If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about when searching for a new…

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you…

Every taxpayer has a set of fundamental rights. The “Taxpayer Bill of Rights”takes the many existing rights in the tax code and groups them into 10 categories. You should know these rights when you interact with the IRS. Your Rights as…

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct…

If you sign up for Medicare late, you could face higher premiums for the rest of your life. Most people become eligible for Medicare during the months around their 65th birthday. If you don’t sign up for Medicare during this…

Renting out a vacation property to others can be profitable. If you do this, you  must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short…

Unfortunately, you can’t collect on the debt, but you can attempt to make a deal to get paid what is owed. Bankruptcy filings are up considerably. So, don’t be surprised if you open your mail and find a letter from…

Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five  tax tips that can help you get your business off…

Center for Retirement Research at Boston College, by Steven A. Sass ( a research economist at the Center for Retirement Research at Boston College). The report’s key points: A growing number of people are entering retirement with more 401(k) savings…

Millions of people enjoy hobbies. Hobbies can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on…

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are ten tips to keep in mind if you sell your home this year. Exclusion…

Student loan arrangements can have unforeseen, long-lasting implications for a family’s financial future. To illustrate this point, let’s look at a nightmare scenario that is based on a real-life situation. A few months before his eagerly anticipated early retirement, 62-year-old…

Miscellaneous deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction,…

Nina Olson, the national taxpayer advocate, raised several concerns about the IRS’s use of private debt collection services in her annual report to Congress on Thursday, saying the practice will hurt taxpayers and harm tax administration. The Fixing America’s Surface…

New more liberal rules for donating food inventory to charity are an opportunity that shouldn’t be missed ! In the early years of the income tax, private philanthropy was encouraged by the inclusion of a charitable contribution deduction in the…

With all the planning and preparation that goes into a wedding, taxes may not be high on your summer wedding checklist. However, you should be aware of the tax issues that come along with marriage. Here are some basic tips…

With term life insurance — as with any other decision about appropriate coverage — the product must match the problem. Although some agents and advisors believe that whole life insurance is always a superior product, term life insurance does have an…

Internal Revenue Service Department of the Treasury Washington, DC 20224 Number: 201628002 (PLR-103277-16 2) Release Date: 7/8/2016 This letter responds to your request for a ruling under § 121(c) of the Internal Revenue Code. Specifically, you have requested that the…

If you are in the U. S. Armed Forces, there are special tax breaks for you. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that…

The IRS offers many safe and easy ways to pay your taxes. These tips explain many of them: Mailed tax bills. The IRS sends bills in the U. S. mail. Try to pay soon and in full to avoid any…

Captain America says not so fast amigo! Gotcha, we let you in this country free of charge (maybe you paid a small application fee, but if you’re rich and wanted to exit, you need to pay me the exit tax,…

If you came with no assets, you’ll be fine, but if you’re wealthy and have a lot of valuable assets from your original country, you want to think twice before dreaming of a green card.  If you do, a few things…

Uh-oh. You messed something up on your tax return. What now? Audits alone found an additional $25 billion in taxes owed last year, half of that from individual returns. Budget cuts at the Internal Revenue Service have made it harder…

You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe…

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS: Don’t panic. You can usually deal with a notice simply by responding to it. Most IRS…

Practicing CPAs need to have a basic familiarity with the uses of life insurance in business succession planning and personal financial planning. Almost all clients have life insurance; they understand the need for it and have the cash flow to…

Video Presentation by Bill Ackman

You usually will have taxes withheld from your pay if you are an employee. However, if you don’t have taxes withheld, or you don’t have enough tax withheld, you may need to make estimated tax payments. If you are self-employed…

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax. 1. Nontaxable…

Message from the IRS to you: Now you can pay your taxes with cash at 7-Eleven while  you are getting your slim jim jerky and slurpee, no more excuses not to pay your taxes. The Internal Revenue Service announced today…

Here is the list of useful links: Video-The importance of the Mayor’s Pledge Overall Rankings for Large Metro Areas Overall Rankings for Small Metro Areas   By Milken Institute 

For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution categories—each gift of at least $250 and…

