Category : Tax Law : Law & Legal & Attorney

Filing Amended Gift Tax Return

Tax Law
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If you are a citizen or a resident of the United States and you gave gifts to people in 2009 that totaled more than $13,000, you need to file a gift tax return (Form 709) with the Internal Revenue Service. If you are familiar with other IRS tax forms, such as the 1040, filling out Form 709 is relati

Tax Penalties for Outsourcing Firms

Tax Law
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Many firms pursue outsourcing, which refers to employing labor from outside the company, as a means of saving money. Temporary workers, consultants and contract labor cost less in terms of benefits and represent a much smaller commitment than hiring a full-time worker. However, outsourcing can bring

Canadian Revenue Tax Questions

Tax Law
Canada, both at the federal and provincial level, maintains a progressive tax code that taxes high-income citizens with incomes at a higher rate than middle- or low-income citizens. The Canadian tax code has some peculiarities that should be noted in detail. The competent authority for...

How to Retrieve W-2 Forms Online

Tax Law
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A W-2 is the form on which employers show the wages paid to an employee each year and the amount of taxes withheld. Employers are required to send W-2s to their employees by the end of January for the previous year's wages and taxes, and they are also required to send this information to the IRS. If

About Tax-Exempt Status

Tax Law
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Tax-exempt status is a sometimes misunderstood and often misused term used to describe a person or organization not paying taxes to any government entity. While the use of this exemption results in nonpayment of tax, it is meant to encourage dispersal of resources for social or community benefit. Bo

What Is a Modified Gross Income?

Tax Law
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Passed in 1974, the Employee Retirement Income Security Act, or ERISA, allowed individuals to make contributions to an individual retirement account, or IRA. This account is referred to as traditional IRAs. The Taxpayer Relief Act of 1997 gave American workers another IRA option, however, known as t

How to File CT State Taxes

Tax Law
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Residents of Connecticut are required to pay state income tax every year in January. It is important to look up the exact deadline, as the date changes slightly every year. Filing your taxes on time ensures that you will not have to pay any late fees or penalties, and it is important to file your in

Tax Withheld Definition

Tax Law
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Most U.S. taxpayers only think about income taxes one time a year, shortly before April 15. It is at this time of year that everybody is frantically gathering receipts, income statements, 1099 forms, and W-2's and taking them to the nearest tax preparation service. The smart taxpayers, however, thi

Simplified Guide to Inheritance Tax

Tax Law
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At its most basic, an inheritance tax (a.k.a. estate tax) is any tax that is levied upon a person's death. There are both a federal inheritance tax and, often, a state equivalent. Inheritance taxes have been controversial in recent years because some consider them economically inefficient and harsh