Internal Revenue Code

Congress enacted Public Law 104-168, also referred to as the Taxpayer Bill of Rights 2, on July 30, 1996. The Internal Revenue Service Restructuring and Reform Act of 1998 (RRA’98) amended Internal Revenue Code sections 7803 and 7811. This Act created the position of the National Taxpayer Advocate (NTA) and emboldened the Taxpayer Advocate organization by making it independent within the IRS. Code section…

appraisals. The Pension Protection Act of 2006 and the Internal Revenue Service, clearly outline the definition of a qualified appraiser. The Internal Revenue Service requires donors to use a qualified third party that does not have vested interest in the object, regularly performs appraisals, and understands the liability for false statements (Malaro 1998, 390; Nevius 2016). Carefully following the guidelines minimizes litigation with the Internal Revenue Service regarding tax deductions…

I was interested in how they go about processing taxes. There are many adjustments made to the U.S. Tax Code and as I start to work…

interest, FIFA’s Independent Ethics Committee’s actions to prevent corruption. FIFA’s Independent Ethics Committee has the primary responsible for investigating possible infringements of the FIFA Code of ethics. However, FIFA does not provide a systematic control of corruption risk for it system of internal controls (COSC). In the Governing FIFA’s Concept Paper and Report from 2011, it was suggested that FIFA should address more specific rules for risks affecting their system for gifts,…

committed by floating checks and forgery. An employee of Ahi Corporation has suggested a scheme to utilize the postal system for receiving interest income while the check is in the mail. The plan is an attempt to increase the time to mail to the Internal Revenue Service (IRS) and for them to receive and cash the check. The focus of the research is on the accountant’s recommendation concerning…

less tax evasion such as imposing larger penalties and increase the ability to detect taxpayer-evading taxes. Among the various types of potential penalties that would help lower tax evasion instances include, monetary fines that would recoup the revenue when criminal sanctions do not (Pickhardt & Prinz, 2012). By increasing penalties that would utilize fines would also be helpful. While these would be very helpful, in reality, it does not seem to be a consideration. There are reasons why…

Arts organizations often operate in a not-for-profit environment. In brief, not-for-profit organization is an organization that does not seek profit. It is obvious that not-for-profit organizations cannot be operated without “profit” and most of the not-for-profit organizations do commercial activities. However, any profit must return to the organization to support their mission in a not-for-profit organization. The goal of a not-for-profit organization may be its mission, not just money. The…

The IRS added the innocent spouse relief option to its Internal Revenue Code to relieve one spouse's responsibility for paying any of the understatement of taxes owed. It does not even require separation to qualify for the "Classic" innocent spouse relief. Requirements: 1. The two of you filed a joint return that…

Treasury Regulation 9501 In regards to the Social Security number requirement TD 9501(2)(a) says, that that the IRS will establish a process to obtain a PTIN number for tax return preparers who do not have a SSN. Additionally, It says that the final regulations apply to all tax return preparers regardless of U.S. citizenship or foreign citizenship or residency. These words, “regardless of citizenship or residency,” mean all people regardless of citizenship or immigration status. The IRS…

generate profit or have owner’s equity or stockholders (Accounting Coach, n.d.). Instead, nonprofits must rely on contribution, membership dues, program revenue, fundraising events/activities, public or private grants, or investment income to generate revenue to keep the organization running and financially functioning. Likewise, the revenues must be greater than the expenses to ensure that the organization remains in good financial health. Whereas, for-profit businesses measure their…