Tag: Income tax

  • Tax Evasion

    Tax evasion is when someone has deliberately misled us about their activities to reduce their tax liability, or have not paid tax that is due. tax evasion is escaping payment by illegal means. This is obviously unlawful and is usually a criminal offence Tax evasion is when a person or a […]

  • Tax Avoidance

    Tax Avoidance Definition Tax avoidance may be defined as the act of reducing taxation, it is about getting round the law to minimice a tax impact of any operation. Through tax avoidance, a taxpayer takes advantage of all legal opportunities to reduce his or her tax liability. An […]

  • Tax Refund

    Tax Refund Tax refund is the amount which the national tax agency or department gives back to a taxpayer who has paid excess (overpaid) taxes during the year, subject to some requirements. More about tax refund definitions worldwide in the Law Dictionary. Tax Refund Status Tax Return and Tax Refund Tax Refund Calculator Tax Refund…

  • Tax Extension

    Tax Extension Extension Tax Tax Extension in the United States: 2011, 2012, 2013 and Beyond File Tax Extension Online How to file an Extension for Taxes IRS Extension Tax Form IRS e-File Extension Extension Tax Deadline Extension Tax Payment Form 4868 Instructions Turbo Tax Extension Some of the Most Popular Tax Law Topics Income Tax…

  • Binding Ruling

    Binding Ruling Introduction A binding ruling is New Zealand Tax Authority’s interpretation of how a tax law applies to a particular arrangement. An arrangement (called “Schema”in Australia) is any agreement, contract, proposal, action, plan, course of action or course of conduct, promise or undertaking, whether express or implied and whether or not enforceable, or intended…

  • General Anti Avoidance Rule

    General Anti-avoidance Rule The general anti-avoidance rule (“GAAR”) in the taxation system The GAAR allows Tax Authorities to override the tax consequences that would otherwise apply in a given situation, if those tax consequences are the product of tax avoidance. A General Anti-avoidance Rule can perform a useful role in the tax system, as a…

  • What is a Section 645 election?

    What is a Section 645 election? Under Section 645, if both the executor (if any) of an estate and the trustee of a qualified revocable trust (“QRT” ) elect the treatment provided for in Section 645, the trust is taxed for income tax purposes as part of the estate (and not as a separate trust)…

  • Should Trusts file income tax returns to the IRS?

    Should Trusts file income tax returns to the IRS? Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary. However, if the trust is classified as a grantor trust, it…