IRS

Report reveals direction of tax reform debate and how companies can prepare for potential changes.

After working with clients for (mumble) decades, I still don’t know how to resolve this. Unless you think your clients would be receptive to sitting through a course (live or webinar) on “How to be a Tax Client”?

One could say that the automatic tax filing extension is the taxpayer’s best friend – besides being a bosom buddy to tax return preparers – as the tax filing season rushes to a close. And this BFF may be able to do more for you than you think. However, just like most good friends, it’s not without fault.

The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.

The question has lingered for about two years, but the IRS has finally decided how to treat Bitcoins and other virtual currencies when it comes to taxes.

Taxpayers in Colorado who suffered property damage during last year's flooding are being given additional time to decide on when they will claim those losses against their taxes.

View business due dates with the IRS's online tax calendar.

Many federal income tax breaks are reserved for low-income families – the earned income tax credit (EITC) instantly comes to mind – but that doesn’t mean that wealthier individuals can’t get their fair share of the pie.