Tax News

More than two dozen tax breaks are subject to cost-of-living adjustments each year. However, due to low inflation, only a handful of tax breaks will be increased for 2011. These include: Adoption ...

IRS Commissioner Shulman announced the creation of a new office called the Return Preparer Office to handle issues related to the mechanics of registration, continuing education, and testing requireme...

Whether you're paying into the Social Security system or receiving benefits from it, the important news is that there are no changes for 2011. Some amounts can be adjusted annually for inflation, but ...

With interest rates so low for so long, many taxpayers have abandoned interest-bearing investments in hopes of greater returns. Still many other taxpayers continue to favor certain types of interest-b...

We are at a crossroads of considerable importance-the stock market appears to be on the rise, but favorable capital gains rates are poised to expire. In order to plan your investment moves between no...

Legal fees to receive alimony are deductible, but apparently legal fees to keep income by not paying alimony are not. That's what the Tax Court told an engineer in California who incurred $13,574 in l...

It may become easier following enactment of the Plain Writing Act of 2010. Signed into law on October 13, 2010, it requires the IRS to translate its documents into "plain writing" within 1 year. Plain...

Social Security benefits and other amounts can be adjusted annually for inflation. However, because of the cost-of-living formula used for this adjustment and the lack of any significant inflation, th...

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 ...

Certain imported drywall (much of which comes from China and is referred to as Chinese drywall) has caused blackening or corrosion of electrical wiring and copper components in household appliances, a...

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 ...

The IRS has announced the new rates used for reimbursing employees on a per diem basis for their travel to certain areas within the country. For simplicity, employers can use the rates fixed by the IR...

On September 27, 2010, the president signed into law the Small Business Jobs Act of 2010. The act contains $12 billion in tax cuts for businesses, small and large. Key tax provisions include: A ...

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. ...

The Small Business Jobs Act of 2010 passed the Senate on September 16, 2010, and is expected to pass the House soon and be signed into law. The Act contains $12 billion in tax cuts and is designed to ...

That's what one taxpayer hopes to argue before the U.S. Supreme Court. She has been representing herself in a tax case because she could not obtain legal counsel. She lost in the Tax Court and on appe...

With the school year beginning, now is a great time to focus on financial aid for your college-age dependents. If you are applying for financial aid for college for your child, you are required to com...

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...

Retirement plans are primarily designed to provide income during retirement years. However, in tough economic times, individuals short of cash to pay for housing, medical costs, and other necessities ...

by Seymour Goldberg, CPA, MBA, JD A power of attorney (POA) is a vital part of an individual's overall estate plan. Many POAs are comprehensive in nature, but many POAs may leave out important financi...