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the…

Taxation Of Lawsuit Awards And Settlements: Getting To The Origin Of The Claim In general, if you sue somebody and either win the suit or negotiate a settlement, your award is fully taxable under Section 61. There is an exception,…

If your lender cancels part or all of your debt, it is usually considered income and you normally must pay tax on that amount. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt…

You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit  Part of this credit is worth 10 percent of…

To understand the different tax treatments of different types of investments, taxpayers need to be familiar with the different categories of income. As a general rule, income can be categorized as falling into one of the following categories: active income,…

Are you prepared to purchase property in America? Here, essential info for international investors 1.FOREIGNERS CAN BORROW IN THE U.S. TO BUY A HOME Even if you are not a U.S. resident, you can take out a mortgage (borrow to…

Do you know FinCen? No not your neighbour down the street, but it stands for Financial Crime Enforcement Network. Too many bad people from overseas have laundered money through high-end properties in the United States by using all cash deals….

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you…

Plaxico Burress Takes Guilty Plea in Tax Evasion Case Plaxico Burress, a former NFL wide receiver who played for the New York Giants, New York Jets and Pittsburgh Steelers, has pleaded guilty to tax evasion charges. Plaxico Burress (photo: Andy…

Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition or better to be tax-deductible. A clothing or…

Insurance companies graded by consumers: Voya Financial (1st place, 92 points, 4.5 stars) MassMutual Financial Group (2nd, 91.4 points, 4.5 stars) State Farm (3rd, 89.5 points, 4 stars) Jackson National Life Insurance (4th, 89.1 points, 4 stars) MetLife (5th, 88.1…

The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must…

The Internal Revenue Service has provided retailers and restaurateurs with a safe harbor of accounting for expenditures related to repairs, remodeling and refreshes. Revenue Procedure 2015-56 provides certain taxpayers engaged in the trade or business of operating a retail establishment…

IRS Commissioner John Koskinen Photo credit: Sam Kittner/kittner.com Internal Revenue Service (IRS) Commissioner John Koskinen and more than 20 other government officials spoke about the challenges facing the IRS, tax preparers and taxpayers during the upcoming tax filing season, as…

In Webber, 144 T.C. No. 17 (2015), an individual, rather than the insurance company, was determined for tax purposes to be the owner of assets in segregated asset accounts that were held for the benefit of private placement variable life…

In their article “Now Is the Time: Converting” a C Corporation to an S Corporation or LLC (The Tax Adviser, Aug. 2012, page 534), authors Michael Lynch, David Casten, and David Beausejour present a compelling argument in favor of electing flow…

  Executive Summary Current historically low tax rates, scheduled to expire at the end of 2012, plus correspondingly low values for assets like real estate caused by the recession, make converting C corporations to pass through entities especially attractive at…

Cash balance plans offer owner-employees in professional practices a vehicle to defer tax on income well in excess of the annual contribution limits of traditional Sec. 401(k) and profit sharing plans. This option has become increasingly valuable since the total…

The impetus to improve working capital starts with top management. If you survey CFOs across different industry sectors, you’ll find that they consistently strive to improve the efficiency of working capital and the metrics of the cash conversion cycle. The…

Underestimating certain key factors in financial planning can leave retirees in difficult circumstances at a time that is supposed to be their golden years. According to an AICPA survey, many people planning for retirement make the mistake of underestimating these…

How U.S. multinationals are responding to a post-‘Double Irish’ world One year after the announced closing off of the Double Irish tax arrangement, U.S. multinationals once again turned their attention to Dublin as Ireland announced details of the Knowledge Development…

The Subchapter S corporation (“corp.”) is one of the most prevalent and fast growing type of tax entity. According to the Tax Foundation, S corporations grew from about 800,000 in 1986 to 4.2 million in 2011, and partnerships grew from…

Recordkeeping and attention to the letter of the law should pay off in avoiding lost deductions.  Every year a few taxpayers go to court hoping for a better outcome than the one offered by the IRS. Usually, they lose due…

The Internal Revenue Service today reminded taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally…

Under the Affordable Care Act, certain employers, based on workforce size – called applicable large employers – are subject to the employer shared responsibility provisions. The vast majority of employers fall below the workforce size threshold and, therefore, are not…

