Taxation & Tax Policy

  U.S. Internal Revenue Service Summons of UBS AG Bank Regarding Non-Disclosed Accounts of U.S. Citizens

  OECD Personal Income Tax Rates and Thresholds In OECD Countries

Taxation is an important component of the corporate finance decision making process. Credit analysts need to be familiar with the tax code, tax issues and pending revisions that effect, or may effect, the manner in which companies and financial institutions plan their operations and how they report their income.

In the United States, every corporation, joint-stock company or association, limited liability company (LLC), business trusts, limited partnership associations, financial business corporations, must file a federal tax form and pay net income tax. The tax applies to net income for the entity’s accounting period (calendar year or fiscal year), or any part thereof during which the corporation has a taxable status. The tax rate is a spcific percentage applied to the entire net income. Tax revenues collected from the various types of business entities are deposited in the U.S. Department of Treasury for general federal use.

Historically, in the United States, collected Federal tax revenue has accounted for approximately 18.3% to 18.5% of the Gross Domestic Product (GDP) on an annual basis. However, the Congressional Budget Office has publicly indicated that tax receipts for fiscal 2009 will be approximately 14.9% of GDP due to a a 56% decline in corporate income tax revenue and a 20% decline in individual income tax revenue. The forecast for fiscal 2010 is 15.7% of GDP.

U.S. state governments also imposes a franchise tax on a domestic or foreign corporation domiciled / incorporated / chartered within the state's legal jurisdiction. The income-based tax is measured by that portion of the net income allocable to the specific state. The tax applies to net income for the entity’s accounting period (calendar year or fiscal year), or any part thereof during which the corporation has a taxable status. Revenues collected from the various types of business entities are deposited in the respective state treasury for general state and municipal use.

Property taxes are imposed on both corporations and individuals for the support of education and municipal services.

  OECD Corporate Income Tax Rates In OECD Countries

  OECD VAT Rates In OECD Countries

A Value Added Tax (VAT) is similar to a sales tax in the United States, which are charged by the indivdidual states and not the Federal government. Many countries that have a national VAT also have a personal income tax.

As indicated in the Corporate Tax Rates Section above, the United States has one of the highest statutory corporate tax rates in the world at 35.0%. However, the U.S. tax code also offers various deductions that can reduce the net income result on which the the tax rate is calculated (effective tax rate). There is a constant debate about lowering the the corporate tax rate in order to stimulate investment and job creation. However, the federal government relies upon the corporate tax collection as a percentage of its revenue. The counter argument is that job creation and growth would result in larger amounts collected from payroll taxes, income taxes, taxes on dividends and capital gains. Early in 2009, the Obama administration proposed revising the code that provides that U.S. corporations do not pay income taxes on foreign earned income unless the income is repatriated to the United States. The opposition to the revision indicates that the foreign operations of the U.S. company compete against foreign companies that pay less tax in their own country of domicile.

Employer Identification Number (EIN)

Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and every corporation is required to apply for an EIN   www.irs.gov/businesses/small/article/0,,id=98350,00.html

Form 1120, U.S. Corporation Income Tax Return

Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. A corporation can file Form 7004, Application for Automatic 6-Month Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request a 6-month extension of time to file a corporation income tax return. Please note: Form 7004 does not extend the time for paying the tax due on the return.

In the United States, the primary federal tax form is Form 1120, U.S. Corporation Income Tax Return in order for the corporation to report its income, gains, losses, deductions, credits and to figure its income tax liability. A corporation may file Form 1120-A if its gross receipts, total income, and total assets are each under $500,000 and it meets certain other requirements.

Form 1120, U.S. Corporation Income Tax Return (.pdf format)   www.irs.gov/pub/irs-pdf/f1120.pdf
Instructions for Form 1120 (.pdf format)   www.irs.gov/pub/irs-pdf/i1120.pdf

A corporation is considered "closely held" if both of the following conditions apply:

It is not a personal service corporation.

At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. “Individual” includes certain trusts and private foundations.

Form 1120S, U.S. Corporation Income Tax Return

An “S” corporation (also referred to as a Subchapter S corporation) is a small business corporation taxed under Subsection S of the Internal Revenue Code.

