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Tax Rules Questions

What are Tax Rules?

Tax Rules include stipulations that are required when a person pays taxes to the federal government. The Tax Rules are enforced at taxes at both the state and local government levels. A person must also files income taxes that are generated at the federal and state levels. There are many states and local governments that apply sale taxes within their government. The rules are used to make sure that everything is regulated and that the taxes are carried out properly.

What are the compensatory tax rules around consulting at a location out of the person’s home state for more than a year?

As far as expenses that are paid for travel that is related with consulting at a place that is outside of where the person lives; if it is longer than a year the expenses will not be tax deductible. On the other hand, if a person has expenses that come from travel and it’s for a business trip; as long as it is temporary the taxes will be deductible.

Regarding a S Corp, what are the tax rules that apply to travel and entertainment expenses for employees that are owners and what about per diem for meals?

A person will able to use the per diem rules only if the person owns less than 10% of the corporation; if the person doesn’t then that person will have to use their own expenses for the meals. A receipt is not needed but a record of expenses is needed and there should be less that $75 per activity that was used for the meal expense. As far as the expenses for traveling goes; there must be expenses and not rates that are per diem. If a person is the owner or employee of the S-Corp then that person will be allowed to use the per diem meals rules.

Are the gift tax rules for an individual the same as for a limited partnership giving a gift to an individual?

When a gift is given to a person from a limited partnership it is similar to saying that the individual is receiving a gift from partners. Capital accounts that are held by partners’ have to be deducted by pro-rata amounts of gifts that are given to the fellow partners in a company. A gift tax return has to be filed by each partner if their portion of the gift is more than $13,000 per person per year.

What are the tax rules for the recipient if a personal loan promissory note is forgiven?

If a person has a personal loan and the loan is ended up being forgiven, then the amount that is forgiven ends up becoming a gift. Gift are different from loans because the person that receives the gift doesn’t have to pay taxes on it. Although, the gift is not taxable; it has to be reported to the Internal Revenue Services. Some tax rules does require that taxpayers will be able to give gifts to others up until the value of $1 million has been reached and then it becomes a due. Tax rules are needed because without them. Taxes would be overcharged or in some cases they may be undercharged. Rules are needed to keep everything in order and to keep finances stable. There are people in the world that don’t understand the rules that govern how taxes are handled. What are the Tax Rules? What are the advanced Tax Rules? Get advice and help with Tax Rules from 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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2 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 Tax Rules Questions

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    We are being audited for supposedly for high business legal deductions for 2011. We just waived the "statute of limitations" to give them another year. The auditor is still not finished with 2011. We just rec'd notice to produce 2012 legal deductions and business expenses. Should we tell the auditor about 2012 now or just send in the documentation for 2012 and hope that he finishes 2011 soon? Thanks!
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    I would like to clam my adult son and his two daughters, ages one and two. they all live with me and my wife. My son has not worked in ten years or so, and does not pay anything towards any of the household expenses. They do receive food stamp assistance, and Medicaid, but I pay for everything else. I pay for the roof over their heads, the clothes on their backs, all cleaning and personal care items. that includes such things as diapers, paper products, and all over the counter medications. Can I claim my son and granddaughters on my income taxes?
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