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Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes.
It is an alternative to separate entity accounting, under which a branch or subsidiary within the jurisdiction is accounted for as a separate entity, requiring prices for transactions with other parts of the corporation or group to be assigned according to the arm's length standard commonly used in transfer pricing. In contrast, formulary ...
Groups of corporations may elect to file consolidated returns at the federal level and with a few states. Electronic filing of federal [58] and many state returns is widely encouraged and in some cases required, and many vendors offer computer software for use by taxpayers and paid return preparers to prepare and electronically file returns.
Alexander Raths/Shutterstock For the vast majority of Americans, getting married means filing joint tax returns. According to the latest Internal Revenue Service, in the 2011 tax year, 53.3 ...
Time is running out on tax season for 2014, and according to the Wall Street Journal, the Internal Revenue Service will receive 30 million returns -- or about 20 percent of the total filed -- in ...
To accommodate for such circumstances, married couples may decide to file separately for a taxable year. [10] Married couples filing separately does not create an identical situation to the two parties filing as single. There are different brackets for unmarried taxpayers from the ones for married taxpayers who file separately.
Generally, most married couples file taxes jointly, but for some couples, filing separately might help them avoid the so-called marriage penalty. Credit: Getty Images (emmgunn via Getty Images)
In the United States, taxpayers may file an amended return with the Internal Revenue Service to correct errors reported on a previously paid tax return. Typically a taxpayer does not need to file an amended return if he or she has math errors as the IRS will make the necessary corrections.