IRS
Hey Millennials: What Are You Doing With Your Tax Refund?
Millennials are about to get millions of dollars from the IRS. What they plan on doing with it may tell us whether they will be the frugal types they are sometimes credited with, or will follow in the free-spending footsteps of the generation before them.
Here’s What the IRS Does to People Who Fudge the Truth on Charitable Donations
Court nullifies $37,000 deduction for donations of used property to charities, then adds 20% penalty.
Split Decision on IRAs: Pub 590-B Covers Distribution Rules
The new Pub. 590-B applies to 2014 tax returns filed in 2015. Two aspects that have often befuddled taxpayers in the past are the RMD rules for Roth IRAs and the options available when inheriting traditional IRAs.
President Obama’s Income Tax Return Shows Drop in Earnings
In his sixth year in office, President Obama’s taxable income has continued to decline, according to his 2014 tax return.
IRS Splits Pub. 590 on IRAs: Here’s the Skinny on 590-A
Generally, your deduction for an IRA contribution is phased out if you are an active participant in an employer-sponsored retirement plan (or your spouse is an active participant, if married) and your modified adjusted gross income (MAGI) exceeds an ...
IRS Chief to Ted Cruz: Agency Won’t Simply Go Away
During the announcement of his candidacy for president last month, Cruz kicked off another controversy by advocating the elimination of the IRS. He said that the U.S. could impose a “simple flat tax that lets every American fill out his or her taxes ...
IRS Offers Tips for Last Minute Income Tax Filers
For these procrastinators, the rush is on. The IRS is offering reminders for these last-minute income tax filers.
10 Things Tax Procrastinators Need to Know
Here are 10 important things the American Institute of CPAs recommends that taxpayers know about getting their federal tax return to the Internal Revenue Service (IRS) by the Wednesday, April 15 filing deadline and about filing for an extension.