Sentences with phrase «excise tax if»

Also, is it more prudent to pay the excise tax if the excess contributions are prorated or more prudent to withdraw the excess contributions?

Endowments would also be among the tax - exempt organizations required to pay a 20 percent excise tax if they award executive compensation over $ 1 million.

Not exact matches

If you buy a car in D.C. you'll pay an excise tax of between 6 and 8 % of the car's value.

Here's why: Many people don't realize that they may get socked with a 15 % excise tax as well as income - tax liability if their retirement accounts build so high that they, or their beneficiaries, eventually have to take any distribution that the IRS deems excessively large — more than $ 155,000 in 1996.

If the payments or benefits payable to him in connection with a change in control would be subject to the excise tax on golden parachutes imposed under Section 4999 of the Internal Revenue Code, then those payments or benefits will be reduced if such reduction would result in a higher net after - tax benefit to hiIf the payments or benefits payable to him in connection with a change in control would be subject to the excise tax on golden parachutes imposed under Section 4999 of the Internal Revenue Code, then those payments or benefits will be reduced if such reduction would result in a higher net after - tax benefit to hiif such reduction would result in a higher net after - tax benefit to him.

If you fail to take a RMD by the applicable deadline, the shortfall will be subject to a 50 % IRS excise tax.

Australia's craft brewers are injecting $ 740 million into the economy but warn growth could be stronger if not for punishing excise taxes.

If the budget is passed by the legislature, sugary drinks would be slapped with an extra penny - per - ounce excise tax.

«If the excise tax remains in the final bill that is approved and signed into law, it will place an unacceptable burden on our members — with approximately 40 percent being affected in the very first year.»

If the contribution is exceeded, the beneficiary owes a 6 % excise tax on the excess for each year it remains in the account.

If not, you could withdraw small amounts each year and avoid US income tax (but not the 10 % excise tax), but how long you can continue holding 401 (k) assets after return to India and whether that is long enough to drain the 401 (k) are things that you need to find out.

If you fail to use the funds in a 529 plan for qualified educational expenses, you will incur a 10 % excise tax penalty AND associated income tax on gains.

If the minimum distribution is not distributed by the required date, a 50 % excise tax is charged on the amount not distributed.

If you fail to withdraw the required minimum amount, you may have to pay a 50 % excise tax on the amount that was not withdrawn.

If there are no distributions, or if the distributions are not large enough, you may have to pay a 50 % excise tax on the amount not distributed as required.If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70 1/If there are no distributions, or if the distributions are not large enough, you may have to pay a 50 % excise tax on the amount not distributed as required.If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70 1/if the distributions are not large enough, you may have to pay a 50 % excise tax on the amount not distributed as required.If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70 1/If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70 1/2.

If you contribute more than allowed to your IRA, you'll be subject to a 6 % excise tax on the excess contribution.

In addition, if you do nothing, you'll be hit by the excise tax every year, until the mistake is fixed.

If you fail to take the distributions, or if they're too small, you may have to pay a 50 % excise tax on the amount not distributed as requireIf you fail to take the distributions, or if they're too small, you may have to pay a 50 % excise tax on the amount not distributed as requireif they're too small, you may have to pay a 50 % excise tax on the amount not distributed as required.

If not, the IRS will impose an excise tax — a 50 % penalty.

That includes income taxes, but if you own a business, it also includes payroll taxes and excise taxes.

If you choose the latter, you could still get hit with the excise tax.

If the withdrawal is not a Qualified Distribution, it will be subject to a 10 % excise tax (tax penalty on premature withdrawal).

However, if you failed to distribute the required amount by the end of the year, that may be considered a modification, and your SEPP program could be busted, which means that you would be required to pay all the excise taxes that were waived under the program, plus interest, and would not be able to continue that SEPP program.

If you borrow from either plan before age 59 1/2, you'll get slapped with a 10 % excise tax on the amount you withdraw, on top of the regular income tax you pay on withdrawals from traditional defined contribution plans.

Frequent flier miles sometimes contain hidden tax — If you accumulate miles that have been purchased, be prepared to see slight charges to cover a 7.5 percent excise tax the IRS imposes when companies buy miles from the airlines... (See Frequent flier mile excise tax)

If a reservation is cancelled more than 30 days prior to arrival, a cancellation charge of 75 USD plus General Excise Tax will be retained with the balance refunded to guest.

If less than 60 days» written notice, the rent & excise tax are forfeited.

And Federal Excise tax, which appears to be 7.5 % This makes the deal unattractive, especially if miles are used primarily for domestic travel.

Changes are going to have to come fast, and I believe they are going to need to come from both the supply (protected areas, catch limits) and the demand (education, social pressure, excise taxes, other demand - side legislation) sides if we are to reverse the current and very worrying trends.

From the article:... A new report that details the effects of a looming Obamacare excise tax on employer - sponsored health plans highlights the big bucks large companies will have to dole out starting in 2018 and how employees might end up getting stuck with much of the costs if bosses blanch at the tax bill.

CRA agents proceeded to write to the restaurant, stating that it had been selected for an «evaluation» of its electronic records, and that the evaluation was «not an audit, but rather a limited review of your current recordkeeping practices to determine if they are adequate for purposes of the Income Tax Act and Excise Tax Act.»

If Customs & Excise take the view that a declaration was incorrect, additional duties and taxes may be retrospectively levied, often confronting businesses or even entire industry sectors with very substantial costs, which are usually neither budgeted nor recoverable.

The average cost for a pack of non-generic cigarettes (as of 2014) is $ 6.28, including federal, state, and local excise taxes.4 If you only smoked a pack a week, that's a little over $ 25.00 a month.

There were two issues for the court to consider: first, is the TUF a tax or a fee; and if the TUF is a tax, is it an ad valorem tax or a type of impermissible tax, such as an excise tax.

«It would be a big deal, especially if there's a price tag that's substantial that comes with it, which brings in a lot of excise tax to the county as well.»

You'll need supplies like bubble wrap, boxes, strapping tape, take - out dinner because you are too busy to cook, hiring movers, and if you are buying a new home, you might need extra for staying in hotels while house hunting or waiting for your house to close, you'll need to plan for earnest money, home inspections and repairs that might be required, appraisals, reserves, realtors, excise and other taxes and other even unexpected items like repairs on a new home or fees to set up your utilities or other move - in expenses.