| Depletion |
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| When a natural resource is owned or operated by a taxpayer, that asset may be used up by the process of mining coal, metals, or other minerals, quarrying stone, drilling for oil or gas, or felling timber. Under the Internal Revenue Code, the owner or operator is entitled to a depletion deduction to allocate the cost of the natural resource ratably over the productive life of the resource. More... |
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| Corporate Fraud |
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| The Internal Revenue Service gets involved in corporation fraud investigations when a large publicly traded or private corporation violates the Internal Revenue Code (IRC) and related laws. Generally, corporate schemes to evade taxation are broad in their scope, complex, and have a great negative economic impact on communities, employees, creditors, investors, and financial markets. More... |
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| Below-Market Interest Loans |
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| The Internal Revenue Service looks very suspiciously at loans that carry little or no interest. These loans, called below-market interest loans, can either be demand loans with interest payable at less than the statutorily prescribed applicable federal rate, or term loans where the amount of the loan exceeds the present value of all payments due under the loans. More... |
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| Levies |
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| If a taxpayer fails to pay his or her taxes or does not make arrangements to settle the debt with the Internal Revenue Service, the IRS is authorized to seize and sell real or personal property in which the taxpayer has an interest. This authority extends to property in the hands of a third party. More... |
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| Energy Conservation Subsidies |
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| If you received subsidies from a public utility for the purchase or installation of an energy conservation measure in your residence, you are not required to include the amount of the subsidy in your gross income when preparing your federal income tax return. The subsidy may be provided to you either directly or indirectly by the utility in order to qualify for this exclusion from income. More... |
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