Source: http://thorgoodlaw.com/tag/income-tax/
Timestamp: 2017-05-28 04:52:24
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History of The Income Tax In The U.S. Part 3: 2000-2008Published May 26, 2017 | By admin	Ronald Reagan ran for president on a platform of tax reform. In the fall of 1986, President Reagan signed into law the Tax Reform Act of 1986, one of the most far-reaching reforms of the U.S. tax system. More than ten years later in 1997, President Clinton signed the Taxpayer Relief Act which reduced taxes by $152 and implemented more than 800 changes to the Tax Code rules and regulations, including a $500 per child tax credit, capital gains tax reduction, Roth IRAs and tax incentives for education. Following the passage of these major tax bills, significant tax legislation was also enacted during the presidency of George W. Bush. This blog examining the tax history of the U.S. will examine the legislation enacted during his time in office.
This is a preview of History of The Income Tax In The U.S. Part 3: 2000-2008. Read the full post (582 words, 1 image, estimated 2:20 mins reading time)	Posted in Income Tax | Tagged income tax | Leave a comment	History of The Income Tax In The U.S. Part 2: 1980-1999Published May 24, 2017 | By admin	As perhaps would be expected, taxes were not much a part of our nation’s early history. Then the high cost of the War of 1812 brought about a need for revenue at the federal level and the nation’s first sales taxes were implemented. Fifty years later, Abraham Lincoln enacted emergency measures to pay for Civil War. In 1954, the 875-page Internal Revenue Code of 1954 was formulated. It was perhaps the most monumental overhaul of the federal income tax system to date. In 1969, the Tax Reform Act contained major amendments to the 1954 Tax Code.
This is a preview of History of The Income Tax In The U.S. Part 2: 1980-1999. Read the full post (486 words, 1 image, estimated 1:57 mins reading time)	Posted in Income Tax | Tagged income tax | Leave a comment	History of The Income Tax In The U.S., Part 1: The First Two Hundred YearsPublished May 22, 2017 | By admin	Our nation has existed since 1776. Some wonder whether the income tax has been around for as long. As perhaps would be expected, taxes were not much a part of our nation’s early history. After all, the Boston Tea Party involved a protest over a tariff, the Tea Act of 1773, imposed by the English crown. In the period directly preceding the 19th century, the United States imposed internal taxes on distilled spirits, tobacco, refined sugar, slaves, carriages, corporate bonds, snuff, and property sold at auction.
This is a preview of History of The Income Tax In The U.S., Part 1: The First Two Hundred Years. Read the full post (405 words, 1 image, estimated 1:37 mins reading time)	Posted in Income Tax | Tagged income tax | Leave a comment	Who Qualifies As A Responsible Person To Pay A Trust Fund Penalty?Published May 10, 2017 | By admin	The IRS utilizes a very broad definition of “responsible person” in the context of trust fund recovery penalties. The term, which may extend to more than one party within a corporation, partnership or LLC, applies to any person who willfully fails to perform a duty to pay trust fund taxes. It may be a corporate officer, director, employee, or shareholder, as well as a manager, employee, or member of a limited liability company. If a person is in any of the aforementioned positions where he or she controls a business’s financial affairs, liability as a responsible person for trust fund recovery penalties is a genuine possibility.
This is a preview of Who Qualifies As A Responsible Person To Pay A Trust Fund Penalty?. Read the full post (429 words, 1 image, estimated 1:43 mins reading time)	Posted in FICA, IRC Section 6672, Trust Fund Recovery Penalty | Tagged I.R.C. §6672, income tax, negligent, payroll tax, reckless disregard, responsible person, Trust Fund Recovery Penalty, willful | Leave a comment	The Trust Fund Penalty – No One Is SafePublished May 8, 2017 | By admin	Employers are required to withhold federal income and payroll taxes from their employees’ wages for payment of payroll taxes such as federal income taxes and FICA (Federal Insurance Contributions Act) taxes. Such taxes are held in trust by an employer until it makes a federal deposit of the due amounts.
This is a preview of The Trust Fund Penalty – No One Is Safe. Read the full post (525 words, 1 image, estimated 2:06 mins reading time)	Posted in FICA, Trust Fund Recovery Penalty | Tagged Federal Insurance Contributions Act (FICA), I.R.C. §3101, I.R.C. §3402, I.R.C. §3403, I.R.C. §6672, I.R.C. §7202, income tax, negligent, payroll tax, reckless disregard, Trust Fund Recovery Penalty, willful | Leave a comment	Fitzpatrick V. Commissioner & The Trust Fund Penalty – The Aggressive IRS Loses A Big CasePublished March 20, 2017 | By admin	How aggressive is the IRS in enforcing and collecting Trust Fund Recovery Penalties? A case from the U.S. Tax Court case illustrates the aggressive nature of the IRS when using the trust fund recovery penalty (TFRP) to collect trust fund taxes. Business enterprises must be careful to ensure that they do not incur Trust Fund Recovery Penalties for any failure to remit federal payroll and trust fund taxes when due.
This is a preview of Fitzpatrick V. Commissioner & The Trust Fund Penalty – The Aggressive IRS Loses A Big Case. Read the full post (531 words, 1 image, estimated 2:07 mins reading time)	Posted in FICA, Trust Fund Recovery Penalty | Tagged Federal Insurance Contributions Act (FICA), I.R.C. §6672, income tax, negligent, payroll tax, Trust Fund Recovery Penalty, willful | Leave a comment	Most Confusing Parts Of The Income Tax Code, Part 2: Alternative Minimum TaxPublished March 3, 2017 | By admin	Many provisions of the Internal Revenue Code are complicated. Proper interpretation of the rules and regulations contained in these provisions requires the assistance of an experienced and knowledgeable tax professional. The second part of our series about the most confusing provisions of the Internal Revenue Code addresses everyone’s favorite, the alternative minimum tax.
This is a preview of Most Confusing Parts Of The Income Tax Code, Part 2: Alternative Minimum Tax. Read the full post (681 words, 1 image, estimated 2:43 mins reading time)	Posted in Alternative Minimum Tax (AMT) | Tagged alternative minimum tax (AMT), deduction, incentive stock options (ISOs), income tax, medical expense, property tax, tax rate | Leave a comment	IRS To Use Private Debts CollectorsPublished February 10, 2017 | By admin	In the spring of 2017, the IRS will begin outsourcing the collection of not all, but some, overdue federal tax debts to private contractors. In early December of 2015, President Obama signed into law the Fixing America’s Surface Transportation Act, or “FAST Act.” The FAST Act provides funding for transportation project over the next ten years. Of course, any bill related to highways is likely to include provisions requiring the IRS to use private debt collection companies, which this bill, in fact, includes.
This is a preview of IRS To Use Private Debts Collectors. Read the full post (390 words, 1 image, estimated 1:34 mins reading time)	Posted in Collection Activities, Internal Revenue Service, Private Tax Debt Collection | Tagged (FAST Act), Fixing America’s Surface Transportation Act, income tax, Tax News | Leave a comment	Yes, Olympic Medals and Prize Money Are TaxablePublished November 1, 2016 | By admin	The Summer Olympics in Rio de Janeiro recently concluded and many Americans took home gold, silver, and bronze medals. To be precise, 46 gold, 37 silver, and 38 bronze medals were won by American athletes. But not only were U.S. athletes like Michael Phelps and Kevin Durant raking in the gold in Brazil, so was the U.S. Treasury Department and the Internal Revenue Service. Yes, big surprise, the U.S. government has a stake in the Olympics as it taxes Olympic winnings as income.
This is a preview of Yes, Olympic Medals and Prize Money Are Taxable. Read the full post (335 words, 1 image, estimated 1:20 mins reading time)	Posted in Taxable Income | Tagged awards and winnings, income tax | Leave a comment	The Most Overlooked Tax Deductions, Part 3Published August 15, 2016 | By admin	Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the third part of our multi-part blog on the most overlooked tax deductions:
Estate tax on income in respect of a decedent This is a preview of The Most Overlooked Tax Deductions, Part 3. Read the full post (381 words, 1 image, estimated 1:31 mins reading time)	Posted in Deductions, Estate Tax, Income Tax, New York Sales Tax, Social Security Taxes, State Sales Tax | Tagged deduction, income tax, Lawyer, new york city tax attorney, New York City Tax Lawyer, New York Tax Attorney, New York Tax lawyer, nyc tax attorney, sales tax, social security tax, Tax, tax attorney, tax lawyer | Leave a comment	← Older posts