| Non-deductible Business Expenses |
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| Many expenses incurred in operating a business result in deductible expenses for federal income tax purposes. However, Congress has established that some expenditures are clearly non-deductible.More... |
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| Fringe Benefits |
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| Fringe benefits are forms of compensation for a worker's performance of services, and they include plans for insurance, dependent care, discounts, company cars, meals and lodging, and no-additional cost services. In general, fringe benefits are taxable unless a law specifically excludes them from taxation. The amount an employer must include in compensation is the value of the benefit that exceeds the amount excludable by law and paid for by the employee.More... |
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| Tax-exempt Organizations and Political Activities |
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| Non-profit groups organized under Section 501(c)(3) of the Internal Revenue Code are prohibited from participating or intervening in any political campaign either in favor of or in opposition to any candidate for public office. Generally, this applies to religious organizations, including churches, charities, and educational institutions. More... |
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| Payroll Deduction IRAs |
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| One of the simplest retirement arrangements that a business can set up for its employees is a payroll deduction IRA. Under this type of plan, an employee sets up either a traditional or Roth IRA with a financial institution. The employee authorizes a payroll deduction for the IRA, and the employer's only obligation is to transmit the authorized deduction to that institution. Generally, an employer who offers a payroll deduction IRA to any employee should offer it to all employees.More... |
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| Taxability of Property Exchanged for Corporate Stock |
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| You have decided to acquire enough stock in a corporation to control it by owning at least 80 percent of the combined voting power of all voting classes of stock and at least 80 percent of the outstanding shares of each class of nonvoting stock. You transfer property to the corporation, and you get your stock. Was there a taxable event?More... |
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