IRS

Taxpayers are all smiles when they are able to sell their principal residence at a sizeable gain and avoid any tax liability. Under the home sale exclusion, they can generally exclude up to $250,000 of gain from tax or $500,000 if they are married and ...

Congress created Empowerment Zones in 1993. Most zones had an expiration date of Dec. 31, 2009. This is the third extension of the expiration date.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

The fiscal year 2016 Financial Services and General Government Appropriations bill, which provides funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, and several other agencies.

As if getting audited wasn’t bad enough, now the IRS has added a new twist: the short timeframe audit. With these types of audits, it is possible that an audit case could be closed by the IRS before your client has a chance to show you the letter. This ar

The extent of the IRS’s ability to stem this problem is still limited because it does not have access to third-party income and withholding information until well after tax return filing begins.

A whopping 11 percent of Americans believe that it is okay to cheat on their taxes, according to the most recent IRS Oversight Board Survey of Taxpayer Attitudes. Unfortunately, successful fraud for many individuals will require either lying to their ...

Taxpayers whose accounts were compromised will be notified by the Internal Revenue Service. Individuals who believe their identities have been compromised in this, or any other attempt, should review the IRS “Taxpayer Guide to Identity Theft,” which ...