Tax News

With summer underway, you may be considering some home projects and updates. As you are selecting your next household projects, you may want to consider how your updates can save energy and maximize t...

The initial tax deadline, April 18th, 2023 has come and gone. BUT do not panic, filing an extension by April 18th and paying the estimated tax due minimizes penalties. What is an Extension? Taxp...

May 29, or better presented as 5/29 for our tax purposes, reminds us of a potential tax strategy: the 529 plan. The name comes from the Internal Revenue Code section (26 U.S. Code § 529) under which ...

Some states have enacted legislation to compensate victims of forced sterilization under state programs and have made payments to those victims. The IRS issued FAQs to clarify the tax treatment of th...

Each year, the IRS releases a data book showing the number of returns filed, how many were e-filed, statistics on examinations, and more for the government’s fiscal year. The newest Data Book is for...

On February 10, 2023, the IRS clarified that certain tax refund payments made in 2022 by 21 states were not income for federal tax purposes (IR-2023-23). Those who filed their 2022 federal income tax ...

A conservation easement donated to charity gives the donor a charitable contribution deduction. But to qualify, the easement must meet certain conditions, including that it be in perpetuity (forever)....

Achieving a Better Life Experience Act of 2014 created ABLE accounts to let certain disabled individuals save money without jeopardizing eligibility for government benefits. In an informal statement (...

That’s what happened to a state employee who suffered a work-related injury. She applied for disability retirement due to her injury and a state board approved her service-related disability retirem...

An irrevocable grantor trust can be used for a variety of personal and tax reasons. The grantor is taxable on the income from the trust during his or her life. Upon death, the assets of the trust beco...

Individuals can obtain help paying health coverage purchased through a government exchange via the premium tax credit. When an individual applies for coverage before the start of the year, it’s not ...

Prior to 2018, individuals who sustained casualty losses to their homes and other personal-use property could take an itemized casualty loss deduction. From 2018 through 2025, losses are allowed only ...

In 2017, a taxpayer made 173 separate trips to Goodwill and the Salvation Army to donate used clothing that he claimed as in “good used condition.” He got a receipt for each donation; each was und...

Late in March 2023, the IRS began announcing the annual list of 12 tax scams and schemes that taxpayers should avoid during tax season and throughout the year. The scams noted this year are not dramat...

If you sold personal-use property, such as tickets to a sporting event, used designer clothing, or used home furniture, on an online platform, such as eBay or Etsy, and accepted payment through a cred...

To be able to exclude foreign earned income and to deduct or exclude foreign housing costs, an individual must be a bona fide resident of a foreign country for an uninterrupted period that includes an...

Whether expenses of an activity are deductible depends on whether it is conducted for profit or is merely a hobby. If there is a profit motive, then income is reported but can be offset by deductible ...

The IRS posts FAQs to explain when costs can and cannot be reimbursed through health plans (https://www.irs.gov/individuals/frequently-asked-questions-about-medical-expenses-related-to-nutrition-welln...

It’s an old saying that timing is everything and that’s what some taxpayers learned in a recent case. A business owner wanted to retire and dispose of his stock in his family’s closely-held corp...

The failure to file an annual Report of Foreign Bank and Financial Assets (an FBAR report) for foreign bank accounts can result in a maximum penalty of $10,000 for nonwillful violations. Lower courts ...