| Administrative Law |
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| Under the Freedom of Information Act (FOIA), the public is entitled to access agency records unless they are protected from disclosure by one of the FOIA's exemptions or exclusions. The Internal Revenue Service complies with the FOIA by maintaining publicly available materials on the Internet, staffing the IRS Public Reading Room in Washington, D.C., and by responding to written requests for agency records not available in the Reading Room.More... |
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| Federal Payment Levy Program |
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| If you have not paid all of your federal income taxes, beware. The Internal Revenue Service has partnered up with the Department of the Treasury, Financial Management Service (FMS), to create a program that is authorized to collect overdue taxes through a continuous levy on certain federal payments owed to you. More... |
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| Wash Sales |
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| A transaction is classified as a wash sale if you sell or trade securities or stock at a loss AND within 30 days before or after the sale (61-day period) you buy substantially identical stock, acquire substantially identical stock by means of a fully taxable trade, or acquire a contract or option to buy substantially identical stock. Under the Internal Revenue Code, you are not entitled to deduct any losses sustained through a wash sale.More... |
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| Tax-Exempt Status of Labor, Agricultural, and Horticultural Organizations |
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| Labor, agricultural, and horticultural organizations meeting certain requirements may be eligible for tax-exempt status under Internal Revenue Code Section 501(c)(5). However, even if a group of this type is entitled to exempt status, contributions made to it are not deductible as charitable donations on the donor's federal income tax return unless the payments are ordinary and necessary expenses in the conduct of the donor's trade or business.More... |
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| IRS and State Partnership to Fight Tax Avoidance |
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| In the fall of 2003, the Internal Revenue Service and state tax officials formed a new nationwide partnership to share information on both abusive tax avoidance schemes and the individuals involved in them. The states and the IRS have always shared various types of information, but this partnership gives federal, state, and city agencies the opportunity to share leads and coordinate case management to effectively extend the resources of all involved parties.More... |
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