A partnership, S corporation, or PSC that cannot establish a business purpose sufficient for the IRS to approve a
tax year other than the required
tax year may want to consider a Sec.
"If you are saving into tax efficient savings or investments like ISAs or pensions, then you really do need to know when the
tax year ends.
Under both the existing and new laws, conversion income is included in the return for the
tax year which the funds are transferred or withdrawn from the regular IRA.
In the example above, if the taxpayer did not reach agreement on the 1989
tax year and hence took no action before December 31, 1999, the taxpayer would owe deficiency interest on the $1 million from March 15, 1990, to the date of enactment of the netting provisions at the appropriate deficiency interest rate.
You and/or your spouse materially participated in the operation of your woodland activity for any five of the 10
tax years immediately preceding the
tax year in question.
None of the remaining members owns more than 3% of the LLC, and they have several different
tax year ends.
The size of the 15 percent tax rate bracket for joint returns is twice the size of the corresponding tax rate bracket for single returns for
tax years 2003-10.
Maximum yearly contribution: This ceiling is increased from $500 to $2,000, for
tax years beginning after 2001 (code section 530(b)(1)(A)(iii)).
For large corporations subject to the IRS's Coordinated Examination Program (CEP), the boundaries of the annual determination of tax liability are further blurred by the IRS's administrative practice in joining multiple
tax years into a single examination cycle and, on occasion, the joining of such examination cycles.
If the required year cannot be determined under the majority-interest rule or principal-members rule, the LLC's required year is the
tax year with the least aggregate deferral of income (Regs.
This inclusion is generally dependent on the taxpayer being a shareholder of the CFC on the last day of the CFC's
tax year. Consequently, the related income inclusion is deemed to occur on the last day of the CFC's
tax year.
Indeed, the length of the initial penalty period will be inversely related to the amount of the first
tax year's base period ratio.
