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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.
The latter is known as water's edge combined reporting. Worldwide unitary combined reporting was first approved by the US Supreme Court in 1983 in Container Corp. v. Franchise Tax Board (CA) by a vote of 5-3 (Justice Stevens did not participate). The court re-visited worldwide combined reporting in 1994 in Barclays Bank v.
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.
Filing separately may shelter you from a spouse’s finances, but over time, it could become an increasingly expensive choice. Add up the potential lost savings to reveal when you may want to ...
When tax return season rolls around, married couples have to decide whether to file their taxes jointly or separately. Filing jointly is far more common and usually results in a lower tax bill.
Filing taxes under the status of “married filing separately” for tax year 2020 — i.e., the return you’re filing in 2021 — is largely unchanged from the 2019 tax year. If the IRS hands ...
Filing status depends in part on marital status and family situation. [2] There are five possible filing status categories: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household, and qualifying widow(er) with dependent children. [1]
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 ...