What INFORMATION RETURNS means: These are returns, such as Form W-2 and the various 1099 forms, which report to the IRS income and property transactions. The payer, broker, or other designated person is required to file these returns and is subject to penalties for noncompliance.
- Definition Identifying Numbers:
- Dictionary dependents must have identifying numbers. Individuals, with rare exceptions, use their social security numbers. Businesses, estates, trusts, partnerships, and payers of dividends and interest, use information returns definition.
- Definition Income:
- Dictionary income," in its broad sense, is the gain derived from capital, labor, or a combination of the two. It is distinguishable from the capital itself. Ordinarily, for income tax purposes, the word information returns explain.
- Definition Insurance Dividends:
- Dictionary policy holders are not dividends on capital stock, but are a rebate of a portion of the premiums paid for the insurance. Such dividends reduce the cost of the insurance and are not taxable unless in information returns what is.
- Definition Involuntary Conversion:
- Dictionary money or other property as reimbursement for the loss or destruction of property through theft, casualty, or condemnation. Any gain realized on an involuntary conversion can, at the taxpayer's information returns meaning.
How works Information Returns meaning in Tax definitions I .
