| Fringe Benefits |
| |
| Fringe benefits are forms of compensation for a worker's performance of services, and they include plans for insurance, dependent care, discounts, company cars, meals and lodging, and no-additional cost services. In general, fringe benefits are taxable unless a law specifically excludes them from taxation. The amount an employer must include in compensation is the value of the benefit that exceeds the amount excludable by law and paid for by the employee.More... |
| |
| Qualified Tuition Programs |
| |
| A Qualified Tuition Program (QTP) permits a taxpayer to either prepay or contribute to an account set up to pay a student's qualified higher education expenses at an eligible educational institution. A QTP can be set up and maintained either by a state or an agency or instrumentality of the state. In addition, a QTP can be established by an eligible educational institution. A QTP is exempt from all federal income taxation except for any tax imposed on unrelated business income.More... |
| |
| Divorce and Taxes |
| |
| A divorce impacts more than the structure of a family. It also can have a dramatic effect on the tax liability of both spouses based on choices made and decrees entered during the divorce proceedings.More... |
| |
| Enforcement Against Nonfilers |
| |
| It is the obligation of all citizens and residents to comply with the requirements of the tax laws by filing returns and paying taxes. The Internal Revenue Service takes the position that taxpayers who fail to file income tax returns and who stop paying taxes pose a serious threat to the economy of the nation. Therefore, the IRS is using its Criminal Investigation personnel for outreach, education, and enforcement of the tax laws if they have been violated. More... |
| |
| Overly Aggressive Tax Planning Strategies |
| |
| The Internal Revenue Service enforces existing tax laws against not only listed tax shelter transactions but also against all tax planning strategies they consider overly aggressive.More... |
| |
