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January 07, 2010
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Welcome to West Virginia Taxation Lawyers.com

 

 
Did You Know?    
 
 
Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.

 



Tax Law is divided into both Federal Tax and State Tax, and involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is sales tax, gift tax, inheritance tax, capital gains tax, property tax, and a myriad of other areas of tax.

 
Tax collections shown for various States    
 
 
Amounts include adjustments to prior years made in Fiscal Year 2004. This could produce negative amounts of collections shown in the table.However, in a given fiscal year, refunds relating to prior fiscal years may be issued and subsequently recorded, and, therefore, the total refund amount may exceed the collection amount [Money amounts are in thousands of dollars.] in West Virginia
Total Internal Revenue collections [2] 5,226,420
Corporation income tax [3] 249,566
Total [4,5] 4,818,131
Income tax not withheld and SECA tax [4,5] 784,599
Income tax withheld and FICA tax [4] 4,013,765
Railroad retirement tax 464
Unemployment insurance tax 19,302
Estate Tax 63,725
Gift Tax 3,099
Excise Taxes[2] 91,899

Source: Data 2004, Chief Financial Officer, Revenue Financial Management
 

Federal Income tax became law in 1913 when the Sixteenth Amendment to the U.S. Constitution was ratified. While some states do not have an income tax, all residents and citizens of the United States are subject to federal income tax. The more assets an individual owns, unfortunately, the more complicated the tax law becomes.

Congress writes the tax laws, which become part of the tax code. The Internal Revenue Service (IRS) is charged with interpreting the tax code. The IRS is a branch of the U.S. Treasury Department, with headquarters in Washington, D.C., and is ruled by a commissioner appointed by the President. Regional commissioners and district directors, also political appointees, oversee IRS operations.

Our West Virginia Taxation Lawyers are willing to work for you. They can explain in detail the complex state and federal tax laws that affect you and your case. If you expect a high standard of quality from your legal representatives, then our West Virginia Taxation Lawyers are the lawyers for you.

Taxation and Tax Law related topics:

  • Income Tax Cases
  • Recent Estate & Gift Tax Cases
  • Recent Income Tax Cases
  • State Statutes Dealing with Taxation
  • Corporate Taxation
  • International Taxation

Contact our West Virginia Taxation Lawyer Now!

 
West Virginia Audio & Video    
 
  Senate Republicans Seek End to Estate Tax
AUDIO, RM, 44Kbps, 7:08, 7/28/2005

The Senate is expected to vote this week on a proposal to repeal the estate tax. The tax has been in place for nearly a century. But times have changed and estate tax opponents are predicting victory
Source: NPR
 
 
West Virginia External Sites    
 
 

WV Department of Revenue
WV Revenue Home Page, Agencies, About Us, Policies, Links.
WV Dept. of Revenue
The Department of Revenue, previously known as the Department of Tax and ... for all issuers of general obligation bonds issued by West Virginia coun

 


 

  Newsroom  
 


News about Taxation cases in West Virginia and nationwide:

President Bush Signs Tax Relief Extension Reconciliation Act of 2005
President Bush Signs Tax Relief Extension Reconciliation Act of 2005     Today, President Bush Signed The...
Read more >


New IRS Study Provides Preliminary Tax Gap Estimate
WASHINGTON – The Internal Revenue Service released preliminary results today from a major research project assessing compliance with the tax laws. ...
Read more >


Agreement by State Tax Agencies Targets Abusive Tax Shelters 34 State Tax Agencies Sign Information Sharing Agreement
“These abusive tax shelter schemes depend on dozens of layers of transactions, each one intended to bury the taxable income a little deeper,...
Read more >


More Taxation News >

 
 

Taxation Terms

 


Today's Terms

Compulsory payroll tax

Definition:
An automatic tax collected from employers and employees to finance specific programs.

Dependency exemption

Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.

Meal Expense Deduction

Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally de­duct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.

More Taxation Terms >

 

Tax Legal Resources

 


Search Taxation legal resources in our resource center:

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Taxation Hot Topics

 
Topics Related to Taxation Law:
  • Income Tax Cases
  • Recent Estate & Gift Tax Cases
  • Recent Income Tax Cases
  • State Statutes Dealing with Taxation

More Tax Topics >

West Virginia Taxation Attorney

 
If you live in the following cities and need an taxation attorney you should contact our Taxation Attorney as soon as possible:

  • Barboursville
  • Beckley
  • Bluefield
  • Bridgeport
  • Buckhannon
  • Charles Town
  • Charleston
  • Clarksburg
  • Elkins
  • Elkview
  • Fairmont
  • Grafton
  • Harpers Ferry
  • Huntington
  • Hurricane
  • Keyser
  • Logan
  • Martinsburg
  • Morgantown
  • Moundsville
  • Oak Hill
  • Parkersburg
  • Princeton
  • Saint Albans
  • Vienna
  • Weirton
  • Wellsburg
  • Wheeling
 


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