In general, a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical.
In determining whether a benefit is de minimis, you should always consider its frequency and its value. An essential element of a de […]
The IRS –applying the concept of de minimis non curat lex (the law is not interested in trivial matters)– allows exemptions for De Minimis Fringe Benefits: a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for […]
In a 14 July post, TaxGirl reports small purchases for which a Tax Return has to be filed for each purchase.
June
Total purchases: $3.95
Total tax owed for June: $ .28
May
Total purchases: $16.83
Total tax owed for May $1.18
April
Total purchases: $ .99
Total tax owed for April $ .07
March
No purchases
Total tax owed for March 0
February
Total purchases $8.84
Total tax owed […]
With the pronouncements from the Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson that credit lines of Fannie & Freddie would be increased and, if still needed, Congress would be requested to allow the Treasury to buy shares in both companies, the financial storm appears to be subsiding.
Even as both companies face mounting […]
With $5 trillion in mortgage assets and guarantees, Fannie Mae and Freddie Mac (both GSEs) have been one of the biggest casualties in the subprime crisis and together have lost $11 billion (with expectations of more losses till the end of the year). For a while, both companies’ stock prices took a beating.
To shore […]
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–Arabian Proverb
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Gross Domestic Product grew 1.0% in the 1st quarter of 2008 versus only 0.6% in the 4th quarter of 2007. Profits of financial corporations increased by $ 14. billion against a $74.4 billion decrease in the preceding quarter –indicating some recovery from the subprime crisis. Overall corporate profits decreased by only $5.2 […]
Although distribution of tax rebates (estimated at $ 106.7 billion) only began in the 2nd quarter of 2008, 1st quarter statistics from the US Bureau of Economic Analysis showed improvements in the US economy.
Gross Domestic Product grew 1.0% in the 1st quarter of 2008 versus only 0.6% in the 4th quarter of 2007. Profits […]
Estimated rebates for 2008 provided by the Economic Stimulus Act of 2008 total $ 106.7 billion, distributed on a weekly basis from 28 April through mid-July. Statistics from the US Bureau of Economic Analysis show improvements in Personal Incomes of US Residents.
The 5% savings rate indicate that a significant share of the tax rebates […]
Estimated rebates for 2008 provided by the Economic Stimulus Act of 2008 total $ 106.7 billion, distributed on a weekly basis from 28 April through mid-July.
Statistics from the US Bureau of Economic Analysis show improvements in Personal Incomes of US Residents:
It looks like, on a national basis, the tax rebates are working. A significant […]
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