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Unrelated Business Income Tax
Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 U.S.C. 501 organization that is not related to the tax-exempt purpose of that organization. Requirements For most organizations, a business activity generates unrelated business income subject to taxation if: #It is a trade or business, #It is regularly carried on, and #It is not substantially related to furthering the exempt purpose of the organization. A trade or business includes the selling of goods or services with the intention of having a profit. An activity is regularly carried on if it occurs with a frequency and continuity, similar to what a commercial entity would do if it performed the same activity. An activity is substantially related to furthering the exempt purpose of the organization if the activity contributes importantly to accomplishing the organization's purpose, other than for the sake of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, eff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
501(c)
A 501(c) organization is a nonprofit organization in the Law of the United States#Federal law, federal law of the United States according to Internal Revenue Code (26 U.S.C. § 501(c)) and is one of over 29 types of nonprofit organizations exempt from some Taxation in the United States, federal Income tax in the United States, income taxes. Sections 503 through 505 set out the requirements for obtaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well. 501(c) organizations can receive unlimited contributions from individuals, corporations, and Labor union, unions. For example, a nonprofit organization may be tax-exempt under section 501(c)(3) organization, 501(c)(3) if its primary activities are charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, or preventing cruelty to Child abuse, children or Animal cruelty, animals. Types According ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Exemption
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In tax-free shopping, the goods are permanently taken outside the jurisdiction, thus paying taxes is not necessary. Tax-free shopping is also found in ships, airplanes and other vessels traveling ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CliftonLarsonAllen LLP
CliftonLarsonAllen LLP (known as CliftonLarsonAllen or CLA) is a professional services network and the eighth-largestAccounting Today Top 100 Firms 2018 ''Accounting Today'', 2018. Retrieved April 16, 2018. accountancy firm in the United States. It was established in 2012 with the merger of two U.S. firms: Clifton Gunderson LLP (based in , Wisconsin) and LarsonAllen LLP (based in , Minnesota). It is a member of the Nexia International accounting network. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
S Corporation
An S corporation, for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any income taxes. Instead, the corporation's income and losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. Overview S corporations are ordinary business corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. The term "S corporation" means a "small business corporation" which has made an election under § 1362(a) to be taxed as an S corporation. The S corporation rules are contained in Subchapter S of Chapter 1 of the Internal Revenue Code (sections 1361 through 1379). The United States Congress, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Tax In The United States
Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017. State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. The corporate Alternative Minimum Tax was also eliminated by the 2017 reform, but some states have alternative taxes. Like individuals, corporations must file tax returns every year. They must make quarterly estimated tax payments. Groups of corporations controlled by the same owners may file a consolidated return. Some corporate transactions are not taxable. These include most formations and some types of mergers, acquisitions, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Individual Retirement Account
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement as described in IRS Publication 590, ''Individual Retirement Arrangements (IRAs)''. Other arrangements include employer-established benefit trusts and individual retirement annuities, by which a taxpayer purchases an annuity contract or an endowment contract from a life insurance company. Types There are several types of IRAs: * Traditional IRA – Contributions are often tax-deductible (often simplified as "money is deposited before tax" or "contributions are made with pre-tax assets"), all transactions and earnings within the IRA have no tax impact, and withdrawals at retirement are taxed as income (e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1928
The Revenue Act of 1928 (May 29, 1928, ch. 852, 45 Stat. 791), formerly codified in part at 26 U.S.C. sec. 22(a), is a statute enacted by the 70th United States Congress in 1928 regarding tax policy. Section 605 of the Act provides that "In case a regulation or Treasury decision relating to the internal revenue laws is amended by a subsequent regulation or Treasury decision, made by the Secretary or by the Commissioner with the approval of the Secretary, such subsequent regulation or Treasury decision may, with the approval of the Secretary, be applied without retroactive effect." (as cited in Helvering v. R.J. Reynolds Tobacco Co., ) Tax on Corporations A rate of 12 percent was levied on the net income of corporations. Tax on Individuals A normal tax and a surtax A surtax is a tax levied upon another tax, also known as tax surcharge. Canada The provincial portion of the value-added tax on goods and services in two Canadian jurisdictions, Québec and Prince Edward Island ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cherry Bekaert LLP
Cherry Bekaert (formerly Cherry, Bekaert & Holland L.L.P.) is an accounting firm based in Raleigh, North Carolina Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southe .... It has offices in California, Maryland, Virginia, Washington, D.C., Florida, Georgia, North Carolina, Rhode Island, Texas, Tennessee, and South Carolina, Employing over 1,350 people, Cherry Bekaert reported revenues of $250 million in 2021. History Cherry Bekaert began in 1947 as a small practice in Wilmington, North Carolina, led by Harry Cherry. Charles Bekaert and William Holland joined the Firm in 1952 and 1953 respectively. The firm moved into the Richmond, Virginia, area in 1988, eventually relocating the corporate headquarters to Richmond from Charlotte in 1991. In February 2013, Cherry Bekaert & Holland LL ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York University Law School
New York University School of Law (NYU Law) is the law school of New York University, a private research university in New York City. Established in 1835, it is the oldest law school in New York City and the oldest surviving law school in New York State. Located in Greenwich Village in Lower Manhattan, NYU Law offers J.D., LL.M., and J.S.D. degrees in law. Globally, NYU Law is ranked as the fifth-best law school in the world by the ''Academic Ranking of World Universities'' (''ARWU'') for subject Law in 2022, after having ranked as the world's fourth-best law school in 2020. In 2017, NYU Law ranked as high as second best in the world by the same benchmark Shanghai Ranking ''ARWU''. NYU Law is also consistently ranked in the top 10 by the ''QS World University Rankings''. NYU Law is in the list of T14 law schools which has consistently ranked the Law school within the top 7, since '' U.S. News & World Report'' began publishing its rankings in 1987. In the ''SSRN'' (former ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yale Law School
Yale Law School (Yale Law or YLS) is the law school of Yale University, a Private university, private research university in New Haven, Connecticut. It was established in 1824 and has been ranked as the best law school in the United States by ''U.S. News & World Report'' every year between 1990 and 2022, when Yale made a decision to voluntarily pull out of the rankings, citing issues with the rankings' methodology. One of the most selective academic institutions in the world, the 2020–21 acceptance rate was 4%, the lowest of any law school in the United States. Its Yield (college admissions), yield rate of 87% is also consistently the highest of any law school in the United States. Yale Law alumni include many List of Yale Law School alumni, prominent figures in law and politics, including President of the United States, United States presidents Gerald Ford and Bill Clinton and former United States Secretary of State, U.S. secretary of state and presidential nominee, Hillary Cli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
