Tax News

The IRS has announced cost-of-living adjustments to various limits for qualified retirement plans in 2009. There is a potential for greater contributions. Some key numbers to watch: For 401(k) plans,...

The Fostering Connections to Success and Increasing Adoptions Act of 2008 has passed both houses of Congress and has been sent to the White House for the President's signature, which is expected short...

In the coming weeks, it's back-to-school time. This can mean tax saving opportunities for you. The tax law provides a number of exclusions, deductions, and tax credits designed to encourage education...

Taxpayers may be subject to the alternative minimum tax (AMT) when they exercise incentive stock options (ISOs). The reason: The spread between the fair market value of the stock at the time it is ac...

In today's tough economy, practically no job is safe. At any time, you can receive a pink slip and be out of work. What does this mean for you and your family? Here are the tax implications for some a...

Your personal tax information is supposed to be private. Both the law (the Taxpayer Browsing Protection Act of 1997 and the Computer Fraud and Abuse Act) and IRS policy state that employees are allowe...

The hurricane season is upon us and many taxpayers around the country have already experienced devastating property losses from tornadoes, floods, wildfires, and other natural disasters this year. The...

Recently released proposed regulations clarify what you must do to prove your charitable contributions. Without this substantiation, no deduction is allowed. Cash contributions The law requires tha...

A new law designed to aid the ailing housing market and prevent foreclosures for 400,000 homeowners became effective on July 30 when President Bush signed the Housing Assistance Act of 2008. The new ...

Where you live is a big factor in determining the amount of alternative minimum tax (AMT) you may owe. Generally, taxpayers living in states with high income taxes are more likely to be subject to th...

On July 23, the House passed an important measure to help avert foreclosure for more than 400,000 homeowners. The Senate will vote on it soon and the President has said he would sign it. In addition ...

The Office of the Taxpayer Advocate is an independent organization within the IRS that assists taxpayers who are experiencing economic harm and also advises the IRS on issues that need to be addresse...

The top rate on most long-term capital gains and qualified dividends for regular tax purposes is 15%. But there's a trap: Taxpayers with such income who are subject to the alternative minimum tax...

Withdrawing funds in a qualified retirement plan or IRA before age 59-1/2 can result in a 10% early distribution penalty unless a special exception to the penalty applies. These exceptions include wi...

In today's tough economy, investments in personal portfolios, 401(k) plans, and individual retirement accounts (IRAs) may be down. Fortunately, the tax law lets you ease your financial pain by claimin...

A homeowner can gain from the sale of a primary residence up to $250,000, or $500,000 on a joint return, if he or she has owned and lived in the home for at least two of the five years preceding the ...

As of June 20, the Treasury Department had sent out 9.071 million checks under the Economic Stimulus Act totaling $6.919 billion. However, some people who are eligible to receive a check have not app...

As you make your vacation plans for the summer, you might want to keep in mind some options that allow you to transform nondeductible personal expenses of the trip into a partially deductible expense....

If you can't pay your tax bill in full and want to arrange to pay it off in installments, you can use the IRS Online Payment Agreement (OPA) application. The OPA application can be used to obtain...

Interest on a tax deficiency (underpayment) generally runs from the due date of the return until the tax is paid. Interest is compounded (interest is charged on interest), so the longer the dispute g...