| IRS Notices |
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| Nobody likes getting mail from the Internal Revenue Service unless, of course, it is a check. But do not panic - the news is not always bad! There are many reasons why the IRS might send you a notice, ranging from a request for payment, a notification of a change in your account, or simply a request for information.More... |
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| Amortization of Goodwill and Other Purchased Intangible Assets |
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| It is not unusual for a taxpayer to pay more for a business than the fair market value of its tangible assets would seem to command. So why does a taxpayer pay more? The answer is that he or she has actually bought more than hard assets.More... |
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| Abusive Life Insurance Policies in Retirement Plans |
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| A certain type of tax-qualified retirement plan (a section 412(i) plan) is funded completely through a life insurance contract or an annuity. The employer is entitled to tax deductions for contributions that are used by the plan to pay premiums on an insurance contract covering an employee. The plan may hold the contract until the employee dies, or it may distribute or sell the contract to the employee at a certain time, such as when the employee retires.More... |
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| Depletion |
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| When a natural resource is owned or operated by a taxpayer, that asset may be used up by the process of mining coal, metals, or other minerals, quarrying stone, drilling for oil or gas, or felling timber. Under the Internal Revenue Code, the owner or operator is entitled to a depletion deduction to allocate the cost of the natural resource ratably over the productive life of the resource.More... |
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| Lump-Sum Distributions |
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| If you receive a lump-sum distribution from a qualified retirement plan, you may be able to elect an optional method of calculating the tax on that distribution based on favorable rates. The special tax treatment is only available for employees born before 1936. An eligible plan participate is entitled to elect these optional methods only once after 1986.More... |
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