Distributions from a qualified retirement plan and IRA before age 59½ are subject to a 10% penalty (in addition to the regular tax), unless a penalty exception applies. One exception is a distributio...

One investor who bought a cryptocurrency at $1 per unit and it declined to a penny a unit by the end of the year. He asked the IRS whether he could deduct a loss due to worthlessness or abandonment an...

When property valued at over $5,000 is donated to charity, a qualified appraisal is required in order to take a deduction. No appraisal is required for the donation of publicly-traded securities. Does...

The National Taxpayer Advocate is required to issue an annual report to Congress listing problems and concerns, and how to create a better experience for taxpayers. The 2022 Annual Report to Congress ...

An American opportunity credit of 100% of the qualified tuition and other related expenses up to $2,000, plus 25% of such costs of the next $2,000, for a total credit of $2,500. The credit applies for...

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...

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...

As of yet, it is not clear how to report the loss. FTX has filed for Chapter 112 bankruptcy protection, which means that holdings may still have some value. The IRS may clarify whether those who put m...

No. There is no special rule allowing for a postponement of retired minimum distributions (RMDs) for self-employed individuals. Under the 2019 SECURE Act, you were required to take your first RMD for ...

If you take a distribution from an IRA and want to roll it over, you may only do this type of action once within a 12-month period. But there’s no limit on making direct transfers of IRA funds from ...

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...

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