After legally forming a corporation in any state, a corporation can elect to be treated as an S Corporation by filing Form 2553, Election by a Small Business Corporation (to become a S Corp.)   www.irs.gov/pub/irs-pdf/f2553.pdf

Form 1120S, U.S. S Corporation Income Tax Return (.pdf format)   www.irs.gov/pub/irs-pdf/f1120s.pdf
Form 1120S K-1   www.irs.gov/pub/irs-pdf/f1120ssk.pdf

The capital gain of an S corporation is not treated as passive investment income. This applies to tax years beginning after May 25, 2007. For details, see Internal Revenue Code section 1362(d)(3).

Form 1065, U.S. Return of Partnership Income

Generally, if a husband and wife jointly own and operate an unincorporated business and share in the profits and losses, then they are partners in a partnership and must file Form 1065.

Passive income is income generated from an investment in a business or asset in which the investor does not materially participate in the operation or management of the asset, company or investment (passive activity). The investor merely receives their share of a profit or a loss. In many cases, the recipient is a limited partner in a partnership, and it is the general partner that does all of the work.

Form 1065, U.S. Return of Partnership Income (.pdf format)   www.irs.gov/pub/irs-pdf/f1065.pdf

Tax Foundation, State Corporate Income Tax Rates, 2009   www.taxfoundation.org/publications/show/230.html

Credit Issues

Are businesses paying too much in taxes to be competitive with businesses in other states and / or other nations?

Are businesses being treated unequally from one business type to another?

One of the biggest problems that small businesses encounter is that they have substantial deductions that reduces the net income result and the reciprocal tax obligation and then they apply to a financial institution for a loan and have insufficient income to support the loan.

The United States has a progressive income tax rate for individuals. This means that the higher the personal income amount the higher the tax rate. Payroll taxes are not based on a progressive tax rate.

Tax revisions provided to individual taxpayers that were enacted during the Bush Administration are scheduled to expire on December 31, 2010. These revisions include:

The Mortgage Forgiveness Debt Relief Act was scheduled to expire on December 31, 2009.

On June 3, 2010, the Hiring Incentives to Restore Employment (HIRE) Act of 2010 (Pub.L. 111-147, 124 Stat. 71; signed by the President on March 18, 2010), became public law. The law indicates that foreign financial institutions will incur a 30.0% withholding tax on income earned from U.S. financial assets held by the foreign financial institutions if they fail to disclose the balances, receipts, and withdrawals of accounts that they have opened and maintain on the behalf of U.S. citizens. U.S. citizens who fail to disclose these assets, if the assets worth over $50,000, on their federal tax filing will be subject to a 40.0% penalty for understatements of income in an undisclosed foreign financial asset. It also eliminates the conversion of dividends into dividend equivalents (entering into a swap agreement to sell the shares prior to the dividend payment, receiving the dividend as shareholder of record, and then having the swap cancelled and the shares returned but no tax liability). These provisions were originally introduced as the Foreign Account Tax Compliance Act of 2009 (FACTA).   www.gpo.gov/fdsys/pkg/PLAW-111publ147/content-detail.html

Form W-4, Employee's Withholding Allowance Certificate

Form W-4 is the Employee's Withholding Allowance Certificate. Employees complete Form W-4 and employers use Form W-4 to determine how much income tax to withhold from employee pay. Employers also withhold payroll taxes from an employee's wages. Payroll taxes include Social Security and Medicare taxes.

The Social Security tax is also called the FICA (Federal Insurance Contributions Act) tax.

Payroll Tax Rates

Social Security tax rate 6.20%

Medicare tax rate 1.45%

Total payroll taxes 7.65%

There is a maximum annual amount of Social Security tax withheld per employee. Social Security taxes are not withheld on amounts over the earnings limit. For 2008, the earnings limit was $102,000, and the maximum Social Security tax was $6,324 ($102,000 X 6.2%). There is no limit on the amount of wages subject to Medicare tax.

Individual / Married filers can file IRS Form 1040, 1040A or 1040EZ.

