IRS’s Direct Pay Service Is Gaining Popularity
Everyone seems to love things that are automatic. In fact, when it comes to financial transactions, cash is hardly ever involved anymore, these days, as everything happens with either swipes or pushing buttons. The same is true with taxes, including the popular e-file option for millions of taxpayers every year.
It turns out getting your refund isn’t the only way to do things electronically with the IRS. The federal tax agency is also very glad to take your money through electronic means. In fact, according to the IRS, it has now processed more than one million electronic tax payments through its Direct Pay option, for a grand total of more than $1.7 billion.
The IRS’s Direct Pay system allows people to pay their tax bills or estimated tax payments online. It is a free service and payments go directly from your bank account to the IRS. The system is not just for tax season, either. With the tax correspondence season now hitting full steam, additional tax assessments and bills for unpaid taxes will soon be arriving in taxpayers’ mailboxes.
With Direct Pay people can make those payments 24 hours a day, seven days a week and the IRS hopes many people will use this service. If you should mess up you also have the option to fix your mistake so long as the payment hasn’t already been processed. Of course, if you do use Direct Pay, make sure you have money in your account to cover the bill.
Details of Patterns of Reorganization
Details of Patterns of Reorganization • “A” Reorganization • “B” Reorganization • “C” Reorganization • “D” Reorganization • “E” Reorganization • “F” Reorganization • “G” Reorganization “A” Reorganization Type “A” Reorganization consists of • Merger • Consolidation Both involve the acquisition of one company’s assets by another. Merger Explanation: • Target transfers its assets and…
“B” Reorganization
“B” Reorganization Type “B” involves the acquisition of stock of one corporation by another, and the target corporation becomes a subsidiary of the acquiring, as a result. Requirements of “B” Reorganization 1) The acquisition must be one of a series of acquisitions that are part of an overall plan to acquire the requisite control. 2)…
“C” Reorganization
“C” Reorganization The target corporation must liquidate as part of the plan of reorganization unless the IRS waives this requirement.’ As a result, the shareholders of the target corporation become shareholders in the acquiring corporation. In determining the tax consequences to the liquidating target, the reorganization provisions govern-not the liquidation rules of §§ 336 and…
“D” Reorganization
“D” reorganization: “Spin-off” and “Split-off” acquisitive d reorganization “D” Reorganization Explanation: * Corporate T contains the assets of former corporation A and of T. * Corporation A goes out of existence Corporation A’s shareholder’s control Corporation T. Requirements for Divisive “D” d reorganization requirements imposed by IRC §355 * Distribution of Control -by the…