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Equitable recoupment is a judicially created defense most commonly applied in legal cases in the federal and state tax systems of the U.S.. [1] [2] This doctrine can allow, under specific circumstances, the government to defeat a refund claim or a taxpayer to avoid an assessment on the basis of a past underpayment or overpayment that is outside the statute of limitations period.
In 2006, the Financial Accounting Standards Board (FASB) implemented SFAS 157 in order to expand disclosures about fair value measurements in financial statements. [3] Fair-value accounting or "Mark-to-Market" is defined by FAS 157 as "a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date".
In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900.
In Illinois, filing an error-free state tax return and requesting that the refund amount be deposited directly into a checking or savings account is the surest way of receiving the amount quickly ...
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The treasurer also, per state law, oversees the process of refunding overpayment of taxes. [1] As of 2022, the salary paid to the elected Cook County Treasurer is $115,500. [3] As of October 2021, the Cook County Treasurer's office has 58 employees and a total annual budget of $12,703,015. [4]
An act to improve enforcement of mortgage fraud, securities fraud and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes. Acronyms (colloquial) FERA: Enacted by: the 111th United States Congress: Effective: May ...