Tax News

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...

May 5, 2019 11:14 pm

One taxpayer who faced a mountain of debts, including more than $9,000 to the IRS and his state’s revenue department, had a plan. He’d withdraw funds from his IRA, place them in his personal back ...

May 5, 2019 11:13 pm

If you itemize deductions that include state and local taxes and then receive a refund related to those taxes in the next year, how much if any of the refund must be included in gross income? The tax ...

March 31, 2019 9:11 pm

The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2019-49). They are essential the same as last year, although some scams are featured more prominently than ...

March 31, 2019 9:09 pm

For nearly 70 years, clergy receiving housing (an in-kind benefit) or a housing allowance (a cash benefit) were able to exclude the full amount from gross income. However, the Freedom From Religion Fo...

March 31, 2019 9:07 pm

If you receive a lump-sum payment of Social Security benefits reflecting amounts attributable to prior years, you can elect to use income from the prior years to figure the taxable portion of benefits...

March 31, 2019 9:05 pm

For the second quarter of 2019 (April 1 through June 30, 2019), the IRS interest rate on individual tax refunds and tax underpayments is remaining at 6% (Rev. Rul. 2019-5). This is the same rate that ...

March 31, 2019 9:02 pm

The IRS has responded to public pressure by expanding estimated tax relief for 2018.We earlier reported that in recognition of the extensive changes brought by the Tax Cuts and Jobs Act, the IRS w...

March 3, 2019 9:45 pm

The Tax Cuts and Jobs Act set bonus depreciation for passenger automobiles at 100% (previously it was 50%), which translates into an additional $8,000 write-off for the year they are purchased and pla...

March 3, 2019 9:42 pm

Identity theft of an individual’s personal information can enable a thief to erroneously obtain a taxpayer’s refund and cause delays in the processing of a legitimate tax return. Several years ago...

March 3, 2019 9:39 pm

In her 2018 annual report to Congress, National Taxpayer Advocate Nina E. Olson described the challenges to the IRS resulting from the 35-day government shutdown and recommended additional multi-year ...

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Tax Glossary

Coverdell Education Savings Account

A special account set up to fund education expenses of a student.

More terms