Sentences with phrase «under income tax laws»

The Fifth Amendment does not protect the recipient of such income from prosecution for willful refusal to make any return under the income tax law.

Tax calculation is done on the annual income of a person and the annual financial cycle under income tax law starts from 1st April to 31st of March of the next calendar year.

Withdrawals up to the amount of premiums paid are not subject to income taxation under income tax law.1 Also, unlike annuities, cash value withdrawn from your policy (so long as it is not a MEC) is not subject to IRS pre-59 1/2 withdrawal penalties.

So, the first step is to get acquainted with all the deductions offered under the Income Tax Law:

Not exact matches

In his 2015 book «Rewriting the Rules of the American Economy,» Stiglitz said that the normalization of shareholder primacy was solidified under the Reagan administration through changes to federal income tax law and securities law, including relaxed antitrust laws.

The after - tax income of state residents would, the argument goes, be the same as under the old federal tax law.

State and local sales and income taxes could not be prepaid under the new law.

Make smart tax elections Under the tax law, most expenses incurred in business are deductible, while most income is taxable (there are, of course, some exceptions).

Under previous tax law, most people could deduct the amount of taxes they'd paid on property, sales or income from the adjusted income they reported on their federal tax returns.

Under previous tax law, anyone making above a certain amount — $ 313,800 for couples filing jointly in 2017 — faced a ceiling on how much they could subtract from their taxable income through itemized deductions.

Under current law, high - income fund partners pay the long - term capital gains rate of 20 percent on their carried interest income, instead of the 39.6 percent individual tax rate that applies to the ordinary wage income of high earners.

Under existing law, payments of those taxes can be deducted, or subtracted from federal taxable income, lowering the amount of federal tax due.

IDR student loan forgiveness isn't free: Under current tax laws, any remaining student loan balance forgiven as part of income - driven repayment is considered taxable income.

However, under current tax law, forgiven student loans are considered taxable income.

This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including, without limitation, certain former citizens or long - term residents of the United States, partnerships or other pass - through entities, real estate investment trusts, regulated investment companies, «controlled foreign corporations,» «passive foreign investment companies,» corporations that accumulate earnings to avoid U.S. federal income tax, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or currencies, tax - exempt organizations, tax - qualified retirement plans, persons subject to the alternative minimum tax, persons that own, or have owned, actually or constructively, more than 5 % of our common stock and persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy.

It sets a top individual income tax rate of 37 percent, below 38.5 percent in the Senate bill and 39.6 percent in the House bill (which is also the rate under current law).

Under the Canadian Income Tax laws, you are able to borrow up to $ 10,000 per year, to a maximum of $ 20,000, through the Lifelong Learning Program.

Under the Canadian Income Tax laws, you and / or your spouse may be eligible to borrow tax - free from your RRSP, up to $ 10,000 CAD each per tax year, to help fund your EMTax laws, you and / or your spouse may be eligible to borrow tax - free from your RRSP, up to $ 10,000 CAD each per tax year, to help fund your EMtax - free from your RRSP, up to $ 10,000 CAD each per tax year, to help fund your EMtax year, to help fund your EMBA.

In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in our consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized.

Under current law, taxpayers not claiming the standard deduction can deduct both their state and local property taxes, and either their state and local income taxes or their state and local sales taxes, whichever is higher.

«Individual, Corporate, and Payroll Tax Liability under Wyden - Gregg; Baseline: Current Law; Distribution by Cash Income Level, 2014»; T10 - 0121.

A C corporation under Federal law pays corporate income taxes directly on its corporate income.

Under U.S. law corporations don't pay income tax on overseas profits until the profits are brought into the United States.

This discussion also does not address any tax consequences arising under the unearned Medicare contribution tax pursuant to the Health Care and Education Reconciliation Act of 2010, nor does it address any tax considerations under state, local or foreign laws or U.S. federal laws other than those pertaining to the U.S. federal income tax.

For example, if a small business has $ 100,000 in income that will be passed through, only $ 80,000 of that would be taxable under the new tax law.

