Tax News

September 3, 2019 9:09 pm

In certain situations, an employer is required to distribute funds held in the company’s retirement plan, after withholding 20%. But what happens if the individual fails to cash the check?The IR...

September 3, 2019 9:08 pm

Because of changes made by the Tax Cuts and Jobs Act, many taxpayers didn’t pay enough in income taxes through withholding and estimated tax payments to satisfy the safe harbors for avoiding  estim...

September 3, 2019 9:05 pm

It’s increasingly common for individuals to have their DNA tested through Ancestry.com and other sites in order to learn more about their family background. One site—23andMe—also offers DNA test...

September 3, 2019 9:04 pm

Employees can file a revised Form W-4 to change their wage withholding for 2020. The IRS announced the release of a new online withholding calculator estimator to make it easier for an employee to fig...

September 3, 2019 9:02 pm

Several years ago, the IRS concluded that cryptocurrency, also called virtual or digital currency, is property not currency (Notice 2014-21). As such, you must report gain or loss on every transaction...

August 2, 2019 3:30 am

Distributions from health savings accounts (HSAs) to pay qualified medical expenses are not taxable. These accounts must be combined with a high-deductible health plan (HDHP). The question has been: C...

August 2, 2019 3:28 am

A married couple filed a joint return for one year that did not include the wife’s Social Security benefits. These benefits resulted from her being formally classified as disabled. In the following ...

August 2, 2019 3:26 am

Pursuant to the Bipartisan Budget Act in 2018, the IRS has created a new tax form for those age 65 and older at https://www.irs.gov/pub/irs-dft/f1040s--dft.pdf. The form, which can be used for the 201...

August 2, 2019 3:23 am

A taxpayer took a distribution from her IRA of $524,981.89 to pay for the purchase of a home while she waited for the sale of her former home to close. When it did, she overnighted a check to the fina...

August 2, 2019 3:20 am

On July 1, 2019, President Trump signed into law the Taxpayer First Act (P.L. 116-25), which is legislation focused on IRS practices and procedures. The IRS is supposed to enhance customer service to ...

June 30, 2019 10:45 pm

Nina Olson, the National Taxpayer Advocate, has released her final report (she’s retiring after serving for 18 years) (IR-2019-119, 6/20/19). The report reviews the 2019 tax filing season and lists ...

June 30, 2019 10:43 pm

Prior to 2018, homeowners could exclude from gross income the cancellation of a mortgage on their principal residence up to $2 million. This exclusion was limited to a loan to buy, build, or substanti...

June 30, 2019 10:40 pm

When you own an IRA, you can designate who you want to inherit it. This can be a spouse, a child, a trust, or your estate. There are different tax consequences for each type of designation you select....

June 30, 2019 10:38 pm

If you report income on your return that doesn’t match what’s been reported by banks, brokerage firms, and other third parties, to the IRS, you may receive IRS Notice CP2000 (FS-2019-10). This not...

June 30, 2019 10:36 pm

The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes is lower in the third quarter of 2019 compared with the rates in the second quarter of the y...

June 30, 2019 10:32 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 30, 2019 9:35 pm

If you buy or lease a car, light truck, or van for your business, special tax rules may limit what you can write off. If you buy the vehicle, dollar limits cap depreciation write-offs. If you lease th...

May 30, 2019 9:32 pm

The IRS has one mission: “to provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness ...

May 30, 2019 9:27 pm

If you’ve already filed your 2018 federal income tax return and used the worksheet in the instructions to Schedule D to figure the 25% tax rate on unrecaptured depreciation and the 28% tax rate appl...

May 30, 2019 9:24 pm

A woman with a dependent child purchased health coverage from the Health Insurance Marketplace (Exchange), which determined she was eligible for an advance premium tax credit for 2015 of $371 per mont...

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Tax Glossary

Amortizable bond premium

The additional amount paid over the face amount of an obligation that may be deducted.

More terms