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 It repealed accelerated depreciation deductions and created a 10% withholding tax on all dividends sent to accounts without tax identification numbers.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 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.
95-600) and ma& the section permanent as part of the Tax Equity and Fiscal Responsibility Act of 1982.
These costs can be mitigated by minimizing the policy's death benefit, based on guidelines in the Tax Equity and Fiscal Responsibility Act of 1982 and the Tax and Miscellaneous Revenue Act of 1986.
Staff of Joint Committee on Taxation, General Explanation of the Revenue Provisions of the Tax Equity and Fiscal Responsibility Act of 1982 (H.
6221-6234, on the tax treatment of "partnership items," added to the Code by the Tax Equity and Fiscal Responsibility Act of 1982.
The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) increased estimated tax payments for corporations from 80 to 90 percent of the current year's tax liability.
There are some exceptions to the established closure deadlines, including: abusive tax shelters; fraud; competent authority; prefiling agreements in process; cases under the Tax Equity and Fiscal Responsibility Act of 1982; LIFE cases; fast track/early referral; cases with material issues (determined using the LIFE definition of materiality); pending counsel advice; high-priority work (e.
the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) added section 6622 to the Code, which requires the daily compounding of interest on all amounts accruing after December 31, 1982.
The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and subsequent regulations issued thereunder on the unified partnership audit procedures, provide a set of procedures for partnerships, their partners and the IRS to follow to adjust partnership items.
The interim solution was extended indefinitely by Section 269(c) of the Tax Equity and Fiscal Responsibility Act of 1982.