Alternative finance arrangements refer to specific lending structures compliant with Islamic law, as defined under UK Finance Acts, ensuring tax levies and reliefs align with traditional interest-based frameworks.
A cafeteria plan allows employees to choose from a variety of fringe benefits, including cash, without including the chosen benefit in their gross income for tax purposes.
An income tax code issued by tax authorities when the correct tax code for an employee is unavailable, ensuring basic personal allowance application but excluding further allowances until proper code assignment.
The General Depreciation System (GDS) is the primary method used for calculating tax depreciation under the Modified Accelerated Cost Recovery System (MACRS). GDS allows for the use of the declining-balance method over short recovery periods.
The Internal Revenue Bulletin (IRB) is a weekly publication issued by the Internal Revenue Service (IRS) that summarizes various administrative rulings, procedures, and other IRS-related announcements and developments.
Lobbying expenditures refer to the amounts paid or incurred in connection with influencing federal or state legislation, or any communication with certain federal executive branch officials in an attempt to influence their official actions or positions. These expenditures are not tax deductible.
Job expenses and other miscellaneous expenses that are deductible by individual taxpayers but do not fall under medical expenses, taxes, interest, charitable contributions, casualty and theft losses, or moving expenses.
Revenue Procedures are published statements from the Internal Revenue Service (IRS) detailing instructions for the taxpayer and IRS officials in performing their duties.
The tax code refers to the body of tax law applicable in a country, within which tax legislation is codified rather than laid down by statute. Understanding the nuances of the tax code is essential for both individuals and businesses to ensure compliance with tax obligations.
A tax loophole is an ambiguity or omission in the tax code that allows individuals or corporations to reduce their tax liabilities legally. These loopholes are often the result of complex tax laws and can be used to advantage through strategic financial planning.
