Tax Equity and Fiscal Responsibility Act of 1982

(redirected from Tax Equity And Fiscal Responsibility Act)

Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

Legislation to increase tax revenue by eliminating various taxation loopholes and instituting tougher enforcement procedures in collecting taxes.

Tax Equity And Fiscal Responsibility Act of 1982

Legislation in the United States, passed in 1982, that rolled back some of the tax cuts the federal government enacted the previous year. It repealed accelerated depreciation deductions and created a 10% withholding tax on all dividends sent to accounts without tax identification numbers. It also increased the unemployment tax. While TEFRA raised taxes, they remained well below what they were prior to Ronald Reagan's accession to the presidency. See also: Reaganomics.
References in periodicals archive ?
The tax audit inefficiency has existed because of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA).
This law became commonly known as the "TEFRA disallowance" (TEFRA is the acronym for the Tax Equity and Fiscal Responsibility Act of 1985, the law that created Sec.
Municipal bond and coupon volume has been declining since the passage of the Tax Equity and Fiscal Responsibility Act of 1982, which effectively eliminated the issuance of municipal bearer bonds.
Although that safe harbor disappeared, in 1982 with the passage of the Tax Equity and Fiscal Responsibility Act, the trend it established toward employee leasing continued.
The bill was titled the Tax Equity and Fiscal Responsibility Act of 1982, or, as it is known in Washington, Tefra.
This 1982 budget, the Tax Equity and Fiscal Responsibility Act (TEFRA), sought $98.
In 1982, the Tax Equity and Fiscal Responsibility Act reduced by one-third, and then froze for many years, the maximum annual contribution to defined contribution plans and the maximum annual benefit that could be paid by a defined benefit plan.
Moreover, the Tax Equity and Fiscal Responsibility Act of 1982 changed the time period when interest on refunds would commence running, thereby eliminating the limited ability of taxpayers to "overpay to take advantage of an excessively high rate.
The Tax Equity and Fiscal Responsibility Act of 1982 classifies barter exchange networks as brokerages, so they are required to file 1099-B forms listing the sales of client companies.
The people who title tax legislation know this well - that is why in the last twelve years we have had the Economic Recovery Tax Act, the Tax Equity and Fiscal Responsibility Act, the Deficit Reduction Act, and the Tax Reform Act.
AD Global Fund (the plaintiff) is a limited liability company treated as a partnership for Federal income tax purposes and subject to the Unified Partnership Procedures of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA); see Secs.