Sentences with phrase «federal tax law purposes»

For federal tax law purposes, an expense is ordinary if it is customary in the industry.

Not exact matches

But taxpayers would, the argument goes, be allowed to fully deduct the amount on their federal tax returns because the new law still allows most charitable giving to be deducted for federal tax purposes.

There is a large body of established tax principles and law for property that apply to cryptocurrency and how the gains, losses, income and transactions are treated for federal tax purposes.

Individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that aren't recognized as a valid marriage under relevant state law won't be treated as married or as spouses as defined in this policy for federal tax purposes.

However, individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that are not recognized as marriage under the relevant state law, will not be treated as married or as spouses as defined in this policy for federal tax purposes.

The change in the current tax law regarding MLPs could result in the MLP being treated as a corporation for federal income tax purposes which would reduce the amount of cash flows distributed by the MLP.

Residents are taxed on the same income they report for federal income tax purposes, subject only to the specific modifications allowed under state law.

An individual, who has an employment relationship, acknowledged by both the individual and the mortgage broker or mortgage banker and is treated as an employee for purposes of compliance with the federal income tax laws.

This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under U.S. federal tax laws.

In the year of disposition the adjustment will be a subtraction for gain attributable to installment payments to be made in future taxable years provided that (i) the gain arises from an installment sale for which federal law does not permit the dealer to elect installment reporting of income, and (ii) the dealer elects installment treatment of the income for Virginia purposes on or before the due date prescribed by law for filing the taxpayer's income tax return.

The purpose of these two criteria is to be consistent with the tax law's intent that 2017 property taxes are deductible under the 2017 federal tax rules and 2018 property taxes are deductible under the 2018 federal tax rules.

IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, any tax information contained in this site was not intended or written to be used, and can not be used, for the purpose of (i) avoiding tax - related penalties under federal, state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed on this site.

CONSULTATIONS Although this site may address certain tax issues, it is not a «reliance opinion» within the meaning of Treasury Circular 230 and, therefore, it is not intended to be used for, and can not be used for, the purpose of avoiding the imposition of penalties under Federal tax laws.