Form 1040, U.S. Individual Income Tax Return

Form 1040 U.S. Individual Income Tax Return (.pdf format)   www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3
Instructions for Form 1040 (.pdf format)   www.irs.gov/pub/irs-pdf/i1040.pdf

Form 1040 Schedule A (.pdf format)   www.irs.gov/pub/irs-pdf/f1040sa.pdf
Instructions for Form 1040 Schedule A (.pdf format)   www.irs.gov/pub/irs-pdf/i1040sca.pdf

Form 1040 Schedule B (.pdf format)   www.irs.gov/pub/irs-pdf/f1040sb.pdf

Form 1040 Schedule C (.pdf format)   www.irs.gov/pub/irs-pdf/f1040sc.pdf
Instructions for Form 1040 Schedule C (.pdf format)   www.irs.gov/pub/irs-pdf/i1040sc.pdf

Form 1040 Schedule D (.pdf format)   www.irs.gov/pub/irs-pdf/f1040sd.pdf
Instructions for Form 1040 Schedule D (.pdf format)   www.irs.gov/pub/irs-pdf/i1040sc.pdf

Investment real estate sale / capital gain is reported on Schedule D (See Below)

Form 1040 Schedule E (.pdf format)   www.irs.gov/pub/irs-pdf/f1040se.pdf
Instructions for Form 1040 Schedule E (.pdf format)   www.irs.gov/pub/irs-pdf/i1040se.pdf

Investment real estate income / loss is reported on Schedule E (See Below)

2009 IRS Federal Tax Rate Schedules (.pdf format)   www.irs.gov/pub/irs-pdf/i1040tt.pdf

What is usually considered income (includes but is not limited to):

Alimony received

Awards

Bonuses

Capital gains

Casualty loss reimbursement in excess of loss of property

Child support payments

Commissions

Deferred compensation

Director's fees

Disability income

Dividends

Employee business expenses, cash allowance or reimbursement

Estates or trusts income or loss

Gambling winnings and losses / Lottery

Gifts (in excess of a specific amount)

Interest (bank and money market accounts, specific types of bonds); Form 1099-INT

Life insurance (cash in amount in excess of premiums)

Long-term disability payments received

Moving expenses reimbursement:

Partnership income or loss

Private pensions or qualified annuity plans (with limitations)

Public pensions (with limitations)

Rents and royalties

S corporation distribution

Scholarships or grants received and used for nonqualified expenses

Severance pay

Sick pay

Stipends

Strike pay

Supplemental unemployment benefits

Unemployment compensation

Vacation allowance

Wages, salaries, tips

Individuals who receive a state tax refund are issued a 1099-G Form for the year in which one received the refund. This statement is for tax record pruposes only and it is usually not required to report the refund and/or interest amounts to the IRS.

For 2008 - 2010, the tax on dividends and qualifying capital gains is eliminated for taxpayers in the 15% and 10% tax brackets.

Traditional IRA Contribution and Deduction Limit

The contribution limit to a traditional IRA for 2008 is $5,000.

If one is age 50 or older before 2009 then the contribution limit to a traditional IRA for 2008 is $6,000.

Modified AGI Limit for Traditional IRA Contribution

For 2008, if the filer is covered by a retirement plan at their place of employment then the filer's deduction for contributions to a traditional IRA is reduced (phased out) if one's modified AGI is:

More than $85,000 but less than $105,000 for a married couple filing a joint return or a qualifying widow(er).

More than $53,000 but less than $63,000 for a single individual or head of household.

Less than $10,000 for a married individual filing a separate return.

Roth Contribution Limit

The contribution limit only to a Roth IRA for 2008 is $5,000.

If one is age 50 or older before 2009 then the contribution limit only to a Roth IRA for 2008 is $6,000.

U.S. citizens residing abroad are generally subject to the same filing requirements as citizens residing in the United States. In particular, section 6012 of the Internal Revenue Code (IRC) requires individuals to file tax returns if they meet certain gross income thresholds, regardless of whether or not they owe taxes. Individuals residing abroad must file tax returns even if they think their income is exempt from tax under the foreign earned income and housing expense exclusions. Without a return, IRS cannot verify a taxpayer’s interpretation of the rules limiting eligibility for the exclusions.

Investment Real Estate

Owning an investment property has specific tax advantages in the United States.

