Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Have a Tax Court matter? If you’ve clicked over to the Tax Court web site lately, you’ve likely seen this: It reads: The U.S. Tax Court would like to assure the public that the Court is following recommended guidelines provided by the Centers for Disease Control and Prevention with respect to the COVID-19 Virus. For…
Ready to file your federal income tax return? I know: it’s still early in the season. But if you owe taxes, don’t forget to pay what you owe by Tax Day. And you don’t have to file and pay at the same time: You can file at any time so long as you pay your…
We all know that the Internal Revenue Service (IRS) won’t initiate taxpayer contact with a phone call. But a knock on the door? That’s precisely the plan as part of a new initiative: The IRS is stepping up efforts to visit high-income taxpayers who have failed to timely file one or more of their tax returns. High-income…
If you thought that last tax season got off to a sluggish start, you might be surprised at this year’s numbers. Though the Internal Revenue Service (IRS) opened tax season on time, initial statistics show that taxpayers aren’t lining up to file early returns. Tax season opened on January 27, 2020, one day earlier than in 2019. In the…
We’ve made it through the first week of the tax filing season! With some tax returns are already on the way for processing, the Internal Revenue Service (IRS) is reminding taxpayers not to forget about the Earned Income Tax Credit (EITC). January 31 has been designated “EITC Awareness Day” – the 14th year of the awareness campaign…
As December 31 creeps closer, some employees are wondering what Santa will leave in their payroll stockings. Visions of huge bonuses – like the $10 million in bonuses to be paid to the 198 employees of Baltimore-based St. John Properties – may be dancing in their heads. But statistically, most bonuses and gifts are modest,…
Ready to do some Christmas shopping? In the wake of Black Friday and the run-up to Cyber Monday, shoppers are hitting the stores – and the keyboards. If you’re hoping that “The 12 Days of Christmas” will offer some gift-giving inspiration this year, you’re in luck. With inflation holding steady, it will cost just $38,993.59 to…
It’s deja vu all over again as the Internal Revenue Service (IRS) is seeking to access customer data from Bitstamp. As with the Coinbase case, a taxpayer balked at the data sharing and filed suit to stop it. And just like the Coinbase case, the IRS won in part and lost in part. Bitstamp describes itself as…
In law school, one of our professors noted the irony of divorce settlements. It’s funny, she remarked, that two people who often found it difficult to talk about money when they were married are now required to discuss it at a time when they may no longer talk to each other about anything. Even when…
Ready for tax season? The Internal Revenue Service (IRS) is urging taxpayers to take steps now to make sure that all goes well in 2020. So, what’s on the list towards a smooth tax filing season in 2020? Here’s what you can do now: Check your withholding and make adjustments. There are only a few…
