The IRS has announced that disaster-area taxpayers in most of California and parts of Georgia and Alabama now have until October 16, 2023, to file various federal individual and business tax returns a...

If you receive certain notices from the IRS requesting additional information, you may now be able to update documents to the IRS instead of mailing them in (IR-2023-29). If you receive one of the not...

During the pandemic, a number of states made certain COVID-19-related payments to residents and the federal tax treatment of these special payments had been unclear. The IRS has now clarified that the...

Married persons filing jointly are jointly and severally liable for the tax, penalties, and interest on their returns. However, one spouse can be relieved of liability by qualifying as an innocent spo...

The IRS interest rates on overpayments and underpayments for the second quarter of 2023 are the same as the rates for the first quarter of 2023 (Rev. Rul. 2023-4). The rates beginning April 1, 2023, a...

As you file your 2022 income tax return, you may find that the government owes you money. As of March 2023, the IRS reported that it issued nearly 42 million refunds on 2022 returns averaging $3,028. ...

Usually, distributions from a qualified retirement plan and IRAs before age 59½ are subject to a 10% excise tax, referred to as the early distribution penalty. The Tax Code has a long list of exempti...

The Inflation Reduction Act, which was passed in the summer of 2022, made favorable changes related to energy improvements to your home. The following applies to “energy improvement” property plac...

This year—2022—has been a tough time for profits in securities, realty, and other assets. Tax rules may allow for write-offs, but not in all situations. Here are 5 things to know. 1. Capital lo...

As of September 2022, there were over 70 million Social Security beneficiaries, of which more than 52 million were seniors age 65 and older. Benefits for these individuals will change in 2023 and the ...

For purposes of education tax credits, transportation costs are not treated as qualified educational expenses. When it comes to work-related education that maintains or improves work skills but doesn�...

No. To date, Congress has not extended this tax break. However, there is considerable sentiment in Washington to do so. If there is an extension, it’s likely not to apply for 2022 returns, but monit...

No. The IRS recently said that special tax payments related to the pandemic made by states are not includible in gross income. The IRS looks at the payments as falling under either the general welfare...

Capital losses can be used to offset capital gains. If there are excess losses, they can be used to offset up to $3,000 of ordinary income ($1,500 for married persons filing separately), which include...

Even though the distribution represents your 2022 RMD, it’s includible in gross income in 2023, the year in which it is received. What’s more, the 2023 distribution must be taken by December 31, 2...

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