 

All of the expenses paid during the course of the tax year related to the operation of a specific property and/or capital expenditure improvement of the property

Depreciation of the life fo the asset (cost recovery)

Amortization of loan points (points paid as part of the granting of the loan, which are considered an interest charge as they are priced as a percentage of the loan amount)

Loan interest paid (as part of the regulalry scheduled monthly payments for the full year)

 

are all deductible against the gross revenue income (and other income) generated by the property. Finally, any net loss that the ownership of the property produces (reported on Schedule E) can then be deducted against the total income of the individual tax filer.

The income, expenses and profit / loss related to the ownership of an investment property by an individual is reported on IRS Form 1040 Schedule E.

Depreciation of a real estate asset:

The depreciated amount is always based on the historical purchase price of the real estate, not the present market value.

Land may not be depreciated, only the improvements on the land. The value of the land must be deducted from the historical purchase price.

The depreciation starts when the real estate was first placed into service (for the production of income), not when it was first purchased.

The separate land value can be derived from the assessed value from the municipal government, from an appraisal or from a value for insurance purposes.

The United States income tax code utilizes the Modified Accelerated Cost Recovery System (MACRS) to determine the number of years over which an asset's cost will be recovered. Within the MACRS there are two systems: the General Depreciation System (GDS) or the Alternative Depreciation System (ADS). Residential rental property (does not include hotels and motels but does include mobile homes) and non-residential real property (industrial, commercial, office, warehouse, etc.) are specified as MACRS GDS property classes. Residential rental property is in the 27.5-year property class and non-residential real property is in the 39-year property class. Please note: any capital improvement of a property, which actually prolongs the useful economic life of the property, will have to be depreciated over a 27.5 or 39 year period.

Publication 946 / How to Depreciate Property (.pdf format)   www.irs.gov/pub/irs-pdf/p946.pdf

Depreciation and amortization related to investment real estate assets owned by an individual are reported on IRS Form 4562.

Form 4562 / Depreciation and Amortization (.pdf format)   www.irs.gov/pub/irs-pdf/f4562.pdf
Instructions for Form 4562 (.pdf format)   www.irs.gov/pub/irs-pdf/i4562.pdf

When an investment property is sold, and a profit results, then it is taxed as a capital gain (long-trem capital gain if the property has been owned in excess of 12 months). The taxation gain be deferred if the investment property is replaced with another, similar investment property of an equal or greater value than the previous sale price (1031 Exchange). The sale / capital gain related to an investment real estate property owned by an individual is reported on IRS Form 1040 Schedule D and IRS Form 4797.

Form 4797 / Sales of Business Property (.pdf format)   www.irs.gov/pub/irs-pdf/f4797.pdf
Instructions for Form 4797 (.pdf format)   www.irs.gov/pub/irs-pdf/i4797.pdf

The 1031 Exchange takes its name from the corresponding U.S. Internal Revenue Service code section. What it does is allow the Seller of a property avoid having to pay capital gains on the sale of a commercial property by purchasing another commercial property of "like kind" at an equal or higher value than the property just sold. By using the profit just obtained on the sale to acquire the new property the capital gains tax is avoided. "Like Kind" is a very broad definition and really refers to commercial usage rather than quality or condition. The IRS mandates that a Seller indicate that a sle and purchase are part of a 1031 exchange in the sales contract, that a new property is identified within 45 days and the purchase consumated within 135 days afterwards (180 days total), and that the new property be held and not immediately resold. The transaction also requires what is known as a "Qualified Intermediary" (QI). The QI is normally a small corporation, perhaps related to the real estate brokers connected to the transaction, that functions as the Agent for the parties involved in the 1031 exchange by transferring the proceeds from the sale to the escrow account for the new purchase. Thus, the Seller / Purchaser never takes control of the funds (the QI never takes title to the property during the transaction). Like Kind Exchanges (1031 Exchange) related to an investment real estate property owned by an individual is reported on IRS Form 8824.

