tax

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tax

n. a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right, and/or income. These include Federal and state income taxes, county and city taxes on real property, state and/or local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, Federal tax (and some states' taxes) on the estates of persons who have died, taxes on large gifts, and a state "use" tax in lieu of sales tax imposed on certain goods bought outside of the state. (See: income tax, estate tax, gift tax, use tax, unified estate and gift tax, franchise tax)

tax

noun assessment, capitation, charge, dues, duty, exaction, exactment, excise, imposition, impost, levy, pollage, portorium, scot, tariff, taxation, tithe, toll, tribute, vectigal
Associated concepts: action for taxes, ad valorem tax, apportionment of taxes, back taxes, collection of taxes, current tax, delinquent tax, direct tax, discriminatory tax, douule taxation, estate tax, evasion of taxation, excess profits tax, excessive tax, excise tax, federal estate tax, federal taxes, franchise tax, general tax, graduated tax, income tax, indirect tax, inheritance tax, land tax, levy a tax, power of taxation, power to tax, progressive tax, propprty tax, proportional tax, regulatory tax, retroactive tax, sales tax, tax anticipation note, tax assessor, tax deed, tax district, tax lien, tax roll, tax sale, tax title, tax warrants, transfer tax, withholding taxes

tax

(Levy), verb assess, collect, exact, lay a duty, require

tax

(Overwork), verb burden, cumber, debilitate, deprive of strength, disable, drain, encumber, exact, fatigue, load, make excessive demands, oppress, overexercise, overexert, overfatigue, overload, overstrain, overtire, overuse, push too far, require, saddle with, strain, task, tire out, tyrannize, use hard, weaken, wear down, wear out, weary, weigh down
See also: assess, assessment, charge, coerce, compel, cost, deplete, encumber, enforce, exact, excise, exhaust, fine, force, hinder, impose, levy, rebuke, reproach, require, toll

tax

a levy made by national or local government to pay for services provided by public bodies. There is no inherent power in the Crown to raise money in this way; express provision must be made by statute. Changes to tax law are made annually in the Finance Act(s); periodically the law is consolidated, as for example in the Income and Corporation Taxes Act 1988 or the Taxation of Chargeable Gains Act 1992. See TAXATION.
References in periodicals archive ?
Even though the Vines decision was taxpayer-favorable, not all taxpayers will be able to obtain extension relief for late MTM elections.
In general, taxpayers recognize all gains on the sale of property, including homes.
Taxpayers are permitted to use any reasonable method in allocating compensation for this purpose.
If the purchase price is lower than anticipated, resulting in additional gain, taxpayers should report this income by amending the gain(election)-year return.
Thus, taxpayers requesting to change to a different LIFO pooling method should be prepared to deal with these subjective rules while Form 3115 is being processed.
263(a)-4(c) requires taxpayers to capitalize costs incurred in connection with the acquisition of a laundry list of intangibles, including, for example, an ownership interest in a corporation, partnership, or LLC; a variety of financial interests and products; insurance and annuity contracts; leases; patents and copyrights; as well as both "customer-based" and "supplier-based" intangibles.
The proposed revenue procedure allows certain taxpayers with annual average gross receipts (over the three prior taxable years) of not more than $10 million to convert to the cash accounting method.
2003-7 did not involve a stock loan, some taxpayers may have relied on its holding when entering into VPFs with stock loans.
Thus, the proposal effectively complements Commissioner Everson's currency initiative; both taxpayers and the government will benefit from the timely review of data and the limitation on records to be retained.
LMSB taxpayers currently under IRS examination on another matter should contact the IRS team manager supervising the audit to initiate the process and work with the exam team to prepare the formal PFA request.
4) Until final regulations are published in the Federal Register, however, taxpayers may rely on the interim guidance in both Notice 2005-14 and the proposed regulations.
For taxpayers owing $25,000 or less in taxes, Form 9465 needs to be completed.