Tax News

January 5, 2012 9:13 am

In 2011, there was a 14% increase in e-filing, according to the IRS Oversight Board’s 2011 Annual Report to Congress on Electronic Filing. Seventy-eight percent of all individual returns were e-file...

December 16, 2011 9:06 pm

If you use your car, truck, or van for certain purposes other than personal reasons, you can deduct the related costs or use an IRS-set mileage rate. The mileage rate for 2012 is:55.5 cents per m...

December 2, 2011 9:24 pm

The interest rate that individuals will pay on underpayments remains at 3% for the first quarter of 2012. The interest rate that the IRS will pay on overpayments (tax refunds) will also be 3%. Most or...

November 30, 2011 9:26 pm

Have you received a tax refund if you are owed one? The IRS reports that it is looking for 99,123 taxpayers who are owed $153 million in refunds. Their checks were undeliverable because of mailing add...

November 19, 2011 2:10 pm

Congress has voted to repeal the 3% withholding on payments to contractors, a rule that was set to take effect in 2013. As part of the repeal process, Congress also created two new tax credits for bus...

November 14, 2011 7:55 pm

Distributions from an account in a 529 plan to pay qualified higher education costs of the account's beneficiary are not taxable. However, distributions for any other reason are taxable unless there i...

November 3, 2011 2:46 pm

If you make gifts of cash or property to a charity, you can deduct them only if you have the proper substantiation. The rules are different for cash donations and property donations, and can be very c...

November 3, 2011 2:44 pm

The elective deferral limit for employee contributions to 401(k) and similar plans will be $17,000, or $500 more than the limit for 2011. Those who are at least age 50 by the end of the year can add a...

November 3, 2011 2:43 pm

For the majority of Medicare enrollees (those that were held harmless in 2011), the basic 2012 monthly premium for Part B will increase by only $3.50 to $99.90, compared with $96.40 in 2011. The law p...

October 14, 2011 5:43 pm

A joint filer who wants relief from responsibility for the tax on a joint return must file a request for innocent spouse relief. This is done by submitting Form 8857, Request for Innocent Spouse Relie...

September 29, 2011 2:41 pm

The IRS web site has a new look designed to be more user friendly. Tabs and topics have been reshuffled for accessibility. There's a new social media section to view IRS YouTube videos and easily link...

September 19, 2011 5:12 pm

The IRS has extended the due date for filing certain returns and paying estimated taxes for taxpayers in certain counties and municipalities in North Carolina, New Jersey, New York, and Puerto Rico. T...

August 31, 2011 5:00 pm

About 36,706 estate tax returns (Forms 706) were filed for decedents who died in 2007, reporting a combined $224.8 billion in total gross estate. Remember, in 2009, the estate tax exemption was $2 mil...

August 20, 2011 12:00 am

Large estates of decedents who died in 2011 have an option: Use the new estate tax rules, which include a $5 million exemption and stepped-up basis for heirs, or pay no tax regardless of the size of t...

July 29, 2011 12:00 am

The IRS announced that it will no longer impose a 2-year limit for a taxpayer to claim equitable innocent spouse relief. A taxpayer whose equitable relief request was previously denied solely due to t...

July 27, 2011 12:00 am

Starting January 1, 2011, all paid preparers were supposed to obtain new preparer tax identification numbers (PTINs) from the IRS to use on the returns they prepared. Now, the IRS says that about 100,...

July 5, 2011 12:00 am

The IRS announced that due to higher gasoline prices, the standard mileage rates have been increased starting July 1, 2011, by 4.5¢. The last time the IRS increased the rate midyear was 2008.Th...

July 5, 2011 12:00 am

The National Taxpayer Advocate has released a report identifying the priority issues that the Taxpayer Advocate Service (TAS) plans to address in the coming fiscal year. Key areas of focus:Taxpayer ...

July 5, 2011 12:00 am

The Court of Appeals for the Sixth Circuit has affirmed a district court decision that the requirement to purchase health coverage, which was created by the Patient Protection and Affordable Care Act ...

June 22, 2011 12:00 am

If you lend money and fail to charge interest at a rate at least equal to the applicable federal rate (AFR) for the term of the loan, you may be subject to below-market loan rules. These rules require...

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Tax Glossary

Adjusted basis

A statutory term describing the cost used to determine your profit or loss from a sale or exchange of property. It is generally your original cost, increased by capital improvements, and decreased by depreciation, depletion, and other capital write-offs.

More terms