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February 26, 2010
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Welcome to Virginia Tax Lawyers.com

 

 
Did You Know?    
 
 
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.

 



Tax Law is divided into both Federal Tax and State Tax, and involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is sales tax, gift tax, inheritance tax, capital gains tax, property tax, and a myriad of other areas of tax.

 
Tax collections shown for various States    
 
 
Amounts include adjustments to prior years made in Fiscal Year 2004. This could produce negative amounts of collections shown in the table.However, in a given fiscal year, refunds relating to prior fiscal years may be issued and subsequently recorded, and, therefore, the total refund amount may exceed the collection amount [Money amounts are in thousands of dollars.] in Virginia
Total Internal Revenue collections [2] 47,016,582
Corporation income tax [3] 4,895,573
Total [4,5] 41,381,186
Income tax not withheld and SECA tax [4,5] 7,361,496
Income tax withheld and FICA tax [4] 33,318,228
Railroad retirement tax 540,894
Unemployment insurance tax 160,567
Estate Tax 603,694
Gift Tax 24,876
Excise Taxes[2] 111,253

Source: Data 2004, Chief Financial Officer, Revenue Financial Management
 

Federal Income tax became law in 1913 when the Sixteenth Amendment to the U.S. Constitution was ratified. While some states do not have an income tax, all residents and citizens of the United States are subject to federal income tax. The more assets an individual owns, unfortunately, the more complicated the tax law becomes.

Congress writes the tax laws, which become part of the tax code. The Internal Revenue Service (IRS) is charged with interpreting the tax code. The IRS is a branch of the U.S. Treasury Department, with headquarters in Washington, D.C., and is ruled by a commissioner appointed by the President. Regional commissioners and district directors, also political appointees, oversee IRS operations.

Our Virginia Taxation Lawyers are willing to work for you. They can explain in detail the complex state and federal tax laws that affect you and your case. If you expect a high standard of quality from your legal representatives, then our Virginia Taxation Lawyers are the lawyers for you.

Taxation and Tax Law related topics:

  • Income Tax Cases
  • Recent Estate & Gift Tax Cases
  • Recent Income Tax Cases
  • State Statutes Dealing with Taxation
  • Corporate Taxation
  • International Taxation

Contact our Virginia Taxation Lawyer Now!

 
Virginia Audio & Video    
 
  Senate Republicans Seek End to Estate Tax
AUDIO, RM, 44Kbps, 7:08, 7/28/2005

The Senate is expected to vote this week on a proposal to repeal the estate tax. The tax has been in place for nearly a century. But times have changed and estate tax opponents are predicting victory
Source: NPR
 
 
Virginia External Sites    
 
 

Virginia Department of Taxation | VA TAX
The web address to the Department of Taxation's web site has been changed to www.tax.virginia.gov. ... please click this link to proceed: www.tax
Virginia Department of Taxation
Virginia Department of Taxation provides state income and business tax forms and information.

 


 

  Newsroom  
 


News about Taxation cases in Virginia and nationwide:

Late Tax Scam Discovered; Free File Users Reminded To Use IRS.gov
The Internal Revenue Service learned late Friday of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masqu...
Read more >


The Bush Tax Cut
The 2001 tax cut represented a resumption of a number of other trends in tax policy. For example, it expanded the Per Child Tax credit from $500 to...
Read more >


No Taxation Without Explanation

The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sal...

Read more >


More Taxation News >

 
 

Taxation Terms

 


Today's Terms

Depreciation and Section 179 Expense

Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.

Self-Employment Tax

Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insur­ance) and 2.9% for Medicare (hospital insurance).

Federal Insurance Contributions Act (FICA) Tax

Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.

More Taxation Terms >

 

Tax Legal Resources

 


Search Taxation legal resources in our resource center:

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Taxation Hot Topics

 
Topics Related to Taxation Law:
  • Income Tax Cases
  • Recent Estate & Gift Tax Cases
  • Recent Income Tax Cases
  • State Statutes Dealing with Taxation

More Tax Topics >

Virginia Taxation Attorney

 
If you live in the following cities and need an taxation attorney you should contact our Taxation Attorney as soon as possible:

  • Alexandria
  • Annandale
  • Arlington
  • Ashburn
  • Blacksburg
  • Burke
  • Centreville
  • Charlottesville
  • Chesapeake
  • Chester
  • Chesterfield
  • Christiansburg
  • Colonial Heights
  • Culpeper
  • Danville
  • Dumfries
  • Fairfax
  • Falls Church
  • Fredericksburg
  • Front Royal
  • Glen Allen
  • Hampton
  • Harrisonburg
  • Herndon
  • Hopewell
  • Leesburg
  • Lorton
  • Lynchburg
  • Manassas
  • Martinsville
  • Mc Lean
  • Mechanicsville
  • Midlothian
  • Newport News
  • Norfolk
  • Petersburg
  • Portsmouth
  • Powhatan
  • Radford
  • Reston
  • Richmond
  • Roanoke
  • Salem
  • Spotsylvania
  • Springfield
  • Stafford
  • Staunton
  • Sterling
  • Suffolk
  • Vienna
  • Virginia Beach
  • Waynesboro
  • Williamsburg
  • Winchester
  • Woodbridge
  • Yorktown
 


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