Tax News

April 2, 2018 2:26 am

The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2018-66). These tax scams are:Phishing: Taxpayers should be alert to potential fake emails or website...

April 2, 2018 2:22 am

Individuals with foreign financial accounts over certain thresholds must include the earnings as income on their tax returns and report the accounts annually or face serious tax penalties. In 2009, th...

April 2, 2018 2:18 am

That’s what one taxpayer learned from the Tax Court (Toni Harris, TC Summary Opinion 2018-12). The taxpayer was a Walmart employee enrolled as an undergraduate student at a state college. She regist...

March 15, 2018 3:21 am

Time is running out for taxpayers who are owed refunds for 2014 to claim them. They must file a 2014 income tax return no later than April 17, 2018, in order to obtain a refund. The IRS points out tha...

March 15, 2018 3:15 am

A divorce decree required a spouse to continuing paying the expenses on a home in which his ex-spouse lived. And when the home was sold, he was required to pay her half the net proceeds, which he did....

March 15, 2018 3:11 am

Health savings account contributions are only permitted if the taxpayer is covered by a high-deductible health plan meeting IRS tests (HDHP). The IRS has taken the position that treating male steriliz...

March 15, 2018 3:09 am

The interest rates on overpayments and underpayments are increasing by 1% for the second quarter of 2018, which runs from through April 1, 2018 through June 30, 2018 (Rev Rul. 2018-07). The rates are:...

March 15, 2018 3:05 am

The Tax Cuts and Jobs Act lowered tax rates and made other changes that impact withholding on wages and other taxable compensation. Employees do not have to complete a revised Form W-4; employers will...

February 28, 2018 9:41 pm

Those who purchased a home on or after April 9, 2008 and before January 1, 2009, were able to claim a first-time homebuyer credit of $7,500. However, the credit is recaptured ratably over a period of ...

February 28, 2018 9:39 pm

A couple owned commercial rental properties and claimed deductions for repairs on their 2013 federal income tax return. The IRS recharacterized the expenditures as capital improvements that must be de...

February 28, 2018 9:38 pm

A doctor who incorporated his practice worked as a contractor in a hospital emergency department. He used the second story of his residence to access patient records remotely and to do continuing educ...

February 11, 2018 8:53 pm

As part of a budget deal passed on February 9, 2018, Congress has retroactively extended the tax provisions that expired at the end of 2016. The extensions are only for 2017 (with one exception noted ...

January 30, 2018 9:54 pm

The wildfires, flooding, mudflows, and debris flows that started on December 4, 2017, in California resulted in a disaster declaration from FEMA (https://www.fema.gov/disaster/4353). The IRS has provi...

January 30, 2018 9:52 pm

Under the Fixing America’s Surface Transportation (FAST) Act, the federal government has the authority to revoke or refuse to issue or renew a passport to an individual with seriously delinquent tax...

January 30, 2018 9:50 pm

It may be possible for an individual to escape credit card debt by settling up with the bank or other issuer. While the debt is off the person’s back, it does not relieve the debtor of income taxes ...

January 9, 2018 10:13 pm

The IRS announced that the filing season for 2017 income tax returns begins on January 29, 2018. If you file earlier, with a professional or through tax preparation software, the return won’t be sub...

January 3, 2018 1:17 am

If you drive your personal vehicle for business or certain other purposes, you can deduct your actual costs or rely on an IRS-set mileage rate. The IRS announced the rates for 2018; the rates for busi...

January 3, 2018 1:15 am

If you own property that you rent to your adult child and do not charge a fair rental amount (what a third party would pay), you must report all of the rental income but deductions are limited. Take t...

January 3, 2018 1:11 am

The interest rates on overpayments and underpayments are unchanged for the first quarter of 2018, which runs through March 31, 2018 (Rev Rul. 2017-25). The rates are:Noncorporate overpayments and...

January 3, 2018 1:09 am

As a result of the Equifax identity breach, the IRS barred the creation of new accounts for accessing online tools through Secure Access. These tools include Get Transcript. The IRS has switched to Ex...

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Tax Glossary

Boot

Generally, the receipt of cash or its equivalent accompanying an exchange of property. In a tax-free exchange, boot is subject to immediate tax.

More terms