Sentences with phrase «for federal tax purposes»

The amount of the discharged debt will be considered income for federal tax purposes and possibly for state tax purposes.

Notice 2014 - 21 answered 16 questions, but also provided an avenue for answering even more, by stating that virtual currency is to be treated as property for federal tax purposes.

The bill itself lays out a series of employees who would not be covered by the guidelines, such as those workers who sell subscriptions and are treated as employees for federal tax purposes.

Q - 1: How is virtual currency treated for federal tax purposes?

Death or inheritance taxes are called estate taxes for Federal tax purposes.

After the ruling, any same - sex couple that was married in a state that recognized same - sex marriage would then be treated as married for federal tax purposes.

Notice 2014 - 21 answered 16 questions, but also provided an avenue for answering even more, by stating that virtual currency is to be treated as property for federal tax purposes.

You must have a written contract spelling out that they're not employees for federal tax purposes (also mentioned above).

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.

Death taxes are called estate taxes 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.

«I believe that it is important that the Treasury and the IRS issue guidance or a formal opinion letter whether taxpayer contributions to state authorized trust funds, partially reimbursed by credits reducing state and local income taxes, will be considered deductible for federal tax purposes,» Faso wrote in the letter.

An HSA offers a triple advantage.4 You can save pretax dollars (and possibly collect employer contributions), which have the potential to grow and be withdrawn tax free for federal tax purposes if used for qualified medical expenses — currently or in retirement.

You can't claim the AOTC if you were a nonresident alien for any part of the tax year unless you elect to be treated as a resident alien for federal tax purposes.

Because same - sex married couples are considered unmarried for federal tax purposes, they can qualify for HOH status.

Rev - Proc 2002 - 22 notes that the courts have characterized entities operating with master leases and profit sharing as partnerships for federal tax purposes.

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college and K - 12 expenses

The Internal Revenue Service refers to S corporations as corporations that pass corporate income, losses, deductions and credit to shareholders for federal tax purposes.

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.

A statutory nonemployee, which includes direct sellers and licensed real estate agents, is treated as self - employed for all federal tax purposes, including income and employment taxes.

It's different for Federal tax purposes where we're able to carryback most of our Federal NOLs.

Please remember the tuition and fees deduction can only be taken on the Iowa return if the same deduction was taken for federal tax purposes.

Note that the top of the form states in bold italics that «An IRS individual taxpayer identification number (ITIN) is for federal tax purposes only.»

Contributions to a 529 Plan do not reduce the taxable income of the contributor for federal tax purposes because they are made with after - tax dollars, much like a Roth IRA (Individual Retirement Account).

In 2013, the Supreme Court struck down the Defense of Marriage Act (DOMA) and recognized same - sex marriages for federal tax purposes in the landmark case United States v. Windsor.

The production tax credit is in addition to the federal tax shelter benefits resulting from the availability for windmills of 5 - year double declining balance accelerated depreciation for federal tax purposes.

According to the IRS, if you are paying or receiving any payment from your spouse, it might be considered alimony for federal tax purposes.

The main dispute arose when the Halifax Regional Municipality and the minister of Public Works and Government Services disagreed on the Citadel's value, which needs to be determined for federal tax purposes.

If there is no indication in a divorce final judgment or decision pending final judgment or property settlement agreement as to who is entitled to claim the children as Dependency Exemptions then automatically the parent with physical placement / physical custody of the minor children is entitled to claim the child or children for Federal Tax purposes.

This change also is effective retroactively for federal tax purposes.

Remember, though, in order to count such a lunch as a business expense for federal tax purposes, the main purpose of the lunch must be business; you must discuss business before, during, or after the meal; and you must have a reasonable expectation of generating income or some other business benefit.

SAME - SEX COUPLES: The Supreme Court's decision on the Defense of Marriage Act has led to significant changes by the Internal Revenue Service, which for the first time will begin recognizing same - sex married couples for federal tax purposes.

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college expenses

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.

Donations to Planned Parenthood Advocates of Arizona are not deductible for federal tax purposes as a charitable contribution or business expense, and may be used for political purposes, such as supporting or opposing candidates.

The exchange agreement must state that the AT will be treated as the beneficial owner of the warehoused property for federal tax purposes, including reporting interest and depreciation.

This discussion was aimed at same - sex married couples, but it applies to any situation where two people are considered unmarried for federal tax purposes (so, unmarried people in a same - sex relationship and unmarried people in an opposite - sex relationship).

S - corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

For instance, if a $ 5,000 face amount bond (with a maturity of 10 years and a stated interest rate of 5 %, payable semi-annually) is issued for $ 4,628, the bond is treated for federal tax purposes as issued with $ 372 of original issue discount ($ 5,000 minus $ 4,628).

The following rules apply to same - sex individuals who are considered married for federal tax purposes:

Second, substantially all payments for the licensed real estate agent's services must be directly related to their sales or other output rather than based on number of hours worked, and lastly, the real estate agent's services must be performed pursuant to an agreement that states the real estate agent will not be treated as an employee for federal tax purposes.