A Treasury Decision (TD) is a document that contains the text of the official rule of the Department of Treasury. The Department of Treasury issues TDs for the administration, application, and enforcement of IRS Regulations. TDs act as...
tax
treasury regulations
Regulations that interpret the Internal Revenue Code are compiled under Title 26 of the Code of Federal Regulations. These regulations are generally issued by the United States Department of the Treasury.
unearned income
Unearned income is money received from sources other than employment or business activities, such as interest, dividends, capital gains, or any income not directly tied to work efforts.
[Last updated in July of 2024 by the...
United States Tax Court
The United States Tax Court was established by Congress under Article I of the U.S. Constitution.
Upon a determination of a tax deficiency by the Commissioner of Internal Revenue, the taxpayer may dispute the deficiency in...
use tax
Use tax arises when a person or business buys any product or service outside of their home state that did not have sales tax applied. Generally, most purchases have sales taxes which are collected by sellers, but individuals and businesses...
W-2 form
The W-2 form, the "Wage and Tax Statement," is an IRS form provided by the employer that reports the employee's income, the amount of taxes withheld from wages, benefits provided and other important information for the previous calendar year...
wash sale
A wash sale is defined as the sale of an asset, such as stocks or bonds, at a loss, followed by the repurchase of the same or substantially similar asset within 30 days before or after the sale. This method is often used to realize a loss for...
withholding
In a legal context, withholding is the action of deducting an amount or percentage established by the law from a person’s income, like from wages or dividends. Commonly, the withholding is made and subsequently paid to the government by the...
write-off
A write-off is an accounting action that removes an asset from the books, typically as a loss or expense, when it is deemed uncollectible or obsolete. This action reduces the value of the asset while simultaneously debiting a liabilities...