Plug-in electric powered vehicles manufactured by Toyota reached the 200,000 manufacturing cap in June of this year. As a result, the maximum $7,500 credit for the purchase of a Toyota plug-in electri...

Withholding from employees’ paychecks—income taxes and FICA—is referred to as trust fund taxes because the employer is holding them in trust for employees until deposited with the U.S. Treasury....

Estates of decedents that have not used up their exemption amount ($12.06 million for decedents dying in 2022) may make a portability election, called the deceased spousal unused exclusion (DSUE). To ...

The National Taxpayer Advocate Erin M. Collins released to Congress a mid-year report noting the good things and the bad things about IRS activities as well as to make recommendations for improvement ...

The IRS has been using various technologies to improve customer service, one of which is voice bots. To date, voice bots have answered over 3 million taxpayer calls. Now taxpayers can use voice bots t...

IRAs can provide financial security for your retirement if you make contributions and invest your money wisely. However, the tax law has some restrictions in IRA investments. If you do not keep within...

There’s a great deal of interest these days in interest rates. The Federal Reserve raised its rate, called the “Fed funds rate,” on May 5, 2022, to 0.75% to 1.00% (it can fluctuate slightly with...

The housing market is hot in many locations across the country and sellers are seeing sizable gains. This is so even though mortgage rates are on the rise. Of course, some homeowners are not as fortun...

More than one in four (26%) of adults in the U.S. have some type of disability and this increases to two in five for adults age 65 and older. They may receive disability-related income from the govern...

Outstanding student loan debt is estimated to be $1.7 trillion. Many borrowers struggle to repay their debt. There are various repayment programs to help restructure loan in order to ease the burden. ...

A worthless security is treated as a capital asset that’s been sold on the last day of the year. As such, it generates a long-term capital loss if you’ve held the stock for more than a year or a s...

If interest on U.S. savings bonds, series EE or I, hasn’t been reported annually, then the accrued interest becomes fully taxable when the bonds are redeemed. This income is ordinary interest income...

You may take an in-kind required minimum distribution (RMD) by having the IRA distribute stock to your taxable (non-IRA) account. The value of the stock on the date of the distribution determines the ...

A wrongful death settlement of compensatory damages is nontaxable because it is the result of a claim arising from personal physical injury or illness. However, if the settlement includes punitive dam...

Unfortunately, you may only make one IRA rollover during any 12-month period, regardless of the number of IRAs you own. Because of this rule, your second rollover needs to be addressed now. If the sec...

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