Sentences with phrase «tax code requires»

The new US tax code requires companies to pay tax of 15.5 % on accumulated overseas profits held in cash and other liquid assets, regardless of whether or not the company repatriates the money.

The federal tax code requires a corporation to pay taxes on its income before any distribution is made to owners.

That's what happened in London in 2015, when the British government closed a loophole in its tax code requiring UK homeowners from overseas to pay a capital - gains tax when their property is sold.

Not exact matches

Its staff posed the following question: If the U.S. created a tax code that eliminated virtually all personal and corporate tax breaks, and also required that the plan be revenue neutral ---- meaning that receipts in 20 years had to match the numbers forecast today ---- how low could rates go?

In consultation with senior management, oversee regulatory compliance with respect to compensation matters, including overseeing the Company's policies on structuring compensation programs to preserve tax deductibility, and, as and when required, establishing performance goals and certifying that performance goals have been attained for purposes of Section 162 (m) of the Internal Revenue Code.

In addition to potential jail time, taxpayers convicted under the Internal Revenue Code will most likely be required pay back taxes, fines, and penalties.

The Chamber, like other groups organized under section 501 (c) of the tax code, is not legally required to disclose the sources of the money it independently spends on elections.

«The job comes with many risks, including the ability to repay, cost of maintenance, plumbing repairs needed, electric blackouts, appliances that break, local and state regulations, fire codes, and taxes and insurance required,» says Arik Kislin, real estate developer and CEO of New York City - based Linx Industries.

but as a tax - exempt enti «ty under tax code 501 (c) they are required to have open books, as they would be listed as a non-profit.

I hadn't any awareness that I would require an NPI number, a CLIA waiver, a tax identification number, sign permits, have to comply with specific fire codes, and to my sincere regret, I delayed establishing a relationship with an accountant and attorney until crisis demanded.

They both require a major administrative overhaul of the tax code.

One question focused on possible reasons to vote for «Woodstock,» citing reasons like fighting to improve the economy by taking on big businesses and monopolies, pushing for campaign finance reform, increasing education funding, changing the tax code to require the wealthy and large corporations to pay more and raising the minimum wage.

«How would such a code, which requires regular verification of conditions such as payment of taxes, occupancy limits, annual inspections and renewals be any more enforceable than a code which simply no longer permits commercial uses being conducted in residential zones?»

It would also require the House Ways and Means Committee to report out legislation under the budget reconciliation process that would provide for a revenue - neutral, comprehensive overhaul of the U.S. tax code and would include instructions to 11 House committees to trigger the budget reconciliation process to cut mandatory spending.

New York's previous lobbying act requires nonprofits that fit under the 501 (C)(4) designation of the IRS tax code to disclose donations of over $ 5,000 and the personal information of those who make such donations if the group has spent more than $ 50,000 on lobbying in a calendar year.

Most banks have been sending these codes to tax collectors electronically and directly for many years but state law requires assessors to serve as a «middle - man» and continue spending countless hours on an unnecessary task.

That would also be a complex maneuver and would require changes in the state tax code as well as local laws.

If the panel yielded one clear conclusion, it's that any tax code change costs require a significant political lift.

A more likely scenario could be an effort to reform the tax code to offer tax credits for donations to organizations that provide scholarships to low - income students — an approach that could serve much the same purpose as school vouchers but would not require the creation of a new direct - spending program.

If I were to buy a block of 10 codes (the minimum amount), I would have to pay # 120 plus VAT and that would last me for almost two years — but that requires me making some $ 300 - 400 in royalties over those two years to break even on the up - front cost — there are taxes to be payed over the royalties, you know.

In certain circumstances, the U.S. Internal Revenue Code requires that individual income taxpayers report the refund of excess state or local income tax payments received by the taxpayer as income for federal income tax purposes.

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.

Your state may require the code to allocate local income taxes.

Notwithstanding the exemption from taxes for interest on municipal bonds, taxpayers are still required to report such interest on their federal income tax returns pursuant to section 6012 (d) of the Code.

72 (t) Free Withdrawal RiderAny withdrawal charges and MVA will be waived for the amount which would comply with substantially equal periodic payment requirement to avoid tax penalty for policyholders younger than age 59 1/2, as required by IRS Code 72 (t).

Like 401 (k) s and IRAs, qualified DIAs are governed by Section 408 of the tax code and are subject to the same required minimum distributions beginning at age 70 1/2.

He didn't know about due diligence, deferred maintenance or building codes and after having to refinance then sell his house to fund the required repairs swore he'd never buy another building... until he looked at his tax return.

