Tax News

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....

August 28, 2017 10:25 pm

Taxpayers who are under age 59½ and withdraw money in their retirement accounts to pay federal and state income taxes are liable for the 10% early distribution penalty. There is no penalty exception ...

August 28, 2017 10:23 pm

In some states, insurance companies sell the same policies on and off of the government marketplace. The Tax Court recently confirmed that a taxpayer can claim the premium tax credit only with respect...

July 13, 2017 4:23 pm

An insurance consultant’s clients are currently primarily accountants. Nonetheless, he prepared his own return for tax years before he had these clients. He admitted to the Tax Court that he made a ...

July 13, 2017 4:21 pm

The IRS has released the 2018 contribution limits for health savings accounts (HSAs), as well as the requirements for high-deductible health plans (HDHPs), since you can only contribute to an HSA if y...

July 13, 2017 4:09 pm

You can be taxed on “imputed interest” if you make an interest-free loan to a relative, or if you charge interest at less than the applicable federal rate (AFR) set by the IRS.  If you do not cha...

July 13, 2017 4:07 pm

The Fed is on course to raise short-term interest rates several times this year, but for the third quarter of 2017 (July 1 through September 30, 2017), the IRS interest rate for individual tax overpay...

July 13, 2017 4:05 pm

The IRS provides a wealth of preliminary tax data for tax year 2015 in the Spring 2017 Statistics of Income Bulletin (SOIB). The data is based on a sample of 257,083 individual income tax returns for ...

July 13, 2017 4:02 pm

Under estate tax rules, if a spouse dies and does not use up his/her entire exemption amount ($5.49 million if death is in 2017), the surviving spouse’s estate can use the balance. This is called th...

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Tax Glossary

Material participation tests

Rules for determining whether a person is active in a business activity for passive activity rule purposes. Unless the tests are met, passive loss limits apply.

More terms