Additional Retailers Accepting Cash Payments for the IRS
Individuals who do not have bank accounts or credit cards can pay their federal income taxes with cash through IRS-approved…
National Taxpayer Advocate Report
The new National Taxpayer Advocate Erin M. Collins today released her first report to Congress (as required by law), identifying…
Guidance on Coronavirus-Related Loans and Distributions from Retirement Plans and IRAs
The CARES Act provided numerous ways in which to handle loans and distributions from qualified retirement plans and IRAs for…
People First Initiative
In an effort to help taxpayers struggling with IRS collection and enforcement activities, the IRS launched the People First Initiative…
IRS Interest Rates Decrease for Q3 2020
The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes are much lower in…
FBAR Penalties Are Constitutional
If you have certain foreign financial accounts, you must report them annually to the U.S. Treasury. This is done electronically…
Donations to a Needy Person Aren’t Deductible
For 2020, whether you itemize or claim the standard deduction, you can take a charitable contribution deduction (subject to limitations).…
Is my foreign pension taxable?
U.S. citizens and residents pay tax on their worldwide income. However, if you live abroad, the articles of most tax…
Can a grandson make a gift to a grandmother?
Yes. While it’s not the usual situation that someone in a younger generation gives gifts to someone in the older…
If I give my sister a gift of $14,000, do I have to wait until after April 15, 2016, to make another tax-free gift?
No. You can give each person up to the annual exclusion amount ($14,000 in 2015 and 2016) without any gift…