The action of seizure of assets is often resorted by IRS to recover tax debts. Internal Revenue Code empowers the IRS to collect debts and levy assets to satisfy outstanding tax liabilities. However, there are certain types of valuable assets...
Read moreInsurance receipts are generally tax-free under the Internal Revenue Code (IRC). According to IRC section 101(a), amounts received from a life insurance contract as a result of the death of the insured are not taxable. Additionally, IRC section 104(a) states...
Read moreA health savings account (HSA) is a tax-advantaged savings account that can be used to pay for qualified medical expenses. An HSA holds your funds and accumulates fund tax freeI and pay for qualified medical expenses, like doctor visits, prescription drugs,...
Read moreTax return Preparer with a valid PTIN is going to be in demand in next few months as the tax season is arriving, and the obligation to file tax returns is on all of us. Since many tax deductions, credits,...
Read more1231 section gain or loss happens when you sell or transfer any asset used in business and on which depreciation is claimed. One should always distinguish the sale of an investment asset not used for business purposes. It also means...
Read moreThe tax form W4 is a very simple form used to withhold federal income tax from the salary or wages of an employee. Why tax withholding on salary? Because IRC section 3402 legally binds employers to withhold tax on payment...
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