| Employee Accident and Health Plan Benefits |
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| Although the Internal Revenue Code generally requires the inclusion in income of amounts received by an employee under employer-financed accident and health plans, there is an exception for amounts received as reimbursements of expenses incurred for the medical care of the taxpayer, the taxpayer's spouse, or a dependent of the taxpayer. These amounts may be excluded from gross income. A self-employed person is not an employee for the purposes of this exclusion. More... |
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| Closing Agreements |
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| The Internal Revenue Service is authorized to enter into written agreements with a taxpayer relating to the taxpayer's total tax liability or to specific issues affecting that tax liability for a specified period. These closing agreements may be used when there is an advantage in having a case closed or when the taxpayer shows a good reason for the agreement and the IRS concludes that there is no disadvantage to the government. In addition, the IRS may ask a taxpayer to enter into a closing agreement as a condition to the issuance of a letter ruling. More... |
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| Nonbusiness Bad Debts |
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| Nonbusiness bad debts are uncollectible obligations to you based on transactions not in the course of operating your trade or business. In order to prove that you are entitled to a bad debt deduction, you must be able to first show that you have a genuine debt. Second, you must be able to prove that a valid debtor-creditor relationship existed at the time the debt arose. Third, you must already have included the amount in your income. Finally, you must show that the debt became totally worthless during the tax year in which you are seeking the deduction. More... |
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| Enrolled Actuaries |
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| An enrolled actuary is an individual who has satisfied established standards and qualifications and who has been approved to perform the actuarial services required under the Employee Retirement Income Security Act of 1974 (ERISA). These services include the application of the principles of probability and compound interest to determine the present value of payments to be made after certain specified conditions are fulfilled or certain specified events have occurred. More... |
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| Taxation of Foster Care Payments |
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| As the provider of foster care, you may be entitled to exclude certain payments for the care of "qualified foster individuals" from your gross income. A qualified foster individual is a person who is living in a foster family home after having been placed there either by a governmental agency or by a qualified foster care agency. More... |
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