The latest IRS Statistics of Income Bulletin (Publication 1304 (Rev. 11-2022) (irs.gov)) show that 164.4 million individual income tax returns were filed for 2020, or 4.2% more than in the previous ta...

An individual who takes a distribution from a traditional IRA has 60 days to roll it over to another IRA or qualified retirement plan. If the rollover is not completed in time, the distribution is ful...

Relatives may receive Medicaid payments for the care of a disabled child in the caregiver’s home. Previously, the IRS said such payments are treated for income tax purposes as “difficulty of care ...

Taxpayers with adjusted gross income of $73,000 or less can use Free File to prepare and file their 2021 federal income tax return. Usually, Free File remains open until the extended due date…Octobe...

The IRS announced in late August 2022 that it is providing relief from failure-to-file penalties for tax years 2019 and 2020 for returns (Form 1040 or 1040-SR) filed by September 30, 2022 (Notice 2022...

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...

As of September 2022, there were over 70 million Social Security beneficiaries, of which more than 52 million were seniors age 65 and older. Benefits for these individuals will change in 2023 and the ...

Electric vehicles (EVs) aren’t new; they debuted in 2008 and retail sales blossomed with the release of the Nissan Leaf and Chevy Volt in 2010. The Energy Improvement and Extension Act of 2008 creat...

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 value of the shares ($100,000) received in the settlement likely are fully taxable, assuming this was not for a claim of personal physical injury or illness. Loss on the sale of the shares—the d...

A disabled veteran may be entitled to tax-free disability income from the federal government. However, other government benefits, as well as other sources of income, may push the veteran over the thre...

Unfortunately, employees cannot deduct home office expenses because of the suspension of the deduction for miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-income floor through 20...

Whether gain or loss on the sale of the land held for development is ordinary income (or loss) or capital gain (or loss) depends on the situation. If land is held as inventory for sale to customers in...

When a homeowner dies, heirs who inherit the residence get a stepped-up basis equal to the value of the residence on the date of date. The heirs do not pay tax on an inheritance; it’s tax free to th...

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