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Taxation Legal News
IRS Gives Northeast Storms Victims Until April 26 To File Tax Returns
Taxpayers affected by the major storm that hit the Northeastern United States April 16 now have until Thursday, April 26 to file their tax returns, the Internal Revenue Service said today.
Earlier this week, the IRS gave taxpayers directly impacted by the storm an additional two days beyond the April 17 deadline to meet their tax filing obligations without incurring late filing and payment penalties. After further assessment of conditions across the region affected by the April 16 storm, the IRS has decided to allow affected taxpayers an additional seven days to fulfill their tax filing obligations.
Power outages and public transportation problems made it impossible in some cases for some taxpayers and tax professionals to meet the April 17 filing deadline.
Affected taxpayers can mark their paper tax returns with the words “April 16 Storm.” Taxpayers who e-file their returns can use their software’s “disaster” feature, if available.
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.
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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:
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.
Self-Employment Tax
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Form W-4, Employee's Withholding Allowance Certificate
Definition:
Completed by the employee and used by the employer to determine the amount of income tax to withhold.
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Annapolis
Baltimore
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Catonsville
Columbia
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Elkton
Ellicott City
Essex
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Gaithersburg
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Hyattsville
Lanham
Lutherville Timonium
Middle River
Nottingham
Owings Mills
Parkville
Pasadena
Potomac
Rockville
Silver Spring
Sykesville
Temple Hills
Upper Marlboro
Westminster
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