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Questions about IRS Regulations

When people are filing their income tax, it is often not thought of by many that there is an IRS regulation that has to be followed. There are different types of IRS regulations, for example the IRS regulation for non-profits would be different than the IRS regulations for a major corporation, and just as corporate IRS regulations would be different than those of individual taxpayers. Below are questions that people have asked the Experts in regards to IRS regulations.

Are there any IRS regulations regarding federal taxation of inheritance?

In many cases there are not any IRS regulations in regards to federal taxation of inheritance. There is no taxation on inheritance. There is however a reporting requirement on inheritance, if the amount of the inheritance is more than $100k then the beneficiary must report the amount.

What is the IRS regulations for non-profit employee compensation?

Although IRS regulations do specifically define what is acceptable and what is not acceptable for employee compensation for a non-profit. However there are sanctions that are able to be in place if compensation is found to be unreasonable. These sanctions can be applied on people that are considered to be disqualified persons. These disqualified persons are an individual that has the ability to have significant pull over what the organization does due to their position. Examples of people that may be considered to be disqualified persons are executive officers, board members, and major contributors, also family of those people may be considered to be disqualified persons. The IRS states compensation that is considered to be reasonable compensation is the fair value that would be paid for services of the same nature under similar circumstances.

What are the IRS regulations regarding college age children claiming themselves?

According to IRS regulations as long as a child that is college age still meets the requirements of a qualifying child or relative for some taxpayer, then that child is not going to be allowed to claim themselves on their own taxes. However for dependents there is an education credit that they can take. It is important to note that if the dependent does take the education credit then not only can the dependent not claim themselves, the parent who is entitled to claim the dependent cannot claim them.

What are the IRS regulations on employer tuition reimbursement?

The IRS regulation on employer tuition reimbursement is that an employer is able to provide an employee with education assistance through an educational assistance plan. Under the educational assistance program the employee is able to exclude $5,250 of the benefits yearly. What this means for employees is that the employer should not have these benefits included with the employee’s wages that would be found in the box 1 of the employee’s -2. If an employer does pay more than the allotted $5,250, then those benefits over the amount of $5,250 will be added to the employee’s wages and the employee will be taxed upon it. There are many IRS regulations and many questions that can be asked. When dealing with the IRS regulations many individuals are unaware of trusted individuals they can turn to. If a person has a question they are always able to ask the Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Tax Professionals are Online Now

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent IRS Regulation Questions

  • I own a store where I rent out spaces to vendors to sell their

    I own a store where I rent out spaces to vendors to sell their goods. They pay monthly rent for their space. Do I tax them on their rent? Thanks!
  • I filed both my federal 2008 and 2009 taxes on the same date

    I filed both my federal 2008 and 2009 taxes on the same date (paper). The IRS eventually processed my 2009 return but claims that I did not file the 2008. When I explained that they were both in the same envelope the response was that only one return per envelope is allowed and that the 2008 return was likely discarded. Does this make any sense and how can I prove that the 2008 was filed?
  • Can an individual who does accounting for an exempt organization

    Can an individual who does accounting for an exempt organization prepare the annual 990 EZ and sign the tax return. Or could the CEO sign it as self-prepared? Or must the 990 EZ
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    Thank You,
    Fred
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