Tax News

August 27, 2020 10:32 pm

About 3 million Form 1040-X, Amended U.S. Individual Income Tax Return, are filed annually. The IRS announced that Form 1040-X can now be filed electronically using commercial tax-filing software (IR-...

August 27, 2020 10:31 pm

Federal law limiting the itemized deduction for state and local taxes to $10,000 ($5,000 for married persons filing separately) prompted a number of states, including Connecticut, New Jersey, and New ...

August 27, 2020 10:29 pm

The IRS reports statistics on its filing season (https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-july-24-2020). Through July 24, 2020, 152,875 income tax returns were filed for i...

August 27, 2020 10:27 pm

The statute of limitations is the period in which the IRS has to audit your return or in which you can file a claim for refund. If this period expires, the IRS usually can’t audit you (there is an e...

August 27, 2020 10:25 pm

Dependent care flexible spending accounts (FSAs) set the deadline for submitting requests for reimbursement. For example, a company’s plan may limit reimbursements to requests submitted within 30 da...

August 27, 2020 10:24 pm

The IRS released the 2019 Data Book (https://www.irs.gov/pub/irs-pdf/p55b.pdf), which is a snapshot of IRS activities for the government’s fiscal year from October 1, 2018, through September 30, 201...

July 30, 2020 12:17 am

Usually, the IRS releases a list of scams early in the tax season to warn taxpayers of potential risks. This year, the list was released after the filing deadline (IR-2020-160). The list puts special ...

July 30, 2020 12:15 am

An executive received a $500,000 interest-free loan from a company that hired her and had her relocate from Massachusetts to California. The money was meant to help her buy a home in the new location,...

July 30, 2020 12:14 am

If you buy a vehicle in 2020 for business, depreciation cannot exceed set dollar limits announced by the IRS (Rev. Proc. 2020-37). For 2020, these limits aren’t triggered unless the cost of the vehi...

July 30, 2020 12:12 am

Individuals who do not have bank accounts or credit cards can pay their federal income taxes with cash through IRS-approved partners. The list of these partners has been expanded (IR-2020-137). It now...

July 30, 2020 12:10 am

The new National Taxpayer Advocate Erin M. Collins today released her first report to Congress (as required by law), identifying taxpayer challenges arising from the COVID-19 pandemic, the CARES Act, ...

June 30, 2020 11:19 pm

The CARES Act provided numerous ways in which to handle loans and distributions from qualified retirement plans and IRAs for those impacted by COVID-19 who needed funds. The IRS has provided guidance ...

June 30, 2020 11:15 pm

The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes are much lower in the third quarter of 2020 compared with the rates in the second quarter of...

June 30, 2020 11:13 pm

In an effort to help taxpayers struggling with IRS collection and enforcement activities, the IRS launched the People First Initiative to provide relief (FS-2020-09, June 2020). The program modifies t...

June 30, 2020 11:11 pm

If you have certain foreign financial accounts, you must report them annually to the U.S. Treasury. This is done electronically through BSA E-Filing System (https://bsaefiling.fincen.treas.gov/NoRegFB...

June 30, 2020 11:06 pm

For 2020, whether you itemize or claim the standard deduction, you can take a charitable contribution deduction (subject to limitations). This write off applies only to donations to IRS-approved chari...

May 31, 2020 11:36 pm

Recently, the IRS announced next year’s contribution limits for health savings accounts (HSAs), as well as requirements for high-deductible health plans (HDHPs) to which HSAs must be linked (Rev. Pr...

May 31, 2020 11:27 pm

Spouses can make separate estimated tax payments and apply them to a jointly filed return. Or they can make joint estimated tax payments and allocate them to separate returns. When a couple has a pre-...

May 31, 2020 11:19 pm

If you have a medical FSA or a dependent care FSA for 2020, the IRS has provided some relief that may be helpful to you (Notice 2020-29 and Notice 2020-33). This relief is in response to the unexpecte...

May 31, 2020 11:14 pm

When estate and non-grantor trusts have deductions that exceed their income, these excess deductions are passed through to beneficiaries. However, the Tax Cuts and Jobs Act bars individuals from claim...

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Tax Glossary

Ordinary loss

A loss other than a capital loss.

More terms