August 27, 2020 10:41 pm

A business that loses money year after year may draw the attention of the IRS; it may question whether this is a business with a profit motive or a mere hobby activity for which losses (expenses in ex...

August 27, 2020 10:39 pm

For the costs of assisted living to be deductible as an itemized medical expense, the resident must be chronically ill. This means the resident is (1) unable to perform at least two of the six activit...

August 27, 2020 10:38 pm

The IRS interest rate on underpayments is set quarterly. For the third quarter of 2020 (July 1 through September 30), the rate for an individual is 3%. Interest compounds daily. It’s wise to request...

August 27, 2020 10:36 pm

It may seem that 2021 is a long time from now, but decision-making on your health care coverage for the coming year must be done soon. Know the time frame for making choices and what those choices are...

August 27, 2020 10:32 pm

About 3 million Form 1040-X, Amended U.S. Individual Income Tax Return, are filed annually. The IRS announced that Form 1040-X can now be filed electronically using commercial tax-filing software (IR-...

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August 27, 2020 10:32 pm

About 3 million Form 1040-X, Amended U.S. Individual Income Tax Return, are filed annually. The IRS announced that Form 1040-X can now be filed electronically using commercial tax-filing software (IR-...

August 27, 2020 10:31 pm

Federal law limiting the itemized deduction for state and local taxes to $10,000 ($5,000 for married persons filing separately) prompted a number of states, including Connecticut, New Jersey, and New ...

August 27, 2020 10:29 pm

The IRS reports statistics on its filing season (https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-july-24-2020). Through July 24, 2020, 152,875 income tax returns were filed for i...

August 27, 2020 10:27 pm

The statute of limitations is the period in which the IRS has to audit your return or in which you can file a claim for refund. If this period expires, the IRS usually can’t audit you (there is an e...

August 27, 2020 10:25 pm

Dependent care flexible spending accounts (FSAs) set the deadline for submitting requests for reimbursement. For example, a company’s plan may limit reimbursements to requests submitted within 30 da...

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August 27, 2020 10:36 pm

It may seem that 2021 is a long time from now, but decision-making on your health care coverage for the coming year must be done soon. Know the time frame for making choices and what those choices are...

July 15, 2020 11:19 pm

As a result of COVID-19, required minimum distributions (RMDs) have been suspended for 2020. The IRS has provided guidance on how to deal with this suspension (Notice 2020-51). Here are some of the ra...

June 1, 2020 10:31 pm

As a result of the pandemic, Congress has created a number of payments and programs for individuals to help them financially. If you’ve received one or more of these payments or benefited from one o...

April 29, 2020 10:55 pm

Tax legislation—the SECURE Act in December 2019 and the CARES Act in March 2020—each contain rules impacting IRAs. Because of law changes, there is much confusion about what to do with these accou...

March 25, 2020 2:40 am

The worldwide pandemic—Covid-19—has changed everything…taxes included. Congress has enacted a new law (Families First Coronavirus Response Act, H.R. 6201, or “the Act”), to provide economic ...

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August 27, 2020 10:41 pm

A business that loses money year after year may draw the attention of the IRS; it may question whether this is a business with a profit motive or a mere hobby activity for which losses (expenses in ex...

August 27, 2020 10:39 pm

For the costs of assisted living to be deductible as an itemized medical expense, the resident must be chronically ill. This means the resident is (1) unable to perform at least two of the six activit...

August 27, 2020 10:38 pm

The IRS interest rate on underpayments is set quarterly. For the third quarter of 2020 (July 1 through September 30), the rate for an individual is 3%. Interest compounds daily. It’s wise to request...

July 15, 2020 11:24 pm

Check with your new financial institution to see whether it offers fee reimbursement (some do). You may add the $20 out of pocket to complete the rollover amount, but this must be done within 60 days ...

July 15, 2020 11:23 pm

Yes. Whether you’re paid in cash, property, or services, you must report it all as rent. If you’re accepting the services as equal to the rent owed to you, then that means the fair market value of...

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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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