Under Irish law, if a company can convince Irish tax authorities that it is «managed and controlled» abroad, it can largely escape Irish income tax.

Under current law, the profits of those companies «pass through» directly to their owners and are taxed as personal income, often at the top 39.6 percent individual income rate.

--- Creating a «family partnership» under federal tax laws, which allows you to divide business income among family members.

He attempted to enforce clerical celibacy, forbade pluralism, (the holding of two or more church offices and drawing the income from them), endeavored to exclude lay interference in ecclesiastical affairs, affirmed the right of Rome to review important cases under canon law and thus increased appeals to the Holy See, ordered that tithes for the support of the Church be given precedence over all other taxes, and took vigorous measures for the suppression of heresy.

The public uproar over the issue heightened Wednesday following an assertion by the Finance Minister Seth Terkper that allowances and pensions are being taxed under the new income tax law, Act 896, 2015, because they are all forms of income no matter how they are earned.

U.S. Sens. Charles Schumer and Kirsten Gillibrand should expect to get a federal income tax cut worth thousands of dollars next year under the new Republican tax law, which they both fought and voted against, based on their 2017 tax returns.

WASHINGTON — New York's two Democratic senators, Chuck Schumer and Kirsten Gillibrand, should each expect to get a federal income tax cut worth thousands of dollars next year under the new Republican tax law, which they both fought and voted against, according to projections based on their 2017 tax returns.

ALBANY — The Cuomo administration on Wednesday detailed several proposals that could allow some higher - income, middle - class New Yorkers to avoid paying more federal taxes under the new tax cut law passed in Washington last month.

The Internal Revenue Service has determined that the Empire Center is exempt from federal income tax under section 501c3 of the Internal Revenue Code, meaning contributions to the Empire Center are deductible to the full extent provided by law.

A report in Sunday's New York Times said Democrats in some states, perhaps including Governor Cuomo, were considering proposals to «replace state income taxes, which are no longer fully deductible under the new [federal] law, with payroll taxes on employers, which are deductible.»

New Yorkers will make up 6.3 percent of U.S. taxpayers in 2019 but would pay 9 percent of the federal personal income taxes that year under current law.

As expected, the new budget amendments also include a proposed shift — for the increasing minority of taxpayers who will still itemize under the new federal law — away from state income tax payments to an employer - paid payroll tax system.

Cuomo's gambit is a way to keep higher - income New Yorkers who pay high local property taxes from facing much higher federal taxes under a new tax law signed by President Donald Trump in December.

Under the new federal law, the deduction for state and local property and income taxes is capped at $ 10,000.

Stefanik said at the time she could still vote for the final bill and would work to change its treatment of the SALT deduction, which under current law allows taxpayers to deduct property and sales taxes, and state income taxes.

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).

Under the law, taxpayers may receive a state income tax credit for contributions made to qualified «Student Scholarship Organizations» (SSOs).

As indicated previously, proposed increases in the Child Tax Credit under the Framework have little net impact on families in the lowest quintile of income — the language of the Framework is that «the credit will be refundable as under current law.»

The paltry payout of the Child Tax Credit to low - income families occurs despite the benefit being partially refundable under a provision of the law called the Additional Child Tax Credit.

Under Lexie's Law, corporations and insurance companies may claim a dollar - for - dollar tax - credit on their income or premium taxes respectively for donations to private charities that award scholarships to the children who were eligible to participate in the voucher programs.

The study surveyed 754 low - and middle - income parents whose children received scholarships from Georgia GOAL, a scholarship organization operating under Georgia's scholarship tax credit law.

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Instead of this type of structure, the long - term capital gains tax rate income thresholds are similar to where they would have been under the old tax law.

Also, under the new tax law, the three capital gains income thresholds don't match up perfectly with the tax brackets.

You may avail of tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws under Section 80C and Section 10 (10D) of the Income Tax Act, 19tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws under Section 80C and Section 10 (10D) of the Income Tax Act, 19tax laws under Section 80C and Section 10 (10D) of the Income Tax Act, 19Tax Act, 1961.