The Inflation Reduction Act of 2022 changed the rules for electric vehicles. Most of the changes apply starting in 2023. However, at least a new requirement became effective on August 16, 2022, the da...

The IRS interest rates on overpayments and underpayments for the fourth quarter of 2022 are one percentage point higher than in the third quarter (Rev. Rul. 2022-15). This is the third interest rate i...

A massive new tax law costing $739 billion was enacted to promote green energy, aid Medicare recipients, and increase funding for the IRS (P.L. 117-169). It was signed into law on August 16, 2022. To ...

Plug-in electric powered vehicles manufactured by Toyota reached the 200,000 manufacturing cap in June of this year. As a result, the maximum $7,500 credit for the purchase of a Toyota plug-in electri...

Withholding from employees’ paychecks—income taxes and FICA—is referred to as trust fund taxes because the employer is holding them in trust for employees until deposited with the U.S. Treasury....

Electric vehicles (EVs) aren’t new; they debuted in 2008 and retail sales blossomed with the release of the Nissan Leaf and Chevy Volt in 2010. The Energy Improvement and Extension Act of 2008 creat...

IRAs can provide financial security for your retirement if you make contributions and invest your money wisely. However, the tax law has some restrictions in IRA investments. If you do not keep within...

There’s a great deal of interest these days in interest rates. The Federal Reserve raised its rate, called the “Fed funds rate,” on May 5, 2022, to 0.75% to 1.00% (it can fluctuate slightly with...

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...

While interest on municipal bonds is tax free for federal income tax purposes, gain or loss on the sale of the bonds must be reported. The loss is treated as a capital loss, which is deductible within...

A minister may be eligible for the qualified business income (QBI) deduction if he or she performs weddings, funerals, or other activities the income from which is reported on Schedule C. Wages receiv...

If your IRA holds a CD and you cash it in early, the bank may charge you an early withdrawal fee. Because the fee merely reduces the funds within your IRA, there’s no tax deduction. If you take a di...

A worthless security is treated as a capital asset that’s been sold on the last day of the year. As such, it generates a long-term capital loss if you’ve held the stock for more than a year or a s...

If interest on U.S. savings bonds, series EE or I, hasn’t been reported annually, then the accrued interest becomes fully taxable when the bonds are redeemed. This income is ordinary interest income...

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