Internal Revenue Code

The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax (see Income tax in the United States), payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. Its implementing agency is the Internal Revenue Service.
Posts about Internal Revenue Code
  • Do You Need to Worry About Estate Taxes in Missouri?

    …. Missouri Estate Taxes In part, Missouri statute 145.011 states that the tax rate “shall be the maximum credit for state death taxes allowed by Internal Revenue Code Section 2011.” In 2005, the IRS ceased to allow any state death tax credits, which brought the Missouri tax rate down to zero. As long as the IRS continues to disallow state credits, there… 20 readers -
  • Benistar Founder in Jail – Finally (419 Plans Post)

    … and companies including Benistar, Nova Benefit Plans, Rex Insurance Services, U.S. Benefits Group, Benefit Plan Advisors and Grist Mill trusts. 1031 Exchanges The Internal Revenue Code (section 1031) allows the owner of property to defer capital gains taxes on any gain by rolling over the sale proceeds into a new property. These exchanges are often…

    Due Diligence- 15 readers -
  • Children’s College Savings Accounts In Bankruptcy

    … A 529 plan [1] is a tax-advantaged savings plan designed to encourage savings for future college costs. The plan is so named as it is authorized by section 529 of the Internal Revenue Code. Some 529 plans are operated by a state while others may be operated by educational institutions. All 50 states offer at least one type of 529 plan which…

    Ronald D. Weiss, PC- 16 readers -
  • How Does Chapter 13 Bankruptcy Relate to the IRS and Federal Taxes?

    … Chapter 13 is a section of the Bankruptcy Code that allows individuals and small business owners in financial difficulty to repay their creditors. What Returns are Due? The Bankruptcy Code requires Chapter 13 debtors to file all required tax returns for the years ending within 4 years of the debtor’s bankruptcy filing. In addition, as in all…

    Grant Mcnutt/ Bond and Botes- 36 readers -
  • Benefit Corporations and Small Businesses: Part I

    … On July 1, 2015, Indiana will join nearly 30 other states with statutes authorizing a relatively new form of for-profit corporations known as a benefit corporation. The Indiana statute was created by House Enrolled Act 1015 and will be codified at Ind. Code 23‑1‑1.3. Indiana’s benefit corporation statute, like most (maybe all) others, is based…

    Michael Smith/ Indiana Business Law Blog- 37 readers -
  • The IRS Goes Down Under (FATCA Post)

    … are superannuation accounts. The Australian Taxation Office provides special tax treatment to Australian self-managed superannuation funds (SMSF) but the IRS does not. Under the Internal Revenue Code, income from SMSFs is taxable as ordinary income. FATCA has certainly created a tremendous amount of confusion. If you have an account in a foreign…

    Due Diligence- 33 readers -
  • Has ATF Directed FFLs to Abuse the NICS System?

    … It’s no secret that ATF told at least one FFL they need to run a NICS check on trustees picking up NFA firearms on behalf of a trust. In a letter addressed to Dakota Silencer, ATF explained: The term “person” is defined by the GCA at 18 U.S.C. § 921(a)(1), to include “any individual, corporation, company, association, firm, partnership…

    Adam Kraut/ Prince Law Offices, P.C.- 26 readers -
  • LLCs taxed as Subchapter S Corporations

    … liability company. That doesn’t make as much sense, at least not since 1997. Although the history of LLCs can be traced back to earlier statutes in Germany and other European countries, there were no LLCs in the United States until 1977 when Wyoming passed the first LLC statute in the country. For several years after that, the use of LLCs…

    Michael Smith/ Indiana Business Law Blog- 41 readers -
  • Taxation of Foreign Pension Plans and Social Security Benefits

    … of this discussion, it is important to remember that the rules for reporting foreign income are different from the FBAR rules regarding account reporting. Confused? A good accountant specializing in offshore reporting can get you up to speed quickly. If you have failed to report foreign financial accounts, however, speak to a tax lawyer. The penalties…

    Due Diligence- 14 readers -
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