The worker classification issue persists due to the inherent tug-of-war between workers, who tend to prefer employee status, and payers/businesses, which often prefer to classify their workers as independent contractors. The reasons are simple: Workers want payers to be held…

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016.  In general, the pension plan limitations will not change for 2016 because the increase in the…

The individual shared responsibility provision of the Affordable Care Act requires you and each member of your family to have basic health insurance coverage (also known as minimum essential coverage), qualify for an exemption, or make an individual shared responsibility…

Basic Information The individual shared responsibility provision requires you and each member of your family to do one of the following: Have qualifying health coverage called minimum essential coverage; Qualify for a health coverage exemption, Make a shared responsibility payment when…

Tax is a bit of a mystery to most people. It is a mystery because of its vast metastasizing complexity. When a tax boffin throws some ideas at you (“You should do X! You should do Y!”), it is easy…

With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance…

Whether and how this still-new funding source is subject to income taxes remains unclear, but some principles can be applied. Crowdfunding has grown into a prominent internet-based vehicle for raising money from a large number of people who may have…

The Internal Revenue Service has not been revoking the Preparer Tax Identification Numbers of thousands of tax preparers who fail to comply with IRS rules and their own tax-filing and payment obligations, according to a new report. The report, from…

Rental Losses, In General As a general rule, all rental activities are considered “passive” under Section 469, regardless of the extent to which the taxpayer participates in the rental. As a result, losses from a rental activity are generally only…

If you move your home you may be able to deduct the cost of the move on your federal tax return next year. This may apply if you move to start a new job or to work at the same…

Ninth Circuit Holds Mortgage-Interest Deduction Applies on a Per-Taxpayer Basis. Unmarried taxpayers who co-own a residence can each deduct interest payments on home-acquisition and home-equity debt up to the $1.1 million limit in Sec. 163(h)(3), the Ninth Circuit Court of…

Migrating to a low-tax state to retire doesn’t always allow people to escape estate and inheritance taxes in the states they left. As 2014 drew to a close, Florida finally pulled ahead of New York to become the nation’s third…

To avoid costly mistakes, get professional advice on stock options, 401(k)s and life insurance! Merger and acquisition activity is booming and some executives may soon find themselves unemployed as companies unite and adjust their top ranks. For example, private-equity owner…

When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five tax tips that can…

Powers of attorney (POAs) are one of the most basic and important estate planning documents.  Even most nonprofessionals are well aware of what a power of attorney is and why they need one.  A problem with POAs is merely obtaining…

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year….

The Affordable Care Act requires you and each member of your family to have qualifying health care coverage, qualify for an exemption from the responsibility to have minimum essential coverage, or make an individual shared responsibility payment when you file…

U.S. crackdown on undeclared offshore accounts and tax evasion turns east. First came Switzerland. Now the Internal Revenue Service has a new target: Singapore. Criminal investigators at the IRS are probing whether a Singapore asset-management firm accepted transfers from undeclared…

No. 3: Race, Ethnicity and Wealth (video) or PDF-Essay No. 3

Essay No. 2: The Role of Education (video) or PDF-Essay No. 2

No. 1: Race, Ethnicity and Wealth (video) or PDF-Essay No. 1  

The new IRS rules allow spouses to pass nearly $11 million of assets to heirs free of estate tax. Without that, many couples would qualify only for one estate-tax exemption instead of two. You can’t take it with you, but…

If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the…

The tax treatment of ministers and churches has been in the news in recent years. Much of the media attention has resulted from lawsuits filed by the Freedom From Religion Foundation. The organization has challenged the constitutionality of the tax-free…

Life insurance has been around for thousands of years. It is believed that the Romans originated the product to fund burials of military personnel who were members of a burial club. See also: A brief history of life insurance Over…

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses: 1.    Casualty loss. …

The Internal Revenue Service often reminded businesses in U.S. territories that they must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, when they engage in cash transactions in excess of $10,000 to avoid ….

