March 2017

The US tax code is definitely convoluted at times, so it's no wonder the claim that it's 70,000 pages long has become a widely quoted factoid, most recently in posts from House Ways and Means Committee Republicans, the committee leading…

What is item 7702? U.S. Internal Revenue Service (IRS) Tax Code Section 7702 defines what the federal government considers a legitimate life insurance policy and is used to determine how proceeds generated by the policy are…

What is Schedule K-1? Schedule K-1 is a federal tax document used to report income, losses, and dividends of partners in a business or financial entity or shareholders of an S corporation. Form K-1 is also used to report income…

Many people think that Internal Revenue Service (IRS) publications are the definitive source of information on how to file your income taxes, but they actually aren't. The tax code, also known as the Internal Revenue Code (IRC), is…