Sentences with phrase «federal tax code which»

The program is named after the 1978 addition of section 401 (k) to the U.S. federal tax code which allowed such pre-tax investments.

The program is named after the 1978 addition of section 401 (k) to the U.S. federal tax code which allowed such pre-tax investments.

The program is named after the 1978 addition of section 401 (k) to the U.S. federal tax code which allowed such pre-tax investments.

Not exact matches

While this new plan will result in some immediate changes to the tax code, it will not affect the way you file federal income taxes until the 2018 tax year, which you will file in early 2019.

The budget includes his proposal to help those negatively impacted by the new federal tax code, which caps a deduction for state and federal taxes that is especially popular in high - tax states such as New York.

There is a great deal of uncertainty surrounding that budget as Governor Andrew Cuomo continues to consider what exactly to propose in terms of overhauling the state tax system in response to the new federal tax code, which has especially significant ramifications for New York, and in terms of a congestion pricing plan for New York City.

Thus, as part of the budget proposal, the governor called for restructuring the state's tax code to find was to work around the federal law — which limits the deductibility of state, local and property taxes.

By Dr. Louis Alpert Ombudsman Just last week, on February 22, 2018, Ombudsman - Alert discussed the bi-partisan federal legislation introduced by congresspersons Nita Lowey and Peter King to completely restore the SALT deductions, which was limited to 10K, in the new federal tax code, to begin in the tax year 2018!

His plan would shift the state tax code from an employee - paid system to one paid for by employers, which would help shield New York residents from new federal tax increases.

Cuomo wants to overhaul the state tax system by swapping state income for payroll taxes, which remain deductible under the new federal tax code.

Cuomo has proposed far more sweeping changes to the state's tax code that he says are needed to soften the blow of the new federal tax law, which will raise the federal taxes of many New Yorkers by capping a deduction for state and local taxes at $ 10,000.

The business owner could then deduct the payroll tax from the company's taxes, which is still allowed under the changes to the federal tax code.

His return also showed he can expect to see a savings this year from the recent federal tax code overhaul, which Cuomo has blasted.

Just last week, on February 22, 2018, Ombudsman - Alert discussed the bi-partisan federal legislation introduced by congresspersons Nita Lowey and Peter King to completely restore the SALT deductions, which was limited to 10K, in the new federal tax code, to begin in the tax year 2018!

Pokalsky noted that the federal government is poised to reconsider some exemptions in the tax code that could include capping the amount of state income tax — which for wealthy New Yorkers is not a small number — that can be deducted from a federal tax return.

Notwithstanding any of the provisions of the Constitution, the Association shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from Federal income tax under Section 501 (c) 3 of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law) or (b) by a corporation, contributions to which are deductible under Section 170 (c) 2 of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law).

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

THE FEDERAL TAX CODE can be utterly baffling, which helps explain why more than half of individual tax returns are completed by a tax preparer and many of the rest use tax softwaTAX CODE can be utterly baffling, which helps explain why more than half of individual tax returns are completed by a tax preparer and many of the rest use tax softwatax returns are completed by a tax preparer and many of the rest use tax softwatax preparer and many of the rest use tax softwatax software.

When a taxpayer has claimed a federal itemized deduction for state or local income tax payments and subsequently receives a refund related to those payments, the Internal Revenue Code requires the taxpayer to report the refund as income on Form 1040 for the year in which the refund was received.

Second, I'm going to work with Congress to temporarily reform a key housing provision of the federal tax code, which will make it easier for homeowners to refinance their mortgages during this time of market stress.

As policymakers begin work on a major overhaul to the federal tax code, which could include eliminating or changing the deduction, and amid widespread concern about rising student debt levels, leaders should bear in mind that altering the provision would have implications for higher education and tax policy across levels of government.

Both are named after section 529 of the Internal Revenue Code, which specifies the requirements for the plans to be free from federal income taxes.

The family had been donating to the college out of their own funds since 2000, but in 2014 donated federal grant income of IGES under direct control of Jagadish Shukla, which gives the appearance of «self - dealing,» a serious violation of the U.S. Tax Code.

The federal and some state tax codes let you count part or all of long - term care insurance premiums as medical expenses, which are tax deductible if they meet a certain threshold.

This procedure provides a safe harbor under which the Service will not challenge (a) the qualification of property as either «replacement property» or «relinquished property» for purposes of section 1031 of the Code or (b) the treatment of the» «exchange accommodation titleholder» as the beneficial owner of such property for federal income tax purposes, if the property is held in a «qualified exchange accommodation arrangement» (QEAA).

The mortgage interest deduction is one of the more popular tax deductions under the Internal Revenue Code, which also makes it one of the most «expensive» for the Federal government, and therefore one of the biggest targets of tax reform.