Tax

Overview

Tax law is the body of law that establishes how taxes are imposed and regulated by the government. A tax is defined as a tariff on economic transactions by individuals and corporations. Taxes are used to produce government revenue and support government programs and initiatives. Taxes are imposed by both the federal government and individual state governments. Tax laws are codified by the federal government in the Internal Revenue Code of 1986, which appears as Title 26 of the United States Code. Individual states have codified their tax systems within state statutes. While a variety of taxes exist, the most significant taxes within tax law include the income tax, social security tax, estate and gift taxes, property tax and sales and use taxes.

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  • Appellate Court Issues Opinion on SEC's Conflict Minerals Rule April 15, 2014 Yesterday, the Court of Appeals for the D.C. Circuit issued its opinion in the challenge to the SEC's Conflict Minerals Rule. We have reviewed the D.C. Court of Appeals decision and find that it leaves much of the SEC's rule intact. It is…
  • Tax day April 15, 2014 As usual, I filed early via Turbo Tax. I gave up doing it by hand some years ago, for reasons that include:(1) Potential alternative minimum tax liability if you live in a high-tax jurisdiction such as New York, California, or Washington D.C. Whether…
  • Activities on the side April 15, 2014 Some tax shelter-related litigation in which I was an expert witness on behalf of the government has just apparently settled. You can see an article discussing the case here.In the words of the article, the case concerns "Texas billionaire banker…
  • Tax Day 2014 Tips April 15, 2014 Today TaxMama® wants to help you with last minute issues on Tax Day 2014 Dear Family, While most of the population has probably already filed their tax returns, there are people still needing to file – something. That usually includes…
  • IRA Custodian Not Responsible for RMDs April 15, 2014 Failing to take a Required Minimum Distribution (RMD) results in a penalty for the account owner. IRA account custodians are only responsible for notifying owners of their RMD; the owner must take the steps necessary to draw a distribution. In…