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Taxation Legal News
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for 2004. You may be able to take the credit for 2005 if:
You have more than one qualifying child and you earn less than $35,263 ($37,263 if married filing jointly)
You have one qualifying child and you earn less than $31,030 ($33,030 if married filing jointly)
You do not have a qualifying child and you earn less than $11,750 ($13,750 if married filing jointly)
The maximum amount of adjusted gross income (AGI) you can have and still get the credit has also increased.
You may be able to take the credit if your AGI is less than the amount in the above list that applies to you.
Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
These proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Internal Revenue Code. REG-130863-04. Published August 17, 2004.
Newsroom
News about Taxation cases in Maryland and nationwide:
IRS Updates Tax Gap Estimates
Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... Read more >
Definition:
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
Excise tax
Definition:
A tax on the sale or use of specific products or transactions.
Exemptions
Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
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