Some states have enacted legislation to compensate victims of forced sterilization under state programs and have made payments to those victims. The IRS issued FAQs to clarify the tax treatment of th...

Each year, the IRS releases a data book showing the number of returns filed, how many were e-filed, statistics on examinations, and more for the government’s fiscal year. The newest Data Book is for...

On February 10, 2023, the IRS clarified that certain tax refund payments made in 2022 by 21 states were not income for federal tax purposes (IR-2023-23). Those who filed their 2022 federal income tax ...

A conservation easement donated to charity gives the donor a charitable contribution deduction. But to qualify, the easement must meet certain conditions, including that it be in perpetuity (forever)....

Achieving a Better Life Experience Act of 2014 created ABLE accounts to let certain disabled individuals save money without jeopardizing eligibility for government benefits. In an informal statement (...

If you’re a homeowner, it’s likely you continually work on your home. Some projects may be minor and low cost, while others are major and expensive. All these projects improve your living conditio...

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...

Social Security benefits may be tax free or includible in gross income at 50% or 85%. This depends on a couple’s income, Social Security benefits, and tax-exempt interest. The fact that the benefits...

Passive activity losses generally are limited to the extent of passive activity income for the year. Losses in excess of this income are suspended and used in future years when there is passive income...

Margin interest may be deductible as investment interest. It is treated as an itemized deduction, subject to a net investment income limitation. Margin interest does not offset capital gains....

U.S. citizens are taxed on their worldwide income. They must figure gain or loss on the sale of foreign real property. If the foreign property is a residence, the home sale exclusion may apply. Note: ...

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�...

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