Business meals are meals that are consumed during the course of business operations, and can include client entertainment, business meetings, and meals during travel. They are typically deductible expenses under certain tax regulations.
The Construction Industry Scheme (CIS) is a set of regulations established by the UK government to manage tax payments within the construction sector.
A Crown loan is a demand loan extended to children or parents of the lenders, named after Chicago industrialist Harry Crown. Originally interest-free, such loans are now regulated to include a market rate of interest or they are subject to gift taxes.
A comprehensive guide to understanding death duty, also known as estate duty, a tax levied on the estate of a deceased person.
The Internal Revenue Code (IRC) is the comprehensive set of laws enacted by the United States Congress and enforced by the Internal Revenue Service (IRS) that defines the rules and regulations governing federal taxation.
A collection of tax laws that are enacted by the federal government of the United States to administer tax obligations on individuals, corporations, and other entities.
Expenses incurred while looking for a new job in the same line of work, whether or not a new job is found. These miscellaneous itemized deductions for tax purposes are subject to the 2% Adjusted Gross Income (AGI) floor. Expenses of search for one's first job after completing school are not deductible.
Lexis is an online database for legal research; its resources include the Federal Tax library, which contains the full text of the Internal Revenue Code, as well as regulations, revenue rulings, and court decisions of interest to tax practitioners.
A command issued by the Commissioners of Inland Revenue to a taxpayer to produce specific documents, usually by a designated date.
Provision for depreciation refers to the allocation of the cost of a tangible fixed asset over its useful life, ensuring accurate representation of asset value in financial statements and compliance with accounting and tax regulations.
An informal name for an Inspector of Taxes, who ensures compliance with tax laws and regulations.
Under VAT regulations, the disposal of a business by a registered trader to another VAT-registered trader, on which VAT is not charged. However, new measures were introduced in the 2004 Budget to counter VAT-avoidance schemes utilizing the rules on TOGC. HM Revenue and Customs (HMRC) is responsible for applying these rules.
