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The taxpayer returned home after 5:00pm that day, after the post office was closed, and discovered the note. She retrieved the letter from the post office on January 2, 1975. She did not include the severance amount on her 1974 tax return. The IRS challenged this omission, claiming that she had constructively received the check in 1974. [1]
The full text of the IRS regulation defining constructive receipt states as follows: [2] Income although not actually reduced to a taxpayer's possession is constructively received by him in the taxable year during which it is credited to his account, set apart for him, or otherwise made available so that he may draw upon it at any time, or so that he could have drawn upon it during the taxable ...
The Doctrine of Cash Equivalence states that the U.S. Federal income tax law treats certain non-cash payment transactions like cash payment transactions for federal income tax purposes. [1] The doctrine is used most often for deciding when cash method (as opposed to accrual method) taxpayers are to include certain non-cash income items.
Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly. Whether you take the standard deduction or itemize deductions, most people
The Internal Revenue Service has announced that IRS Free File will begin accepting individual tax returns as of Jan. 10, 2025, for the 2024 tax season.
Treasury Regulations are the tax regulations issued by the United States Internal Revenue Service (IRS), a bureau of the United States Department of the Treasury.These regulations are the Treasury Department's official interpretations of the Internal Revenue Code [1] and are one source of U.S. federal income tax law.
In other words, A taxpayer must report the receipt of income for the time that she or he has control over it. If a taxpayer ends up having to return the income recognized under the claim of right doctrine, then the taxpayer may receive a tax credit for that amount according to the Internal Revenue Code, if such a credit is a greater tax benefit ...
Income taxes. Form 1040, U.S. Individual Income Tax Return; Form 1040A, U.S. Individual Income Tax Return; Form 1040EZ, Income Tax Return for Single and Joint Filers with No Dependents; Form 1041, U.S. Income Tax Return for Estates and Trusts (for 1993 and prior years, this was known as "U.S. Fiduciary Income Tax Return");