Taxpayer

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Taxpayer

A person who pays taxes. In the United States, nearly everyone is a taxpayer at some level because almost everyone pays FICA taxes, sales taxes and other taxes. Colloquially, however, the word refers to persons who pay income and capital gains taxes. The word is sometimes used in a political context to make both conservative and liberal arguments.
References in periodicals archive ?
The taxpayer was an attorney who won a large class-action lawsuit in 1999.
Taxpayers can use it every two years, as long as they've met both the required conditions.
Although the shrinkback rule should offer opportunities for taxpayers to qualify more receipts as DPGR, the rule may not be easy to apply.
Benton said taxpayers not receiving satisfactory service from the IRS should contact him or their local taxpayer advocate.
A CAP appeal differs from a CDP appeal in that the former is broader and can be used by third parties (i.e., those holding the taxpayer's property subject to a lien or levy).
Thus, regardless of the number of times the product is subsequently sold and incorporated into downstream products, its treatment as a cost of goods sold by everyone but its original manufacturer will preclude two taxpayers from deriving a production deduction based on the sale of that component.
For that reason, many taxpayers use the exchange first structure.
IRC section 1033 requires a taxpayer (either an individual or a business) to make a timely election and a timely replacement to defer gain on property following an involuntary conversion--when property is completely or partially destroyed, for example, by fire or natural disaster.
In Technical Advice Memorandum (TAM) 200603027, the JRS concluded the scope of a LIFO election is "linked" to a taxpayer's LIFO pooling method; thus, the taxpayer's LIFO election must extend to all items that fall within the LIFO pools.
Taxpayers must capitalize the costs of prepaid expenses, such as prepaid insurance and prepaid rent.
Taxpayers eligible for relief under this notice first must determine that their principal business activity does not fall into the following North American Industry Classification System (NAICS) codes:
Given the uncertainty created by TAM 200604033, taxpayers with VPFs and stock loans in place may be advised to take steps geared toward establishing that their VPF and stock loan are indeed separate transactions.