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The cash equivalence doctrine arose out of a need to determine whether certain items that were either actually or constructively received must be accrued as income. A dispute over timing of income recognition for tax purposes may arise when the thing received is really not much more than a promise of payment, such as a promissory note or a bond.
The form is not mailed to the IRS but retained by the employer. Tax withholdings depend on employee's personal situation and ideally should be equal to the annual tax due on the Form 1040. When filling out a Form W-4 an employee calculates the number of Form W-4 allowances to claim based on his or her expected tax filing situation for the year.
In other words, A taxpayer must report the receipt of income for the time that she or he has control over it. If a taxpayer ends up having to return the income recognized under the claim of right doctrine, then the taxpayer may receive a tax credit for that amount according to the Internal Revenue Code, if such a credit is a greater tax benefit ...
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
The Tax Court noted prior decisions that held a taxpayer to have constructively received funds as of the time of attempted delivery when the taxpayer made a decision to be unavailable to receive that delivery. In this case, the court decided that this was not a conscious decision on the part of the taxpayer to be unavailable.
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A taxpayer receipt is a proposed receipt given by government to taxpayers [1] [2] that would show the breakdown of the citizen's tax paid for areas such as social security, the military, education, veterans' benefits and health care. In many countries the data for tax division is publicly available, so the amount of taxes one has paid can be ...
The full text of the IRS regulation defining constructive receipt states as follows: [2] Income although not actually reduced to a taxpayer's possession is constructively received by him in the taxable year during which it is credited to his account, set apart for him, or otherwise made available so that he may draw upon it at any time, or so that he could have drawn upon it during the taxable ...