October 28, 2021 1:27 am

There are different tax reporting rules for professional gamblers versus those who gamble for fun. A professional gambler is someone who spends substantial time on a regular basis in gambling activiti...

October 28, 2021 1:25 am

Due to the stepped-up basis rule, the basis for inherited property usually is its value on the date of sale (special rules apply for property from estates using the alternate valuation date and for th...

October 28, 2021 1:18 am

Inheritances are tax free, regardless of amount. However, if the account starts to earn interest, your spouse must pay tax on the interest from the date of the inheritance....

October 28, 2021 1:14 am

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...

October 11, 2021 1:50 am

Despite indications of increased inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-17). The rates for the fourth quarter of 2...

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October 11, 2021 1:50 am

Despite indications of increased inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-17). The rates for the fourth quarter of 2...

October 11, 2021 1:47 am

In order to claim losses from real estate activities, other than a $25,000 loss allowance for active participants with adjusted gross income below a set amount, a taxpayer must be a “real estate pro...

October 11, 2021 1:44 am

A qualifying child many entitle a taxpayer to a variety of breaks, including head of household status, the earned income credit, the child tax credit, and Economic Impact Payments (EIPs). Before 2018,...

October 11, 2021 1:42 am

Individuals with investment income may be subject to an additional Medicare tax called the net investment income (NII) tax. One couple living in France wanted to use their foreign tax credit carryover...

October 11, 2021 1:39 am

Vehicles acquired for business can result in tax write-offs. For vehicles that are purchased, there’s depreciation as long as you opt to deduct your actual costs and don’t use the IRS standard mil...

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October 28, 2021 1:14 am

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...

August 27, 2021 12:16 am

According to the Social Security Administration, as of June 2021, there were a total of nearly 70 million people receiving Social Security benefits. These include individuals receiving retirement bene...

June 20, 2021 11:46 pm

The American Rescue Plan Act, which was signed into law on March 11, 2021, dramatically changed the child tax credit for 2021. The law made the credit fully refundable and extended it to dependents 17...

June 6, 2021 11:48 pm

If you are an owner of an IRA or you inherited an IRA, you must take required minimum distributions (RMDs) according to tax rules. The failure to do so may result in a 50% penalty. Because of COVID-19...

May 3, 2021 10:59 pm

With interest rates still very low, many homeowners have taken this opportunity to refinance their mortgages and obtain a lower interest rate. From a tax perspective, there are consequences to refinan...

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October 28, 2021 1:27 am

There are different tax reporting rules for professional gamblers versus those who gamble for fun. A professional gambler is someone who spends substantial time on a regular basis in gambling activiti...

October 28, 2021 1:25 am

Due to the stepped-up basis rule, the basis for inherited property usually is its value on the date of sale (special rules apply for property from estates using the alternate valuation date and for th...

October 28, 2021 1:18 am

Inheritances are tax free, regardless of amount. However, if the account starts to earn interest, your spouse must pay tax on the interest from the date of the inheritance....

August 27, 2021 12:25 am

It depends on the amount of the profits. Gain on the sale of a home is excludable from gross income up to $250,000 ($500,000 on a joint return). This full exclusion usually applies only if the home wa...

August 27, 2021 12:24 am

A gift of a present interest (e.g., cash) to each recipient up to the annual exclusion amount ($15,000 in 2021) is not subject to gift taxes and does not require the filing of a gift tax return (Form ...

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May 22, 2012 1:24 pm
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
April 23, 2012 10:21 am
Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12
April 18, 2012 10:17 am
What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12
April 17, 2012 10:48 am
Celebrities are often in debt to the tax man, From USA Today, 4/17/12
April 11, 2012 11:03 am
Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12
More Stories
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The 2021 e-supplements for these titles are now available!
  • Your Income Tax 2021
  • 1001 Deductions and Tax Breaks 2021
  • Small Business Taxes 2021
  • Special Additional Supplement for the American Rescue Plan Act of 2021
  • Special Additional Supplement with Coronavirus tax updates

Click here to download your FREE supplements.


“When there is an income tax, the just man will pay more and the unjust less on the same amount of income.”— Plato

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