A U.S. taxpayer that deducts a “disregarded payment” of interest or royalties to a related person may find its deduction disallowed under IRC §267A.
Section 267A Deduction Disallowance: Disregarded Payments Read More »
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year.
Tax Tip: Year Round Tax Planning – Credit and Deduction Review Read More »
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
IRS to Virtual Currency Owners: Pay Back Taxes Read More »
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form.
Tax Transcript Tips for FAFSA 2019-2020 College Semesters Read More »
Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators.
Educators Claim Deduction to Get Money Back for Classroom Expenses Read More »
Members of the military and their families often qualify for special tax benefits.
Members of the Armed Forces Entitled to Certain Tax Benefits Read More »
Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year.
Millions more ITINs set to expire in 2019 Read More »
The U.S. Department of the Treasury and the Internal Revenue Service issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.
Charitable Contributions and State and Local Tax Credits Read More »
A real estate developer could not deduct a portion of his S corporation’s losses because there was no debt between the S Corp and the developer as shareholder.
S Corp Losses Not Deductible: Debt Didn’t Run to Shareholder Read More »
The IRS has released 2019 maximum vehicle fair market values for use with the vehicle cents-per-mile valuation rule and the fleet-average valuation rule.
2019 Fleet Average Valuation and Vehicle-Cents-Per Mile Number Released Read More »