Form 8824 / Like-Kind Exchanges (.pdf format)   www.irs.gov/pub/irs-pdf/f8824.pdf
Instructions for Form 8824 (.pdf format)   www.irs.gov/pub/irs-pdf/i8824.pdf

Alternative Minimum Tax (AMT)

In the United States, the Alternative Minimum Tax (AMT) was designed so that even wealthy tax payers who could afford to purchase high quality tax advisement services and set up investments to shelter income would still be responsible to paying a minimum annual federal tax. A taxpayer must calculate their taxes both under the regular 1040 forms and under the AMT forms and is liable for the whichever formula produces the higher tax. For 2008, the AMT exemption amount has decreased to $33,750 ($45,000 if married filing jointly or qualifying widow(er); $22,500 if married filing separately).

Health Care Flexible Spending Accounts (FSA)

In the United States, a Health Care FSA allows an employee to set aside pre-tax earnings into an account that can be used to cover medical expenses that are not picked up by regular medical insurance coverage. However, the terms of the account require that all of the money deposited within the account during a fiscal year be spent, there is no carry forward ("use it ot lose it").

Self-Employment Tax

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners.

The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).

Only the first $102,000 of one's combined wages, tips, and net earnings in 2008 is subject to any combination of the 12.4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. All one's combined wages, tips, and net earnings in 2008, in excess of $400, are subject to any combination of the 2.9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax.

One can deduct half of one's SE tax in figuring the adjusted gross income. This deduction only affects one's income tax. It does not affect either One's net earnings from self-employment or one's SE tax.

IRS Self-Employment Tax   www.irs.gov/businesses/small/article/0,,id=98846,00.html

Form 9465, Installment Agreement Request / Online Payment Agreement Application (OPA)

Individuals and small business owners are usually required to pay income taxes at the latest (after a requested extension after the initial April 15 date) by October 15. However, if the individual / business cannot pay taxes in full then the individual / business may request a payment agreement. The individual / small business owner can either file Form 9465 or apply on-line.

Individuals who owe $25,000 or less in combined tax, penalties, and interest can use the OPA application to request a payment agreement. This application will allow the individual / business owner or their authorized representative (Power of Attorney) to qualify, apply for an installment agreement, and receive immediate notification of approval. However there may be times when the individual / owner will need to mail in paperwork or speak with the IRS directly before they can determine the individual's / owner's eligibility for an installment agreement. If that is the case, the OPA application will give provide an address or a toll-free phone number to reach the IRS directly.

Form 9465   www.irs.gov/pub/irs-pdf/f9465.pdf

Form 9465 (en Espanol)   www.irs.gov/pub/irs-pdf/f9465sp.pdf

Online Payment Agreement Application (OPA)   www.irs.gov/individuals/article/0,,id=149373,00.html

Tax Preparation

Under the terms of the Small Business and Work Opportunity Act of 2007, paid tax preparers are required to request a copy of all paper work verifying income sources and deductions. If the preparer takes an "unreasonable" position with regard to reporting income and / or deductions then that person can have to pay a penalty if challenged by the IRS and found to have incorrectly prepared the Federal tax returns.

Which U.S. states do not have a state income tax?

Alaska

Florida

Nevada

New Hampshire (limited to dividend and interest income only)

South Dakota

Tennessee (limited to dividend and interest income only)

Texas

Washington

Wyoming

www.taxadmin.org/fta/rate/ind_inc.html   (State Individual Income Taxes; Source: The Federation of Tax Administrators)

Exempt organizations are granted exemption from federal income taxes by statutes contained in the Internal Revenue Code (I.R.C.), most notably I.R.C. § 501(c). The majority of exempt organizations are charities, community services, churches, and educational institutions but may also include local athletic leagues and social clubs that qualify for their exemption under I.R.C. § 501(c)3. Many exempt organizations also receive the added benefit of being able to provide a tax deduction to their contributors, meaning the donors can deduct the amount of the donation on their individual income tax returns.

Charities, recognized by Internal Revenue Code (IRC) section 501(c)(3), are exempt from paying income taxes on the funds collected for charitable purposes. Charitable purposes include serving the poor and distressed; advancing religious, educational, and scientific endeavors; protecting various human and civil rights; and addressing various societal problems. Contributions to charities are tax deductible under IRC section 170.

