Frank & Associates, P.C., lawyers in Bethesda, MD, Maryland

Sales Tax

Most states impose some sort of tax on the sale of tangible personal property within the state, and the sales tax can make up a large part of a state's revenue. States vary as to whether it is the seller, the buyer, or a combination of the two that is liable for the privilege of selling goods at retail within the state, but most states impose the obligation to collect the tax from the buyer onto the seller.More...

Employer-Provided Child Care Credit

In order to encourage businesses to provide child care for their employees, Congress has recently created a tax incentive for those employers who make certain qualified child care expenditures. The amount of the credit allowable in a tax year is the sum of 25 percent of qualified child care expenditures plus 10 percent of qualified resources and referral expenditures. The credit is limited to a maximum of $150,000 for any tax year.More...

Partnership Anti-abuse Provisions

The Internal Revenue Service has the authority to disregard the partnership form of an entity if the operations of the business are found to be inconsistent with the intent of the partnership tax statutes and the partnership form is being used for tax-avoidance purposes. According to Treasury Regulations, the intent of the partnership laws is to allow taxpayers to conduct a joint business activity through a flexible economic arrangement without incurring an entity-level tax. More...

Death Benefits for Survivors of Public Safety Officers

Congress has passed special tax rules that apply to amounts received by the survivors of a public safety officer. For the purpose of these provisions, the definition of a public safety officer includes a law enforcement officer, fire fighter, ambulance crew member, or rescue squad member. In addition, the law applies to a chaplain killed in the line of duty while responding to a fire, rescue, or police emergency as a member or employee of a fire or police department. More...

Determination Letters

If an employee retirement plan is qualified under the Internal Revenue Code, it is entitled to favorable tax treatment. Benefits include the employer's deduction of contributions made in accordance with the plan document and the accumulation of tax-free earnings. In addition, participants in the plan are not required to include their contributions into income until they receive a plan distribution. Because of these tax advantages, many employers look for advance assurance that the terms of their plans satisfy the statutory qualification requirements. More...