Basic Information Two provisions of the Affordable Care Act apply only to applicable large employers (ALEs): The employer shared responsibility provisions; and The employer information reporting provisions for offers of minimum essential coverage Whether an employer is an ALE is…

Use Form 8288-B, Application for Withholding Certificate for Dispositions by Foreign Persons of U.S. Real Property Interests to apply for a withholding certificate under categories (1), (2), and (3). Do not use Form 8288-B for applications under categories (4), (5), and…

The amount that must be withheld from the disposition of a U.S. real property interest can be adjusted pursuant to a withholding certificate issued by the IRS. The transferee, the transferee’s agent, or the transferor may request a withholding certificate….

Two forms are generally used for reporting and paying the tax to the IRS regarding the acquisition of U.S. real property interests. Form 8288, U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests (IRC Section 1445)…

Generally you do not have to withhold in the following situations; however, notification requirements must be met: You (the transferee) acquire the property for use as a home and the amount realized (generally sales price) is not more than $300,000….

The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons…

U.S. real estate professionals and rental agents/property managers are encountering an increasing number of situations that involve foreign persons’ acquiring U.S. real estate as a part-time residence, for investment or in some cases to conduct a U.S. business. The U.S….

This Chief Counsel Advice responds to your request for assistance. This advice may not be used or cited as precedent. ISSUES 1. Whether a real estate agent is engaged in a real property brokerage trade or business within the meaning…

The net-investment-income tax—a 3.8% Medicare surtax on investment income—took effect in 2013. It can potentially hit anyone with consistently high income or with a big one-time shot of income or gain, say, from selling highly appreciated company stock. After filing…

The Affordable Care Act contains several tax provisions that affect employers. Under the ACA, the size and structure of a workforce – small, or large – helps determine which parts of the law apply to which employers. The number of…

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. Here are six tax tips that you should know…

Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit or Loss From Farming. If you own a farm, here are 10 tax tips…

Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? If you answered ‘yes’ to either of those questions here are seven tax tips you should know about…

If someone owes you money that you cannot collect, you may have a bad debt. For a discussion of what constitutes a valid debt, refer to Publication 550 and Publication 535. Generally, to deduct a bad debt, you must have previously included…

taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015. The April 1 deadline applies to owners of…

The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage – also known as minimum essential coverage – qualify for an exemption, or make an individual shared responsibility payment when you…

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for…

Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: Tax Rate.  The Additional Medicare Tax rate is 0.9 percent. Income Subject to…

it’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available. This is the tenth and final in a series of 10 daily IRS tips called the Tax…

The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task. Taxpayers may receive a letter when the…

The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2014 and, in many cases, qualify for a deduction or even a tax credit. This is the eighth in a series of…

Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? Find out if you can save by doing your taxes using both…

Among Gregg Kaminsky’s missteps: He didn’t report more than $140,000 in income from Second Life, a virtual world. Think you can get away with cheating on your taxes? Consider the cautionary tale of Gregg Kaminsky, an Atlanta-area e-commerce entrepreneur who…

Department of Justice Office of Public Affairs Deputy Assistant Attorney General David Hubbert for the Justice Department’s Tax Division Civil Trial Matters, U.S. Attorney Preet Bharara for the Southern District of New York, Commissioner John Koskinen of the Internal Revenue…

Department of Justice Office of Public Affairs Christopher B. Berg of Portola Valley, Calif., entered a plea of guilty today before the U.S. District Court in San Jose, Calif., to an information charging him with willful failure to file the…

Department of Justice Office of Public Affairs Caribbean-Based Investment Advisor Sentenced for Using Offshore Accounts to Launder and Conceal Funds Joshua Vandyk, an investment advisor, was sentenced today to serve 30 months in prison for conspiring to launder monetary instruments,…

Department of Justice Office of Public Affairs A major Israeli international bank admitted that it conspired to aid and assist U.S. taxpayers to prepare and present false tax returns to the Internal Revenue Service (IRS) by hiding income and assets…

Department of Justice Office of Public Affairs A federal jury sitting in Los Angeles today convicted two California tax return preparers of one count of conspiracy to defraud the Internal Revenue Service (IRS) and two counts  of willfully failing to…

You can reduce your taxes and save on your energy bills with certain home improvements.  Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit  Part of this credit is worth 10…

The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2014 tax returns. For any taxpayer, keeping good records is key to qualifying for the full…

Do you own or run a small business or tax-exempt group with fewer than 25 full-time employees? If you do, you should know that the Small Business Health Care Tax Credit can help you provide insurance to your employees. You…

