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TCS is a 501(c)(3) non-profit organization; its 501(c)(4) affiliate is Taxpayers for Common Sense Action (TCS Action). The current president of TCS is Stephen Ellis. Founded in 1995 by Jill Lancelot and Rafael DeGennaro, TCS states that its mission is to ensure that the federal government spends taxpayer money efficiently and responsibly. [1]
When it comes to taxes, the IRS expects you to pay taxes on all sorts of earnings -- including these five things you might be overlooking.
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
With recent changes to the tax code, certain expenses that seem like legitimate write-offs (or had been in the past) aren’t deductible on 2019 filings.
Key areas of difference include differences in the timing of income or deduction, tax exemption for certain income, and disallowance or limitation of certain tax deductions. [29] IRS rules require that these differences be disclosed in considerable detail for non-small corporations on Schedule M-3 [ 30 ] to Form 1120.
Assessing taxes is complicated. Local, state and federal governments need to tax citizens so that they can pay for the programs and services those citizens need. Not everyone can -- or should -- be...
Notable exceptions to the state sales tax are food and prescription drugs. The sales tax is set entirely at the state level, although some of its proceeds are used to fund local government. The state sales tax is consistently the source of the largest percentage of the state government's revenue. In 2008 the tax provided $5.57 billion in ...
It's everyone's favorite time of the year -- tax season. The IRS announced on Jan. 23 that the agency will begin accepting and processing 2022 tax returns. An estimated 168 million individual tax...