And some more on the list of positions not to take on your individual income tax return:
33. Federal courts may not enforce the internal revenue laws because their jurisdiction is limited to admiralty or maritime cases or issues.
Psst, remember: This is a list of positions NOT to take!!
Whew. It has taken awhile but the IRS has finally issued guidance for the treatment of basis for certain estates of decedents who died in 2010. As you’ve probably heard, there was no federal estate tax due for decedents who died in 2010. Well, er, sort of… Under the Economic Growth and Tax Relief Reconciliation…
COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package. A key feature of the stimulus is individual checks. You can read my rundown on the basics of the stimulus checks here – along with answers to popular questions. I’ve been updating…
With all of the focus on new tax rates after Congress green-lighted tax reform, it’s easy to forget that some of the biggest changes don’t have anything to do with tax rates: They’re about deductions. Here’s how Schedule A will be affected for the 2018 tax year.
Got questions about Opportunity Zones? The Internal Revenue Service (IRS) is offering a free webinar designed to give an overview of Opportunity Zones and related tax benefits for investors. As part of the Tax Cuts and Jobs Act (TCJA), new investments in some economically-distressed areas may be eligible for preferential tax treatment. To qualify, areas…
Taxpayer asks: I have a 1099-c from a short sale on my house, I was hoping to be granted an exemption because of the Mortgage Forgiveness act of 2007, my amount in box 2 is 54809 and the amount in box 7 is 0.00 not sure what all this means. Taxgirl says: A form 1099-C…
Raoul Weil, the UBS bank chair and CEO of global wealth management, has been indicted on charges relating to tax evasion. He is accused of helping US taxpayers hide nearly $20 billion (yes, with a b) in assets from the IRS. After the indictment was made public, Weil, not surprisingly, agreed to step down from…