Entities that are recognized as tax exempt organizations by the Internal Revenue Service (IRS) do not have to pay federal income taxes. However, exempt organizations are still required to remit amounts withheld from employees' wages for federal income tax, Social Security and Medicare, as well as other taxes. Willful failure to remit these payroll taxes, which included amounts withheld from employee wages for income taxes, Social Security, and Medicare, is a felony.

IRS Changes to Current Tax Forms, Instructions, and Publications   www.irs.gov/formspubs/article/0,,id=109875,00.html

IRS Publications Online   www.irs.gov/publications/index.html

IRS Instructions for Forms Online   www.irs.gov/instructions/index.html

IRS Prior Year Forms, Instructions and Publications   www.irs.gov/formspubs/article/0,,id=98339,00.html

IRS e-file Options   www.irs.gov/efile/index.html

IRS Where to File Paper Tax Returns   www.irs.gov/file/index.html

The IRS reports that the number of U.S. filers utilizing the IRS e-Filing (electronic submission) continues to increase annually. The IRS Free File program allows individuals to prepare and file federal returns at no cost, as long as one accesses the Web-based software program from the IRS web site.

Form 1023 (For organizations seeking tax-exempt status)

Publication 600 (Optional Sales tax tables); Tax filers may either deduct state and local income taxes  or  state and local sales taxes. To deduct sales taxes one must use receipts or apply the optional sales tax rates for the respective state that one resides in against any purchases.

Alabama Department of Revenue   www.ador.state.al.us/

Alaska Department of Revenue   www.tax.alaska.gov/

Arizona Department of Revenue   www.revenue.state.az.us/

Arkansas Department of Finance and Administration   www.arkansas.gov/dfa/

California Franchise Tax Board   www.ftb.ca.gov/

Colorado Department of Revenue   www.colorado.gov/cs/Satellite/Revenue/REVX/1176842266433?packedargs=a-id-prefix=TopNav

Connecticut Department of Revenue   www.ct.gov/drs/

Delaware Department of Revenue   revenue.delaware.gov/

District of Columbia, Office of the Chief Financial Officer   www.cfo.dc.gov/

Florida Department of Revenue   dor.myflorida.com/dor/

Georgia Department of Revenue   www.etax.dor.ga.gov/

Hawaii Department of Taxation   hawaii.gov/tax/index.htm

Idaho State Tax Commission   tax.idaho.gov/index.html

Illinois Department of Revenue   www.revenue.state.il.us/

Indiana Department of Revenue   www.ai.org/dor/

Iowa Department of Revenue   www.state.ia.us/tax/

Kansas Department of Revenue   www.ksrevenue.org/

Kentucky Department of Revenue   revenue.ky.gov/

Louisiana Department of Revenue   www.rev.state.la.us/

Maine Revenue Services   www.maine.gov/revenue/

Maryland Office of the Comptroller   www.comp.state.md.us/

Massachusetts Department of Revenue   www.mass.gov/?pageID=dorhomepage&L=1&L0=Home&sid=Ador

Michigan Department of Treasury   www.michigan.gov/treasury

Minnesota Department of Revenue   www.taxes.state.mn.us/

Mississippi Tax Commission   www.mstc.state.ms.us/

Missouri Department of Revenue   dor.mo.gov/

Montana Department of Revenue   www.mt.gov/revenue/

Nebraska Department of Revenue   www.revenue.ne.gov/

Nevada Department of Taxation   tax.state.nv.us/

New Hampshire Department of Revenue   www.nh.gov/revenue/

New Jersey Division of Taxation   www.state.nj.us/treasury/taxation/
New Jersey Division of Revenue   www.state.nj.us/treasury/revenue/

