MyREG Flashcards
Moving exp AJE to AGI
deduct business related exp - reimbursed by Co
When an offeror clearly states the day and method of transportation, can it be modified?
No. contract will become a counteroffer if done in any other way. unless better way of transport but on time
Additional FICA pay by ER is treated
as business exp for ER and income for EE (normal compensation)
penalties and time to file and pay
penalty to pay = .5% * mo. late* amt paid late (after required filing date)
int. to pay= 1%*mo. late *amt late
When can you perform dif than what was decided in court?
if court decision was not mandatory for future yrs
How come a disqualifying child be claim for an exemption?
If over the age of student but providing more than half and no income excess then can be claim under the relative since it lives in house
accrual method
manufacturers, tax shelters, Ccorps. (PSC are cash)
full registration exemptions
Regulation A= total exempt. intrastate exempt if 80%. stkbroaker exempt if customer
When are passive loss fully deductible (not subject to $25k limit)
when worthless during that yr. instead of only passive income w/ passive loss
Can Corps choose whether to deduct or credit foreign tax?
Yes. if deduct subject to 2% if credit then entire
