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The tax status of the Church of Scientology in the United States has been the subject of decades of controversy and litigation. Although the Church of Scientology was initially partially exempted by the Internal Revenue Service (IRS) from paying federal income tax, its two principal entities in the United States lost this exemption in 1957 and 1968.
Private letter rulings (PLRs), in the United States, are written decisions by the Internal Revenue Service (IRS) in response to taxpayer requests for guidance. [1] A letter ruling is "a written statement issued to a taxpayer by an Associate Chief Counsel Office of the Office of Chief Counsel or by the Tax Exempt and Government Entities Division that interprets and applies the tax laws to a ...
IRS location sign at Constitution Avenue, Washington, D.C. The IRS originates from the commissioner of internal revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure funded over a fifth of the Union's war expenses before being allowed to expire a decade later.
The Federal Trade Commission announced a final rule banning ticketing and short-term rental companies from including hidden junk fees in their total price on Tuesday.
The $7,500 electric vehicle tax credit the Biden administration introduced under the Inflation Reduction Act (IRA) has been a game-changer for American drivers seeking affordable entry into the ...
Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer.
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Under Internal Revenue Code section 102(c), gifts transferred by or for an employer to, or for the benefit of, an employee, cannot generally be excluded from gross income. [1] There are some statutory exceptions to this rule, for example, in the case of de minimis fringe amounts [2] and for achievement awards. [3]