June 30, 2021 11:40 pm

The Affordable Care Act has come before the U.S. Supreme Court three times. In the latest challenge, the Court declined to rule on a constitutional challenge to the so-called individual mandate in the...

June 30, 2021 11:38 pm

The American Rescue Plan Act of 2021, which was enacted on March 13, 2021, greatly expanded the dependent care credit for 2021. It raised the cap on expenses taken into account in figuring the credit ...

June 30, 2021 11:36 pm

The IRS has the discretion to grant extensions of up to one year for certain tax actions for those impacted by federal disasters. The Further Consolidated Appropriations Act, 2020, created a mandatory...

June 30, 2021 11:34 pm

Despite concerns about inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-10). The rates for the third quarter of 2021 beginni...

June 30, 2021 11:29 pm

According to a Treasury report (https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf), the tax gap, which is the spread between what the federal government c...

More Stories
June 30, 2021 11:40 pm

The Affordable Care Act has come before the U.S. Supreme Court three times. In the latest challenge, the Court declined to rule on a constitutional challenge to the so-called individual mandate in the...

June 30, 2021 11:38 pm

The American Rescue Plan Act of 2021, which was enacted on March 13, 2021, greatly expanded the dependent care credit for 2021. It raised the cap on expenses taken into account in figuring the credit ...

June 30, 2021 11:36 pm

The IRS has the discretion to grant extensions of up to one year for certain tax actions for those impacted by federal disasters. The Further Consolidated Appropriations Act, 2020, created a mandatory...

June 30, 2021 11:34 pm

Despite concerns about inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-10). The rates for the third quarter of 2021 beginni...

June 30, 2021 11:29 pm

According to a Treasury report (https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf), the tax gap, which is the spread between what the federal government c...

More Stories
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...

April 6, 2021 11:05 pm

In most cases, you have three years in which to submit an amended return to claim a refund of overpaid taxes. But there are situations in which you can recoup taxes paid without submitting an amended ...

March 1, 2021 8:53 pm

Whether you prepare your return yourself (on paper or electronically) or use a paid preparer, you need information to input. Hopefully, you’ve kept great records throughout the year to simplify your...

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June 20, 2021 11:51 pm

Even if your gross income is below the threshold that ordinarily requires you to file an income tax return, the IRS is encouraging you to do so in order to receive your Economic Impact Payments (EIPs)...

June 20, 2021 11:49 pm

Nothing bars you from taking a distribution from your IRA and then giving the money to your granddaughter. However, if you’re withdrawing the funds from a traditional IRA (and you never made nondedu...

June 20, 2021 11:48 pm

It depends. Damages received on account of a personal injury that isn’t a physical personal injury are fully includible in gross income. Only compensatory damages for personal physical injury are ta...

June 7, 2021 12:01 am

Scammers posing as a grandchild get grandparents to send money to them on the ruse that the grandchild has been hospitalized, is in legal trouble, or has been detained in a foreign country. However, b...

June 6, 2021 11:59 pm

A cash liquidating distribution are funds distributed to a shareholder when a corporation is partially or fully liquidated. The distribution represents a return of an investor’s capital, so it’s n...

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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.


“Unlike some other kinds of legislation, tax laws are not enacted for the ages, but for the special exigencies of a particular time and discrete circumstances. Change in the tax laws is a way of life.”— From an appellate court decision Feldman v. Commissioner, 791 F.2d 781 (9th Cir. 1986)

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