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IRS Regulations

Do you need to know what IRS regulations pertain to you? When people are filing their income tax, they often do not think of IRS regulations that have to be followed. There are different types of regulations for companies and individuals. Read below where Experts have provided customized answers to IRS regulation questions.

Are there regulations regarding federal taxation of inheritance?

In many cases, there are not any 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 is more than $100k, then the beneficiary must report the amount.

What is the regulation on non-profit employee compensation?

The regulations specifically define what is and what is not acceptable; however, there are sanctions that are able to be in place if compensation is found to be unreasonable. These sanctions can be applied for disqualified persons; they have 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 members 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 regulations regarding college age children claiming themselves?

As long as a child that is college age still meets the requirements of a qualifying child or relative for a taxpayer, then they cannot 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 regulations on employer tuition reimbursement?

The regulation 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 box 1 of the employee’s W-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.

As seen from this article the regulations can be confusing and one might need clarification. When dealing with the IRS regulations many individuals are unaware of trusted professionals they can turn to. Consulting with legal Experts will provide one with customized answers and insights. Experts are available day or night for your convenience.


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