Tax News

July 22, 2016 3:48 pm

For federal estate tax purposes, an estate tax return is required to be filed if the value of the estate on the date of death exceeds the exclusion amount (e.g., $5.45 million for someone dying in 201...

March 5, 2014 11:27 am

The president’s budget proposal for the government’s 2015 fiscal year contains a measure to expand the earned income tax credit (EITC). This credit is fully refundable, so low- and moderate-income...

April 29, 2013 12:13 pm

Despite a massive tax bill enacted at the start of this year, there are a number of new tax proposals in the works. Whether any of them will ultimately come to pass remains to be seen. However, if you...

April 19, 2013 12:41 pm

Taxpayers who adopt children may qualify for a federal tax credit to cover their adoption expenses. The adoption credit in 2013 is up to $12,970. The full credit amount can be claimed for special need...

March 12, 2013 12:47 pm

Alimony payments are deductible by the payer spouse and income to the recipient spouse. In contrast, child support is neither deductible nor treated as income. When a single payment is made to the spo...

June 11, 2012 10:46 am

The federal Defense of Marriage Act (DOMA), which was enacted in 1996, defines marriage for federal law purposes as between a man and a woman. Recently, a federal appellate court said that DOMA is unc...

March 14, 2012 1:04 pm

The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met:Payments are made pursuant to a foster care prog...

January 9, 2012 2:53 pm

Spouses who file joint returns usually are liable for the tax on such returns. However, some joint filers can request relief from this liability by claiming to be an innocent spouse. The IRS has annou...

July 29, 2011 12:00 am

The IRS announced that it will no longer impose a 2-year limit for a taxpayer to claim equitable innocent spouse relief. A taxpayer whose equitable relief request was previously denied solely due to t...

July 5, 2011 12:00 am

The Court of Appeals for the Sixth Circuit has affirmed a district court decision that the requirement to purchase health coverage, which was created by the Patient Protection and Affordable Care Act ...

February 14, 2011 12:00 am

Reversing its prior position, the IRS has now concluded that the cost of breast pumps and supplies that assist lactation are medical care. Like obstetric care, the lactation equipment affects the stru...

December 26, 2010 12:00 am

A number of taxpayers have contacted the IRS about being identity theft victims and have straightened out their tax accounts. For these taxpayers, the IRS will issue a 6-digit identity protection pers...

October 17, 2010 12:00 am

When you sell stocks, art, or other assets you've inherited, what is your tax basis for determining gain or loss? The rules can be confusing, especially if you inherit property in 2010. General Rule ...

October 4, 2010 12:00 am

On 2010 returns, the amount of the adoption credit is up to $13,170, and it is fully refundable. Starting with 2010 returns, however, if you want to claim the credit for adopting a child, you'll need ...

September 30, 2010 12:00 am

When you have a new baby, there are a number of special tax rules that apply to you. While they probably won't offset the cost of caring for your new family member, they will provide some tax relief. ...

September 7, 2010 12:00 am

Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are...

July 29, 2010 12:00 am

According to the U.S. Census Bureau (www.census.gov/newsroom/releases/pdf/cb10ff-14_school.pdf), 27% of the population over the age of 3 is enrolled in school. In a few short weeks, children will be r...

May 27, 2010 12:00 am

If you send your child to camp or summer school, can you obtain a tax benefit? It depends on your child's age and other factors. For Children under Age 13 If your child is under age 13 and you work, l...

May 17, 2010 12:00 am

Some states give payments to a parent to look after his or her disabled child. These payments may fall under a foster care system. The tax law excludes from income the amount of foster care payments. ...

April 8, 2010 12:00 am

The Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, mandates that every American, with few exceptions, have health coverage starting in 2014. Failure to obtain...

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Tax Glossary

Accelerated cost recovery system (ACRS)

A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.

More terms