The Child and Dependent Care Tax Credit can reduce the taxes you pay. If you paid someone to care for a person in your household last year while you worked or looked for work, then read on for 10 facts…

If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from…

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects…

Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the…

If your lender cancels part or all of your debt, you normally must pay tax on that amount. However, the law provides for an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2014. In most…

California law requires a business to e-file its income tax return if the return is prepared with computer software. A taxpayer may request a waiver of the requirement online in cases where: The taxpayer has technology constraints; E-filing would result…

Business Taxpayers: Popular  Forms & publications  Tax rates  Closing a business entity  Governor’s 2013 Economic Development Initiative  Business e-file requirement Online Services  Business Entity e-file Waiver Request Portal.   Web Pay for Businesses  Pay by Credit Card for Businesses  View estimated…

If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are five key facts about unemployment compensation: 1. Unemployment is taxable.  You must…

Withholding is required when California real estate is sold or transferred Withholding is not required if any of the following apply: The total sales price is $100,000 or less. The property is in foreclosure (sold pursuant to a power of…

OBJECTIVE, STRATEGIC ADVICE In the midst of everyday tasks, all small business owners face moments when bigger financial and tax questions arise: What strategies should I be thinking about to make my business more profitable? Should I hire more staff?…

Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know…

If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some…

The Child Tax Credit may save you money at tax-time if you have a qualified child. Here are six things you should know about the credit. 1. Amount.  The Child Tax Credit may help reduce your federal income tax by up…

When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about…

To determine whether you can claim the exclusion or deduction please begin with question.   1.  Do you have foreign earned income? a.  Yes. Go to question 2. b.  No. You CANNOT claim the foreign earned income exclusion, the foreign…

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income.  Taxable income includes money you earn, like wages and tips. It also includes…

Welcome to Direct Pay! Use this secure service to pay your individual tax bill or estimated tax payment directly from your checking or savings account at no cost to you. You’ll receive instant confirmation that your payment has been submitted….

To claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction, you must have foreign earned income, your tax home must be in a foreign country, and you must be one of the following: A…

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require…

The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are…

The Chief Counsel’s Office sheds some light on tax accounting for marijuana businesses. In 1996, California became the first state to allow marijuana to be sold for medicinal purposes. Today, almost half of the states permit the sale of medical…

The Affordable Care Act requires you and each member of your family to haveminimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return. If you meet…

The individual shared responsibility provision requires you and each member of your family to have qualifying health care coverage (known as minimum essential coverage), qualify for an exemption from the responsibility to have minimum essential coverage, or make an individual…

The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage (also known as minimum essential coverage), qualify for an exemption, or make an individual shared responsibility payment when you file your…

Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with accounts in Liechtenstein. The interest of the IRS, however, extends…

Form 8938, Statement of Specified Foreign Financial Assets FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) Who Must File? Specified individuals, which include U.S citizens, resident aliens, and certain non-resident aliens that have an interest in specified…

Who is a foreign payee? The IRS defines the term foreign person as any person that is not a United States (U.S.) person1 and a U.S. person2generally is: A citizen or resident of the United States. A domestic partnership. A…

do you want to ensure your clients receive their real estate withholding credit this tax season? Here is how you can help. To improve the number of tax returns with real estate withholding that are processed without errors, one of…

Introduction This publication covers some of the tax provisions of the Affordable Care Act (ACA). It provides information that explains how taxpayers satisfy the individual shared responsibility provision by enrolling in minimum essential coverage, qualifying for an exemption, or making…

Tax Time and the Health Care Law: The law requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment when you file. If you, your spouse and dependents had…

The Affordable Care Act, or health care law, contains benefits and responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. However, if you have…

Consumer Financial Protection Bureau created just for you!   Educate An informed consumer is the first line of defense against abusive practices. Enforce We supervise banks, credit unions, and other financial companies, and we enforce federal consumer financial laws. Study We…

This year, there are some changes to tax forms related to the Affordable Care Act. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax…

IRS Launches International Data Exchange Service; Supports Reporting under FATCA and Intergovernmental Agreements WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment.  Financial institutions and host country tax authorities will use…

Read the 3 tips.

