| Use of Faxes for Taxpayer Submissions |
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| The world of communications has drastically changed since the first tax laws were enacted by Congress. Until recently, contacts between the Internal Revenue Service and taxpayers have been by mail, phone, or personal interviews, or a combination of them all. But now almost all businesses use the fax machine as an integral part of their operations, and the IRS, based on requests from taxpayers and practitioners, has approved the use of faxes in certain circumstances for issues related to income, employment, excise, estate, gift, and generation skipping tax, as well as tax exempt and employee plan determinations. More... |
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| Taxability of Property Exchanged for Corporate Stock |
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| You have decided to acquire enough stock in a corporation to control it by owning at least 80 percent of the combined voting power of all voting classes of stock and at least 80 percent of the outstanding shares of each class of nonvoting stock. You transfer property to the corporation, and you get your stock. Was there a taxable event? More... |
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| Payroll Deduction IRAs |
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| One of the simplest retirement arrangements that a business can set up for its employees is a payroll deduction IRA. Under this type of plan, an employee sets up either a traditional or Roth IRA with a financial institution. The employee authorizes a payroll deduction for the IRA, and the employer's only obligation is to transmit the authorized deduction to that institution. Generally, an employer who offers a payroll deduction IRA to any employee should offer it to all employees. More... |
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| IRA Withdrawals Used for Higher Education Costs |
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| Congress has passed a law permitting taxpayers to make withdrawals from their individual retirement accounts (IRA) to pay qualified higher education expenses for themselves, spouses, children, or grandchildren to a qualified educational institution. A taxpayer may also make a withdrawal from a Roth IRA to pay qualified educational expenses. More... |
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| How to Get a Copy of Your Federal Income Tax Return |
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| You are applying for a mortgage, and the bank requires copies of your income tax returns for the past two years. You search and search, but to no avail. The good news is that your future life as a homeowner is not doomed. But the bad news is that it might take some time and cost some money. More... |
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