Moreover, in this line of cases, there already had been a decision that adopts a two - part test for bona fide tax - exempt nonprofit credit counseling agencies, requiring such agencies to: (1) be recognized by the IRS as being exempt from federal income taxation under section 501 (c)(3) of the Internal Revenue Code; and (2) actually operate as a bona fide nonprofit organization.

Under the 2017 tax code, taxpayers were required to file a return if their income reached the amount of the standard deduction for their filing status, plus $ 4,050 (the personal exemption amount).

In June of 2014, the Treasury Department changed the tax code allowing consumers to defer required minimum distributions on a portion of their retirement accounts.

It looks like this would not work, as documented in the IRS» Offset instructions (bold mine): Internal Revenue Code IRC (§) 6402 (a), (c), (d), (e) and (f) require a taxpayer's overpayment to be applied to any outstanding Federal tax debt, child support, Treasury Offset Program (TOP) debt, State income tax obligation or Unemployment Compensation prior to...

Each Fund intends to distribute all of its net investment income, any excess of net short - term capital gains over net long - term capital losses, and any excess of net long - term capital gains over net short - term capital losses in accordance with the timing requirements imposed by the Code and therefore should not be required to pay any federal income or excise taxes.

Under the backup withholding provisions of Section 3406 of the Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends.

'' (3) Any amount deducted from gross income under section 164 of the Code as state, local, or foreign income tax or tax, as state or local general sales tax tax, or as qualified motor vehicle tax to the extent that the taxpayer's total itemized deductions deducted under the Code for the taxable year exceed the standard deduction allowable to the taxpayer under the Code reduced by the amount the taxpayer is required to add to taxable income under subdivision (4) of this subsection.subsection (a2) of this section.»

Retirees who turned age 70 1/2 last year are running out of time to avoid one of the tax code's more draconian features: the 50 % penalty for failing to take mandatory «Required Minimum Distributions» (RMD) on any applicable retirement accounts.

The 15 % discount applies to base fare only, not to fees or taxes, and requires purchase at FlyFrontier.com using promo code SAVE15.

The new proposed constitution includes additions required for tax exempt status described in Section 501 (c)(3) of the United States Internal Revenue Service Code.

In your opinion, do changes in our tax code and regulatory environment — for example, substituting carbon taxes for sales taxes or requiring new construction to be energy efficient — constitute an existential threat to humanity?

Unlike renewable energy incentives, which periodically expire and require Congress to approve extensions, the fossil fuel industry has dozens of subsidies permanently ingrained in the tax code from decades of successful lobbying.

The changes to the tax code will require family law professionals to plan for more than just the new alimony provisions, however.

Successfully obtained tax rebates on behalf of owners of business and commercial aircrafts because the taxing districts failed to provide sufficient interstate allocation as required by the Texas Tax Code and the United States Constitutitax rebates on behalf of owners of business and commercial aircrafts because the taxing districts failed to provide sufficient interstate allocation as required by the Texas Tax Code and the United States ConstitutiTax Code and the United States Constitution.

These suggested safeguards included permitting HHS to obtain records and other documents only if they are relevant and necessary to compliance and enforcement activities related to church plans, requiring a senior official to determine the appropriateness of compliance - related activities for church plans, and providing church plans with a self - correcting period similar to that Congress expressly provided in Title I of HIPAA under the tax code.

It's not required for a shopper to know the ins and outs of the entire U.S. tax code; a financial adviser can help you navigate the details and determine exactly what is and isn't taxable.

Second, the tax code is permeated with opportunities to violate the law, taking deductions mistakenly that you are not entitled to, not reporting types of income as required, and not having the paperwork to back up one's return, which is necessary if one is called into an audit.

As required by the tax code, Coinbase issued 1099 - K forms to all qualifying customers earlier this month.

The activities of Title Searchers include reading the title evidence required, obtaining the legal description of various property titles and comparing the legal description of title properties with the legal description found in records in order to check factors like tax code, parcel numbers or the property's boundaries.

«The job comes with many risks, including the ability to repay, cost of maintenance, plumbing repairs needed, electric blackouts, appliances that break, local and state regulations, fire codes, and taxes and insurance required,» says Arik Kislin, real estate developer and CEO of New York City - based Linx Industries.

The successful completion of a tax - deferred like - kind exchange transaction requires Investors to comply with certain deadlines pursuant to Section 1031 of the Internal Revenue Code, which have been further clarified within Section 1.1031 of the Department of the Treasury Regulations.

1031 Exchange Clients are responsible for monitoring and complying with their own required tax - deferred like - kind exchange deadlines as outlined in Section 1031 of the Internal Revenue Code and Section 1.1031 of the Treasury Regulations as outlined below: