Source: http://rumbaklaw.com/resources-and-tools/us-federal-tax-resources/
Timestamp: 2018-09-24 04:15:44
Document Index: 255440430

Matched Legal Cases: ['§ 170', '§ 213', '§ 217', '§ 170', '§ 213', '§ 217', '§ 213', '§ 217', '§ 213', '§ 217']

U.S. Federal Tax Resources – South Florida – Tax – Asset Protection – Attorney – Palm Beach County – Boca Raton – Corporate – Lawyer – Estate Planning – Trusts – Probate
*For more information regarding federal tax law and government bodies that handle tax issues, be sure to check out U.S. Federal Government Links.
Countries with and without Income Tax Treaties with the U.S. (as of May 11, 2011)
Treasury Tax Regulations
Other Tax Guidance
Taxpayer Bill of Rights (June 2014)
IRS Publication 1, “Your Rights as a Taxpayer”
IRS Affordable Care Act (“Obamacare”) Tax Resources
IRS Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR)
Tax Analysts IRS Code and Subject Matter Directory (Listing of IRS attorneys by Internal Revenue Code section) (as of December 4, 2013)
Federal Individual Income Tax Rates, Standard Deductions, and Personal Exemptions (1990-2013)
Corporate Income Tax Rates (2001-2012)
2013-14 follow the same rate schedule as 2001-2012.
For Non-Corporate Taxpayers in the 39.6% Income Tax Bracket: 20%
For Non-Corporate Taxpayers in the 25%, 28%, 33%, or 35% Income Tax Brackets: 15%
For Non-Corporate Taxpayers in the 10% or 15% Tax Brackets: 0%
For 2011: $92,900
For 2012: $95,100
For 2013: $97,600
For 2014: $99,200
Investment Limitation: $2,000,000
Maximum Deduction: $25,000
Investment Limitation: $200,000
3.8 Percent Net Investment Income Tax (for tax years beginning on or after January 1, 2013)
Gift Tax Rates for 2010: Same as Unified Rates for 2009
2011-2013 (2014 is the same)
Estate Tax Credits and Exemptions (for U.S. Residents and Citizens)
Year of Transfer Credit Exemption
2002-2003 $345,800 $1,000,000
2004-2005 $555,800 $1,500,000
2006-2008 $780,800 $2,000,000
2009 $1,455,800 $3,500,000
2010 Can elect to (a) pay no estate tax, but beneficiaries will receive decedent’s property with modified carry-over basis; or (b) receive a $5,000,000 estate tax exemption, pay estate tax at a top rate of 35 percent, and have beneficiaries receive decedent’s property with a basis that is stepped up or down to market value.
2011 $1,730,800 $5,000,000 (with portability)
2012 $1,772,800 $5,120,000 (with portability)
2013 $2,045,800 $5,250,000 (with portability)
2014 $2,081,800 $5,340,000 (with portability)
Gift Tax Annual Exclusions (Married couples who elect to gift split may exclude double the exclusion amount)
Year of Transfer Exclusion
Gift Tax Credits and Exemptions
2002-2009 $345,800 $1,000,000
2010 $330,800 $1,000,000
2011 $1,730,800 $5,000,000
2012 $1,772,800 $5,120,000
2013 $2,045,800 $5,250,000
2014 $2,081,800 $5,340,000
Generation-Skipping Transfer Tax Rates and Exemptions
Year Rate Exemption
2001 55% $1,060,000
2002 50% $1,100,000
2003 49% $1,120,000
2007-2008 45% $2,000,000
2010 0% $5,000,000
Special Rules for nonresidents who are not U.S. citizens:
For 2011-2014: Unified Credit: $13,000; Exemption Amount: $60,000 (of U.S.-situated assets and no treaty provision)
Annual Gift Tax Exclusion to Spouse Who Is Not a U.S. Citizen:
For 2011: $136,000
For 2012: $139,000
For 2013: $143,000
For 2014: $145,000
For 2011, $8,370 of personal property; $4,180 of property necessary for a trade or business
For 2012, $8,570 of personal property; $4,290 of property necessary for a trade or business
For 2013, $8,790 of personal property; $4,400 of property necessary for a trade or business
For 2014, $8,940 of personal property; $4,470 of property necessary for a trade or business
IRS INTEREST RATES FOR TAX OVERPAYMENT, UNDERPAYMENT, AND LARGE CORPORATE UNDERPAYMENT
IR-2012-55 (Interest Rates Remain the Same for 3rd Quarter of 2012)
IR-2012-68 (Interest Rates Remain the Same for 4th Quarter of 2012)
IR-2012-99 (Interest Rates Remain the Same for 1st Quarter of 2013)
IR-2013-24 (Interest Rates Remain the Same for 2nd Quarter of 2013)
IR-2013-55 (Interest Rates Remain the Same for 3rd Quarter of 2013)
IR-2013-74 (Interest Rates Remain the Same for 4th Quarter of 2013)
IR-2013-96 (Interest Rates Remain the Same for 1st Quarter of 2014)
IR-2014-29 (Interest Rates Remain the Same for 2nd Quarter of 2014)
IR-2014-70 (Interest Rates Remain the Same for 3rd Quarter of 2014)
IR-2014-86 (Interest Rates Remain the Same for 4th Quarter of 2014)
IR-2014-111 (Interest Rates Remain the Same for 1st Quarter of 2015)
A person is liable for Social Security (known as Old-Age, Survivors, and Disability Insurance, or “OASDI”) tax and Medicare (known as Hospital Insurance or “HI”) tax on her wages as an employee, on the wages she, as an employer, pays to an employee, and on her self-employment income.
The employer and employee are each liable for a portion of each of OASDI tax and HI tax on wages from an employer to an employee, and the government collects these taxes through the Federal Insurance Contributions Act (“FICA”).
A self-employed person pays the 100 percent of both OASDI tax and HI tax that are due on his wages from self-employment, and the government collects these taxes through the Self-Employment Contributions Act (“SECA”).
2011 OASDI tax rates are as follows:
FICA (for employers and employees):
Employee Contribution: 4.2 percent on up to $106,800 of wages
Employer Contribution: 6.2 percent on up to $106,800 of wages
SECA (for self-employed persons):
10.4 percent on up to $106,800 of wages
2012 OASDI tax rates are as follows:
Employee Contribution: 4.2 percent on up to $110,100 of wages
Employer Contribution: 6.2 percent on up to $110,100 of wages
10.4 percent on up to $110,100 of wages
2013 OASDI tax rates are as follows:
Employee Contribution: 6.2 percent on up to $113,700 of wages
Employer Contribution: 6.2 percent on up to $113,700 of wages
2014 OASDI tax rates are as follows:
FICA (for employers and employees)
Employee Contribution: 6.2 percent on up to $117,000
SECA (for self-employed persons)
12.4 percent on up to $117,000 of wages
2011-2012 HI (Medicare) tax rates are as follows:
Employee Contribution: 1.45 percent on all wages
Employer Contribution: 1.45 percent on all wages
2.9 percent on all wages
2013-14 HI (Medicare) tax rates are the same under FICA and SECA, but an additional HI tax of 0.9 percent (not eligible for the deduction of one-half of self-employment taxes) is assessed on wages, compensation, or self-employment income (together with that of spouse if filing joint return) above the following thresholds:
Qualifying Widow/Widower with Dependent Child: $200,000
Social Security Tax Contribution and Benefit Base
2011 standard mileage rates, pursuant to IRS Notice 2010-88 and Announcement 2011-40, are as follows:
For business use: 51 cents per mile (before July 1); 55.5 cents per mile (on or after July 1)
For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile (all year)
For medical care described under § 213 of the Internal Revenue Code: 19 cents per mile (before July 1); 23.5 cents per mile (on or after July 1)
For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 19 cents per mile (before July 1); 23.5 cents per mile (on or after July 1)
2012 Standard Mileage Rates, pursuant to IRS Notice 2012-01 and IR-2011-116, are as follows:
For business use: 55.5 cents per mile
For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile
For medical care described under § 213 of the Internal Revenue Code: 23 cents per mile
For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 23 cents per mile
2013 Standard Mileage Rates, pursuant to IRS Notice 2012-72 and IR-2012-95, are as follows:
For business use: 56.5 cents per mile
For medical care described under § 213 of the Internal Revenue Code: 24 cents per mile
For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 24 cents per mile
2014 Standard Mileage Rates, pursuant to IRS Notice 2013-80 and IR-2013-95, are as follows:
For business use: 56 cents per mile
For medical care described under § 213 of the Internal Revenue Code: 23.5 cents per mile
For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 23.5 cents per mile
2015 Standard Mileage Rates, pursuant to Notice 2014-79 and IR-2014-114, are as follows
For business use: 57.5 cents per mile
Tax-Exempt/Non-Profit Organizations/Charities
Publication 1771 (Charitable Contributions: Substantiation and Disclosure Requirements)
Publication 4221-PC (Compliance Guide for 501(c)(3) Public Charities)
Publication 4304 (A Donor’s Guide to Vehicle Donations)