Think tax forms are confusing? You’re not alone. A recent article highlights several commonly encountered areas of frustration. Unfortunately, some common mistakes might also trigger the IRS’ attention. For example, a health savings account is set up with tax savings in mind, including tax-free withdrawals for specified or authorized medical expenses. However, it involves two […]

Our tax law website contains a wealth of materials that can help shed light on the myriad administrative processes of the Internal Revenue Service, not to mention the often confusing application of federal tax laws. For example, we offer an article on the IRS’ Offer In Compromise program, sometimes referred to as part of the […]

As tax season marches towards April 15, the stress of digging through records, preparing and finally filing returns begins to increase with each passing day. Another layer of anxiety is added in for those who find themselves caught in one of the many tax scams that have been targeting taxpayers across the country. To help […]

Based on a recent press release from the Internal Revenue Service, tax return software seems to be the wave of the future. Specifically, the IRS announced the launch of a program called Free File, which will allow taxpayers with an adjusted gross income of $62,000 or less to use the software for free. The software […]

Readers may be familiar with or even use tax preparation software. Such programs may guide users through the process of filing various federal and state income tax returns. Many of those programs advertise both business and personal tax return assistance. However, is this advisable? For starters, it is important to remember the role that intention […]

What does the tax year hold for small businesses? Startups and small businesses are often touted as the backbone of an improving economy. Yet are there corresponding tax breaks offered to small business entrepreneurs? New federal legislation might offer some benefits to small and mid-sized businesses with assets subject to a depreciation schedule. Section 179 […]

The financial pressures on the country are about the only things that seem to be a certainty these days. The recent stop-gap move by Congress this past week has avoided the fiscal cliff for now, but there are a lot of things that lawmakers in Washington, D.C., are going to have to deal with in […]

Is the process by which the Internal Revenue Service verifies its tax refunds in need of an overhaul? A recent story raises concerns. Specifically, a report authored by the Treasury Inspector General for Tax Administration identified a programming error that resulted in the IRS issuing over $46 million in erroneous refunds. The error was identified […]

Cognizant of the benefit that some tax credits and deductions have already provided to taxpayers, federal lawmakers recently made some tax extenders permanent. Even the name of the legislation is revealing: the Protecting Americans from Tax Hikes Act of 2015. The legislation makes certain credits and deductions permanent, such as the enhanced Child Tax Credit, […]

Non-profit organizations are supposed to have fewer procedural hassles and controversies with the Internal Revenue Service by virtue of their federal tax-exempt status, right? Not necessarily, according to a recent article. Specifically, the article discussed new substantiation rules proposed by the IRS that would require charitable entities to collect and store their donors’ social security […]