| Abusive Tax Schemes Involving Indian Tribal Governments |
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| Federally recognized tribes are sovereign legal entities, similar to state governments, with all the rights and attributes of a sovereign entity such as a state. They have a constitutionally guaranteed status as sovereign entities. An Indian tribe, as an income producing entity, is not subject to income taxation. However, income earned, if not otherwise exempt from income taxation, must included in the gross income of the Indian tribal member when distributed or constructively received by the tribal member. More... |
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| Inherited IRAs |
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| How you treat a traditional IRA that you have inherited depends on whether you inherited the retirement plan from a spouse or from someone other than a spouse. More... |
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| Overview of Section 401k Plans |
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| A section 401(k) plan is a type of deferred compensation plan that permits an employee to have his employer set aside a portion of his or her wages in the plan on a pre-tax basis. Upon making an election to participate in a 401(k) plan, the contributed wages are not subject to income tax withholding at the time of the deferral. Thus, they are not taxable wages at that time. However, they are subject to Social Security, Medicare, and federal unemployment taxes. More... |
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| Tax on Unrelated Business Income of Exempt Organizations |
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| Even if a nonprofit organization is granted tax-exempt status by the Internal Revenue Service, it may still be subject to taxation on any unrelated business income. Unrelated business taxable income (UBTI) is defined as income from a trade or business regularly carried on by an exempt organization if the trade or business is not substantially related to the exempt purpose of the organization. In determining whether an activity is "regularly carried on," the Internal Revenue Service looks at the frequency and continuity with which it is pursued, and it is compared to the commercial activities of non-exempt organizations. More... |
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| Types of Section 401k Plans |
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| There are three basic types of 401(k) retirement plans that an employer may choose from: a traditional 401(k) plan, a safe harbor 401(k) plan, or a SIMPLE 401(k) plan. More... |
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