…

Businesses frequently require employees to travel to other cities and states to attend conferences and meetings and perform job duties at other work sites. Employers often pay work-related travel…

The Internal Revenue Service provides two methods for an employee to recover his out-of-pocket business expenses. He may deduct his expenses at year-end when he prepares his income taxes, or his…

When there are legal proceedings that involve a U.S. taxpayer or tax-paying organization, it is important that information presented in these court cases be factual and reliable. Any tax information…

The Italian language is often considered one of the most beautiful, though learning Italian often proves itself to be a challenging task for anyone living outside of Italy. Because it may be difficult…

An IR blaster is a small external device that lets you control a piece of electronic equipment using your computer. It connects to your computer via a USB port or a dedicated IR blaster input…

Some computers have the capability to communicate through the use of infrared (IR) technology. Once a computer has an installed and enabled IR port, it can communicate with another device that also…

Charitable organizations maintaining a tax-exempt 501(c)(3) status with the IRS must adhere to all rules to remain eligible. Whether a public charity or private organization, the organizations must…

Infrared (IR) spectrometers are tools that scan and identify unique chemicals within a compound. While there are numerous processes and types of spectrometers, infrared spectrometers have a number of…

The infinitive "ir" is the Spanish verb that means "to go." The infinitive form can be used in several different ways depending on what you want to say. The most typical ways to…

Every year the Internal Revenue Services collects billions of dollars in taxes from individuals and businesses in the United States. While no one likes paying taxes, they are a necessary part of…

IRS Form 1023, "Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code," is the form used to apply for tax-exempt status for a public charity or a private…

Defining whether a person is an actual, paid employee or an independent contractor is very important for business reasons. However, a contractor has to do more than simply call himself contract labor…

Not only is establishing a scholarship a good deed, it's also a way to write off income as if done correctly. Most scholarships are created by companies or other entities through creation of a private…

You've filed your taxes and then you get a call: the IRS thinks the return you filed is incorrect. And so they audit you. Once the IRS audits you, they will decide -- either by mail or in person --…

An IRS Form 941 is a quarterly federal tax return for employers. The purpose of Form 941 is to report wages paid, tips received by employees, federal income tax withheld and Social Security and…

There is a world of difference between two tenses in Spanish: the Imperfect vs. the Preterit.First of all, one has to understand that one is a completed past action=better known as the Preterit. The…