New Mexico Taxation & Revenue   www.tax.state.nm.us/

New York Department of Taxation & Finance   www.tax.state.ny.us/

North Carolina Department of Revenue   www.dor.state.nc.us/

North Dakota Office of State Tax Commissioner   www.nd.gov/tax/

Ohio Department of Taxation   tax.ohio.gov/

Oklahoma Tax Commission   www.tax.ok.gov/

Oregon Department of Revenue   egov.oregon.gov/DOR/

Pennsylvania Department of Revenue   www.revenue.state.pa.us/

Rhode Island Division of Taxation   www.tax.ri.gov/

South Carolina Department of Revenue   www.sctax.org/default.htm

South Dakota Department of Revenue   www.state.sd.us/drr2/revenue.html

Tennessee Department of Revenue   www.tennessee.gov/revenue/

Texas Comptroller's Office   www.window.state.tx.us/

Utah Tax Commission   tax.utah.gov/index.html

Vermont Department of Taxes   www.state.vt.us/tax/

Virginia Department of Taxation   www.tax.virginia.gov/

Washington Department of Revenue   dor.wa.gov/

West Virginia Department of Revenue   www.wvrevenue.gov/

Wisconsin Department of Revenue   www.revenue.wi.gov/

Wyoming Department of Revenue   revenue.state.wy.us/

Boston Collecting Division   www.cityofboston.gov/treasury/collecting.asp

Chicago Department of Revenue   egov.cityofchicago.org/city/webportal/portalEntityHomeAction.do?entityName=Revenue&entityNameEnumValue=36

Cleveland Central collection Agency   www.ccatax.ci.cleveland.oh.us/

Columbus (Ohio) Income Tax Division   www.columbustax.net/

Houston Finance Department   www.houstontx.gov/finance/index.html

Kansas City Revenue Division   www.kcmo.org/finance.nsf/web/rev-doc

Los Angeles Office of Finance   www.lacity.org/finance/

New York City Department of Finance   www.nyc.gov/html/dof/

San Francisco Office of the Treasurer and Tax Collector   www.sfgov.org/site/treasurer_index.asp

Albania - Drejtoria e Pergjithshme e Tatimeve (Taxation Department)   www.tatime.gov.al/

Argentina - Ministerio de Economía y Producción   www.mecon.gov.ar/

Armenia Tax Service   www.taxservice.am/

Austria - Bundesministerium für Finanzen   www.bmf.gv.at/

Australia Taxation Office   www.ato.gov.au/

Azerbaijan - Ministry of Taxes   www.taxes.gov.az/

Bangladesh Board of Revenue   www.nbr-bd.org/

Barbados - Inland Revenue Department   www.barbados.gov.bb/ird/

Belgium Fiscal Administration   www.fiscus.fgov.be/

Belize Ministry of Finance   www.belize.gov.bz/

Bermuda - Office of the Tax Commissioner   www.taxbermuda.gov.bm/

Brazil Ministry of Finance   www.receita.fazenda.gov.br/

Bulgaria Tax Administration   www.taxadmin.minfin.bg

Canada Revenue Agency / Agence du revenu du Canada   www.cra-arc.gc.ca/

China   www.chinatax.gov.cn/

Croatia Tax Administration   www.pu.mfin.hr

Cyprus   www.mof.gov.cy

Czech Republic - Ministerstvo financí Ceské republiky (Ministry of Finance)   www.mfcr.cz

Estonia Tax and Custom Board   www.emta.ee

Faroe Islands   www.tollskatt.fo

Finland Tax Administration   www.vero.fi

France   www.impots.gouv.fr/

Germany Ministry of Finance   www.bundesfinanzministerium.de

Gibraltar   www.gibraltar.gov.gi

Greece   www.mnec.gr

Guernsey Income Tax Authority   www.tax.gov.gg

Hong Kong Inland Revenue   www.ird.gov.hk

Hungary Tax Administration   www.apeh.hu

Iceland Ministry of Finance   www.fjarmalaraduneyti.is

India Ministry of Finance, Department of Revenue, Income Tax Department   incometaxindia.gov.in/

Indonesia Directorate of Taxes   www.pajak.go.id

Ireland Tax and Customs   www.revenue.ie

Isle of Man Treasury   www.gov.im

Israel Customs   www.mof.gov.il

Italy Agenzia delle Entrate   www.agenziaentrate.gov.it/

Italy Department of Finance   www.finanze.it/

Jamaica - Tax Administration   www.jamaicatax.gov.jm/

Japan Tax Agency   http://www.nta.go.jp

Japan Ministry of Finance (Tax Policy)   www.mof.go.jp/english/tax/tax.htm

Jersey Customs   www.customs.gov.je

Jordan - Ministry of Finance, Income and Sales Tax Department   www.istd.gov.jo/

Kenya Revenue Authority   www.kra.go.ke

Latvia Revenue Service   www.vid.gov.lv

Lithuania Tax Inspectorate   www.nauja.vmi.lt

Luxembourg Administration des contributions directes   www.impotsdirects.public.lu/