Administrative law — Judicial review — Municipal law — Taxation — Real property tax — Payments made by Federal Crown in lieu of real property tax — Assessed value of Halifax Citadel — Whether the Federal Court of Appeal erred in holding that the Minister is unconstrained by the assessed value of the property determined by the assessment authority in determining the property value of a federal property for purposes of the PILT Act — Whether the Federal Court of Appeal erred in holding that the Minister acted reasonably in determining the property value of the Halifax Citadel lands (adopting the determination of the Dispute Advisory Panel appointed under the Act), and in particular in valuing the portion of the lands upon which are located improvements which are exempt from payments in lieu of taxes, representing 47 of 49 acres of the site, at $ 10 — Whether the Court should consider the present case as it raises similar issues as Montréal (City) v. Montréal Port Authority 2010 SCC 14, [2010] 1 S.C.R. 427, but from the perspective of assessed value — Payments in Lieu of Taxes Act, R.S.C. 1985, c. Federal Crown in lieu of real property tax — Assessed value of Halifax Citadel — Whether the Federal Court of Appeal erred in holding that the Minister is unconstrained by the assessed value of the property determined by the assessment authority in determining the property value of a federal property for purposes of the PILT Act — Whether the Federal Court of Appeal erred in holding that the Minister acted reasonably in determining the property value of the Halifax Citadel lands (adopting the determination of the Dispute Advisory Panel appointed under the Act), and in particular in valuing the portion of the lands upon which are located improvements which are exempt from payments in lieu of taxes, representing 47 of 49 acres of the site, at $ 10 — Whether the Court should consider the present case as it raises similar issues as Montréal (City) v. Montréal Port Authority 2010 SCC 14, [2010] 1 S.C.R. 427, but from the perspective of assessed value — Payments in Lieu of Taxes Act, R.S.C. 1985, c. Federal Court of Appeal erred in holding that the Minister is unconstrained by the assessed value of the property determined by the assessment authority in determining the property value of a federal property for purposes of the PILT Act — Whether the Federal Court of Appeal erred in holding that the Minister acted reasonably in determining the property value of the Halifax Citadel lands (adopting the determination of the Dispute Advisory Panel appointed under the Act), and in particular in valuing the portion of the lands upon which are located improvements which are exempt from payments in lieu of taxes, representing 47 of 49 acres of the site, at $ 10 — Whether the Court should consider the present case as it raises similar issues as Montréal (City) v. Montréal Port Authority 2010 SCC 14, [2010] 1 S.C.R. 427, but from the perspective of assessed value — Payments in Lieu of Taxes Act, R.S.C. 1985, c. federal property for purposes of the PILT Act — Whether the Federal Court of Appeal erred in holding that the Minister acted reasonably in determining the property value of the Halifax Citadel lands (adopting the determination of the Dispute Advisory Panel appointed under the Act), and in particular in valuing the portion of the lands upon which are located improvements which are exempt from payments in lieu of taxes, representing 47 of 49 acres of the site, at $ 10 — Whether the Court should consider the present case as it raises similar issues as Montréal (City) v. Montréal Port Authority 2010 SCC 14, [2010] 1 S.C.R. 427, but from the perspective of assessed value — Payments in Lieu of Taxes Act, R.S.C. 1985, c. Federal Court of Appeal erred in holding that the Minister acted reasonably in determining the property value of the Halifax Citadel lands (adopting the determination of the Dispute Advisory Panel appointed under the Act), and in particular in valuing the portion of the lands upon which are located improvements which are exempt from payments in lieu of taxes, representing 47 of 49 acres of the site, at $ 10 — Whether the Court should consider the present case as it raises similar issues as Montréal (City) v. Montréal Port Authority 2010 SCC 14, [2010] 1 S.C.R. 427, but from the perspective of assessed value — Payments in Lieu of Taxes Act, R.S.C. 1985, c. M taxes, representing 47 of 49 acres of the site, at $ 10 — Whether the Court should consider the present case as it raises similar issues as Montréal (City) v. Montréal Port Authority 2010 SCC 14, [2010] 1 S.C.R. 427, but from the perspective of assessed value — Payments in Lieu of Taxes Act, R.S.C. 1985, c. M Taxes Act, R.S.C. 1985, c. M - 13.

Like many states, Rhode Island uses federal taxable income, as determined under the current IRC (but without special deductions allowed under federal law), as the starting point for determining taxable income for purposes of the business corporation tax.

When Parliament repeals the prohibition against drug trafficking (at least with respect to pot) it may become a by - law issue — though, given that the federal government and the provinces continue to heavily regulate the sale of other substances such as cigarettes and alcohol, and if the sale of pot (other than for medicinal purposes) is ever legalized we should expect it to be heavily taxes, the notion that the sale of pot will ever only become a by - law issue seems far - fetched — but until it does it's simply wrong to say this is a by - law issue.

Q - 2: Is virtual currency treated as currency for purposes of determining whether a transaction results in foreign currency gain or loss under U.S. federal tax laws?

Accountant — Goodman Services — Buffalo, NY — 9/2013 to Present • Manage accurate and timely payroll for 200 employees • Analyze accounts and expenditure reports to ensure proper balancing, and resolve and report discrepancies to the department supervisor • Introduce an updated ledger system to accelerate processing times by 10 percent • Observe and document all company expenses with detailed records of invoices, receipts, and other financial documentsAccountant — Foxworth & Trinston Finances — Buffalo, NY — 5/2009 to 9/2013 • Prepared tax returns and financial statements for auditing purposes • Monitored company cash flow on a daily basis and reported to the company president at the end of every week • Received Employee of the Year Award for recommending supplier consolidation that resulted in saving the company $ 1 million • Trained six new employees in company accounting policies and procedures as well as state and federal laws and restrictions to ensure high performance and the meeting of all deadlines

According to federal law, for federal tax purposes, real estate agents will not be treated as employees if these three requirements are met: (1) The agent must be licensed; (2) Substantially all income must be made on the basis of sales or output, not on hours worked; and (3) There must be a written contract between the salesperson and company stipulating independent contractor status.