Income Tax

The stock market's drop in recent months has no immediate tax effect on the moneys of pre-retirement-age taxpayers whose traditional or Roth IRAs are invested in stocks and mutual funds. That's because neither losses nor gains are recognized within ...

South Carolina flood victims, including individuals and businesses that previously received a tax-filing extension to Oct. 15, will have until Feb. 16, 2016, to file their returns and pay any taxes due, the Internal Revenue Service has announced.

Taxpayers whose tax-filing extension runs out on Oct. 15 are being urged to double check their returns for often-overlooked tax benefits and then file their returns electronically. It's also not too late to seek professional tax guidance from a CPA or EA.

With a focus on enforcing FATCA, the Foreign Account Tax Compliance Act, the Internal Revenue Service is now exchanging financial account information with the taxing authorities in selected countries.

More than fifty provisions in the Internal Revenue Code, commonly referred to as “tax extenders,” expired at the end of 2014 or will expire at the end of this year.

The latest Blackbaud Index shows that overall charitable giving to nonprofits increased 1.3% and online giving increased 5.9% for the three months ending August 2015 as compared to the same period in 2014.

With income tax planning now on the minds of many taxpayers and tax professionals, our year-end tax planning series looks at several methods to lower tax liability in the current year.

The IRS is running into problems as it struggles to get control over the wave of identity theft tax refund fraud that has engulfed the Tampa, Florida, area and spread to other parts of the country over the last three years.