Macedonia Revenue Office   www.ujp.gov.mk

Malaysia, Inland Revenue   www.hasil.org.my

Malta Inland Revenue   www.ird.gov.mt

Malta v.a.t. Department   www.vat.gov.mt

Mexico Servicio de Administración Tributaria (SAT)   www.sat.gob.mx/nuevo.html

Nepal, Inland Revenue   www.dot.gov.np

Netherlands Tax and Customs   www.belastingdienst.nl

Netherlands Ministry of Finance   www.minfin.nl/english/Subjects/Taxation

New Zealand Inland Revenue   www.ird.govt.nz

Norway   www.odin.dep.no

Pakistan Board of Revenue   www.cbr.gov.pk

Poland Ministry of Finance   www.mofnet.gov.pl

Philippines Internal Revenue   www.bir.gov.ph

Portugal - Direcção-Geral dos Impostos   www.dgci.min-financas.pt/

Romania   www.mfinante.ro/

Russian Federation Federal Tax Agency   www.nalog.ru

Singapore Inland Authority   www.iras.gov.sg

Slovak Republic   www.drsr.sk/wps/portal

Slovenia Ministry of Finance   www.gov.si

South Africa Revenue Service(SARS)   www.sars.gov.za

South Korea, Ministry of Finance   www.english.mofe.go.kr

Spain Agencia Tributaria   www.aeat.es/

Sweden Tax Board (Skatteverket)   www.skatteverket.se

Switzerland Department of Finance   www.estv.admin.ch/

Taiwan Tax Administration   www.ntat.gov.tw

Tanzania Revenue Authority   www.tra.go.tz

Thailand Revenue Department   www.rd.go.th

United Arab Emirates   www.uae.gov.ae

United Kingdom Revenue and Customs   www.hmrc.gov.uk

United States Internal Revenue Service (IRS)   www.irs.gov

Vietnam General Department of Taxation (GDT)   www.gdt.gov.vn

Arizona Tax Court   www.superiorcourt.maricopa.gov/SuperiorCourt/TaxCourt/index.asp

Indiana Tax Court   www.in.gov/judiciary/tax/

Maryland Tax Court   www.txcrt.state.md.us/

Minnesota Tax Court   www.taxcourt.state.mn.us/

New Jersey Tax Court   www.judiciary.state.nj.us/taxcourt/index.htm

Oregon Tax Court   courts.oregon.gov/Tax/

Tax Court of Canada / Cour canadienne de l'impôt   www.tcc-cci.gc.ca/

U.S. Tax Court   www.ustaxcourt.gov/

Committee on Ways & Means, U.S. House of Representatives   waysandmeans.house.gov/

European Union Taxation Portal   europa.eu/pol/tax/index_en.htm

OECD Tax Database   www.oecd.org/document/60/0,3343,en_2649_34533_1942460_1_1_1_37427,00.html

Intra-European Organisation of Tax Administrations (IOTA)   www.iota-tax.org/

International Tax Dialogue (OECD, IMF & World Bank)   www.itdweb.org/   (Español / Français / English)

Tax Foundation   www.taxfoundation.org/

U.S. Department of Treasury   www.ustreas.gov/

U.S. Internal Revenue Service   www.irs.gov/

U.S. Internal Revenue Service, Tax Statistics   www.irs.gov/taxstats/

U.S. Internal Revenue Service, Tax Treaties   www.irs.gov/businesses/small/international/article/0,,id=96454,00.html

U.S. Internal Revenue Service, Tax Treaties (By Country)   www.irs.gov/businesses/international/article/0,,id=96739,00.html

U.S. Joint Committee on Taxation   www.jct.gov/

U.S. Senate Committee on Finance   finance.senate.gov/

U.S. Senate, Permanent Subcommittee on Investigations, Tax Haven Banks and U.S. Tax Compliance   levin.senate.gov/newsroom/supporting/2008/071708PSIReport.pdf