Other Language Resources Chinese French Creole French German Gujarati Hindi Korean Polish Portuguese Russian Spanish Tagalog Vietnamese 中文 Chinese 你有權利免費用您的語言獲得幫助和資訊。要用中文與傳譯員探討健康保險市場,請致電 1-800-318-2596. 健康保險 的價值 | 需要支付得起的健康保險? | 需要支付得起的 健康保險? | 明智的選擇為您帶來健康的生活。Health Insurance Marketplace | 健康保險與幫助支付成本申請表 Kreyòl French Creole Ou gen tout…

A health savings account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account can help pay the deductible. Once the deductible is met, the insurance starts paying. Money left in the savings account…

Tax Calendar

1. 2014 Affordable Care Act Video Presentation 2. HealthCare.gov-Video

The first year of the Affordable Care Act is in the books, and now comes a tricky tax-filing season for millions of Americans. The law’s requirement that most Americans carry health insurance means all filers must indicate on federal tax…

Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin…

The Basics In the 2000, almost 10 million people needed some form of long-term care in the United States. Of this population, 3.6 million (37%) were under age 65 and 6 million (63%) were over age 65 (Roger & Komisar,…

You and your family may qualify for free or low-cost health insurance coverage through Medicaid or the Children’s Health Insurance Program (CHIP). To learn more and to find information about how to apply for these programs, seeHealthcare.gov or InsureKidsNow.gov. Medicaid Information…

myRA | my Retirement Account

About myRA The U.S. Department of the Treasury has developed myRA (my Retirement Account), a retirement savings account with a new type of Roth IRA* investment that makes saving for retirement simple, safe, and affordable. Individuals can open a myRA…

Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and have them count for tax-year 2014, the Internal Revenue Service said today. IRA owners age 70½ or older have until Wednesday,…

IRS Tax Pro Association Partners

Many tax professionals belong to national organizations that provide their members with continuing education and ethical guidelines. If you are interested in finding a tax professional, the following IRS partners can help: American Association of Attorney-Certified Public Accountants (AAA-CPA) The…

The Greatest Tax Story Ever Told The only operetta ever written about Subpart F of the Internal Revenue Code made its debut on a rainy Sunday evening in May 1990, in a Fifth Avenue apartment overlooking Central Park. In bow…

In Years When Your Income Is Low, Consider a Roth Conversion What’s worse than paying taxes? Not paying any taxes at all—and wasting a great opportunity. Suppose 2014 is a year when you’ll have little or no taxable income. Perhaps…

A will or trust contest can derail a client’s final wishes, rapidly deplete their estate and tear their loved ones apart.  But, it doesn’t have to end like this. This article will outline: What a will or trust contest is. Who…

The Internal Revenue Service today reminded taxpayers born before July 1, 1944, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally…

S Corporations Eligibility requirements for an S corporation include that it must be a domestic corporation; have no more than 100 shareholders (under Sec. 1361(c)(1) all members of a family and their spouses and estates are treated as one shareholder);…

Even though men make $1 to a woman’s 77 cents, women were the bigger savers over the past 12 months. For men and women with similar salaries, up to the $150,000 mark, the women have more money in their 401(k)…

Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition or better to be tax-deductible. A clothing or…

Maybe You Don’t Need Long-Term Care Insurance After All   The biggest threat to a retiree’s nest egg isn’t a stock market crash. It’s a long illness requiring round-the-clock care. The statistics behind that scenario — $81,000 a year for…

The Internal Revenue Service today issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced…

If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can save for your retirement and save on your taxes with a special tax credit….

Fear prevents many Americans from making adequate retirement preparations, according to Carrie Schwab-Pomerantz. She advises investors to start with a cash flow statement and a net worth statement to get a clear picture of their finances. The Buffalo News (N.Y.)

Poor kids who do everything right don’t do better than rich kids who do everything wrong. Washington Post

During debates and speeches, politicians often bring up the financial burden that’s placed on the middle class. We talk about the middle class as though they are this singular entity, who used to thrive until they underwent persecution by the…

​New option for plan sponsors to include income annuities in default target date fund investment options In order to help retirees manage their savings and ensure they have a stream of regular income throughout retirement, the U.S. Department of the…

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