The Internal Revenue Service (IRS) has not made enough progress in reducing improper payments of Earned Income Tax Credits (EITC), according to a new report by the Treasury Department agency that oversees the nation's tax collectors.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have issued final guidance specifying that a wide range of benefits and services provided by Indian tribal governments qualify for the general welfare exclusion from income. These include programs for housing, education, cultural and religious purposes, and the elderly and disabled, among others.
American taxpayers living abroad generally qualify for an automatic two-month extension to their federal income taxes. Well, that time's almost up. Ex-pat taxpayers are required to file their 2013 federal income tax returns, or extension requests, by Monday, June 16, according to the Internal Revenue Service.
It’s smart to try to get ahead in your field or at least keep pace with the latest developments. So some of your clients may be planning to put down their work tools and pick up books again as another school year beckons. Can a taxpayer deduct any education expenses if he or she is already working? Regardless of your intentions, it all depends on whether or not you pass the tax law test.
The Internal Revenue Service says that interest rates will remain the same for the third calendar quarter of this year, which begins July 1, 2014.
The Sales Tax & Compliance series is being created with the practitioner in mind. In cooperation with Avalara, each month we'll provide you with the latest news relating to state and local tax issues, updates on federal legislation, checklists and ...
However, there’s a silver tax lining if the pool is needed by a family member to alleviate arthritis or some other specific illness. For a medically-necessary improvement made by a homeowner, the deductible amount is equal to the cost above the corresponding increase in the home's value. In addition, the annual maintenance costs associated with the pool — chlorine, repairs, utilities, cleaning services, etc. -- also qualify for the deduction. Note that the entire cost of a qualified improvements, plus the maintenance costs, is deductible by tenants.
June's arrival for many Pennsylvanians signifies the start of summer fun -- beaches, sun and outdoor activities. But at the state Capitol, it's crunch time.