New York, Connecticut, Maryland, and New Jersey had challenged the constitutionality of the $10,000 cap on the itemized deduction for state and local income or sales taxes and property taxes. The stat...

An IRA owner named himself as beneficiary of his account. When he died, the account went into his estate of which his surviving spouse was the sole heir and sole administrator. She wanted to roll over...

A couple who bought a home in 2005 moved from it in 2009 due to one spouse’s medical condition. They rented out the home until it was sold in 2015, but the couple didn’t reside in the home at any ...

The IRS indicated in an informal ruling that costs incurred for health and wellness coaching under a health savings account, flexible spending account, or other tax-preferred account could be a qualif...

Employers may offer employees certain tax-free transportation fringe benefits up to set dollar limits. These can be arranged through employer payments or employee payments on a pre-tax basis (salary r...

The housing market is hot in many locations across the country and sellers are seeing sizable gains. This is so even though mortgage rates are on the rise. Of course, some homeowners are not as fortun...

More than one in four (26%) of adults in the U.S. have some type of disability and this increases to two in five for adults age 65 and older. They may receive disability-related income from the govern...

Outstanding student loan debt is estimated to be $1.7 trillion. Many borrowers struggle to repay their debt. There are various repayment programs to help restructure loan in order to ease the burden. ...

Bitcoin, Ethereum, and other cryptocurrencies are mainstream. Whether you call cryptocurrency by another name—virtual currency, digital assets—you can now use them to pay for various consumer prod...

As wages pick up and the Federal Reserve tapers down (it buys fewer Treasuries), the rate of inflation has climbed to levels not seen in many years. The consumer price index was up 5.4% for the 12 mon...

A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $1...

The IRS allows victims of Ponzi schemes to deduct their losses as theft losses rather than as capital losses. While thefts of personal use property are currently barred (only disaster losses are allow...

Whether you can take a tax credit for a plug-in electric vehicle (EV) depends on the manufacturer. The tax law set a 200,000 sales limit on manufacturers for these vehicles and Tesla and GM have alrea...

No. A qualified charitable distribution (QCD) up to $100,000 from an IRA by those age 70½ or older is not includible in gross income and it counts toward required minimum distributions (RMDs) you wou...

Interest on the portion of the loan not in excess of the balance of original acquisition indebtedness at the time of refinancing is deductible as an itemized deduction, subject to the limitation appli...

IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12

Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12

What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12

Celebrities are often in debt to the tax man, From USA Today, 4/17/12

Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12