Tax News

January 3, 2018 1:15 am

If you own property that you rent to your adult child and do not charge a fair rental amount (what a third party would pay), you must report all of the rental income but deductions are limited. Take t...

January 3, 2018 1:11 am

The interest rates on overpayments and underpayments are unchanged for the first quarter of 2018, which runs through March 31, 2018 (Rev Rul. 2017-25). The rates are:Noncorporate overpayments and...

January 3, 2018 1:09 am

As a result of the Equifax identity breach, the IRS barred the creation of new accounts for accessing online tools through Secure Access. These tools include Get Transcript. The IRS has switched to Ex...

January 3, 2018 1:06 am

A U.S. District court has enjoined the IRS from allowing “ministers of the gospel” and other clergy to exclude any rental allowance from gross income (Gaylor v. Mnuchin, DC Wis., 12/13/17). The co...

January 3, 2018 1:03 am

Many, but not all, individuals will see their tax bills decline starting in 2018. Tax rates are reduced and the standard deduction is nearly doubled. It is expected that taxpayers will begin to see th...

November 29, 2017 10:40 pm

Reminder to tax return preparers: obtain or renew your PTIN for the 2018 filing season (IR-2017-180, 10/26/17). PTINs obtained for 2017 expire on December 31, 2017. There is no annual fee for the PTIN...

November 29, 2017 10:37 pm

During the year, but particularly at holiday time, many individuals donate unused clothing and household items to Goodwill, the Salvation Army, and other organizations running thrift shops or helping ...

November 29, 2017 10:32 pm

Generally, income and gains from investments held in an IRA are tax deferred; no annual reporting is required. However, if an investment generates unrelated business taxable income (UBTI) of $1,000 or...

November 29, 2017 10:30 pm

The IRS has said  (https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals) that it will not accept electronically filed returns for processing during the 2018 filing seaso...

October 25, 2017 10:30 pm

The Tax Code (Code Sec. 107) allows a minister of the gospel, as well as religious leaders of other faiths, to exclude from gross income the value of housing that’s covered by their religious organi...

October 25, 2017 10:29 pm

Individuals who provide information to the IRS may be eligible for a monetary award under Code Sec. 7623. There are two types of awards: discretionary and nondiscretionary. The award in the discretion...

October 25, 2017 10:26 pm

Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 2% starting with the December 2017 benefits, which are payable in January 2018. For 2017, the COLA was only 0.3%. The 2...

October 2, 2017 2:07 am

In the wake of Hurricanes Harvey, Irma, and Maria, the IRS has provided a number of relief measures to help affected individuals (News Release IR-2017-160).Filing and payment extensions. Those in ...

October 2, 2017 2:04 am

Interest rates may inch up next year, but for the last quarter of 2017 (October 1 through December 31), IRS interest rates on individual tax refunds and tax underpayments are holding steady at 4%(Rev....

October 2, 2017 2:02 am

Employers that want to use a per diem rate to reimburse their employees’ lodging, meals, and incidental expenses on business trips within the continental U.S. (CONUS) can use either the IRS’ high-...

September 4, 2017 1:55 am

Generally, if you take a distribution from an IRA, you can avoid tax (including the 10% early distribution penalty if under age 59½) by rolling it over to another IRA or qualified retirement plan wit...

September 4, 2017 1:50 am

If you have federal tax filing or income reporting obligations but are not eligible for a Social Security number (SSN) you must obtain an Individual Tax Identification Number (ITIN). In addition, anyo...

September 4, 2017 1:47 am

MyRAs, which are a type of “mini-Roth IRA,” began in a pilot program in 2014 and went nationwide in 2015. However, due to the lack of interest and high cost to U.S. taxpayers in MyRAs, at the of J...

September 4, 2017 1:44 am

Homeowners who participate in the Household Finance Agency’s program for distressed homeowners may use a safe harbor for figuring their annual itemized deduction related to their homes. More specifi...

August 28, 2017 10:26 pm

Individuals who buy health insurance through the federal or a state marketplace and have income below a set level for their family size can use the premium tax credit to reduce their monthly premiums....

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Tax Glossary

Refundable tax credit

A credit that entitles you to a refund even if you owe no tax for the year.

More terms