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10 Ways to Spend Your Tax Refund to Uplevel Your Career | Inc.com

10 Smart Ways to Spend Your Tax Refund

Instead of putting that hard-earned cash towards fleeting pleasures, you might want to invest it in your long-term happiness and fulfillment.

IR-2017-16: IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

Can Social Security disability benefits be levied to satisfy unpaid federal income tax debts? The answer is yes, as one taxpayer learned. He had unpaid federal income tax and penalty liabilities covering a three-year period. After issuing multiple levy notices, the IRS began seizing 15% of his monthly benefits. The taxpayer filed suit to contest the IRS action, stating that his benefits were exempt from levy under the tax code. However, the Ninth Circuit U.S. Appeals Court found the IRS levy…

Can Social Security disability benefits be levied to satisfy unpaid federal income tax debts? The answer is yes, as one taxpayer learned. He had unpaid federal income tax and penalty liabilities covering a three-year period. After issuing multiple levy notices, the IRS began seizing 15% of his monthly benefits. The taxpayer filed suit to contest the IRS action, stating that his benefits were exempt from levy under the tax code. However, the Ninth Circuit U.S. Appeals Court found the IRS levy…

2017 - 06/12 http://emilestafanouscpa.com/2017-0612-3.html

A new way to make an estate tax portability election. In new guidance, the IRS has provided a permanently available simplified method for estates to obtain an

Court rules on taxpayers’ disposal of partnership interests. The U.S. Tax Court has upheld the IRS determination that two brothers’ losses on the disposal of partnership interests weren’t ordinary abandonment losses, as they claimed on their returns, but rather were capital losses. The court also rejected the brothers’ argument that they received proceeds from the sale, which were used to acquire an intangible asset they were entitled to amortize. This argument was “contrary to the…

Court rules on taxpayers’ disposal of partnership interests. The U.S. Tax Court has upheld the IRS determination that two brothers’ losses on the disposal of partnership interests weren’t ordinary abandonment losses, as they claimed on their returns, but rather were capital losses. The court also rejected the brothers’ argument that they received proceeds from the sale, which were used to acquire an intangible asset they were entitled to amortize. This argument was “contrary to the…

IRS Special Edition Tax Tip 2016-13: Beware of Fake IRS Tax Bill Notices

IRS Special Edition Tax Tip 2016-13: Beware of Fake IRS Tax Bill Notices

Court: Taxpayer can’t blame mistakes on tax preparation software. The U.S. Tax Court denied most of a taxpayer’s deductions for alimony, interest expenses, and net operating loss carryovers and rejected his attempt to avoid substantial penalties by blaming the improper deductions on software he’d used to prepare his own return. The court wasn’t persuaded by his attempt to blame software for “luring” him into claiming deductions for the two years in question and stated “software is only as…

Court: Taxpayer can’t blame mistakes on tax preparation software. The U.S. Tax Court denied most of a taxpayer’s deductions for alimony, interest expenses, and net operating loss carryovers and rejected his attempt to avoid substantial penalties by blaming the improper deductions on software he’d used to prepare his own return. The court wasn’t persuaded by his attempt to blame software for “luring” him into claiming deductions for the two years in question and stated “software is only as…

Republicans just want deep cuts for corporations and the wealthy. Real change would make taxation more fair and diverse.

What Real Tax Reform Could Be

Republicans just want deep cuts for corporations and the wealthy. Real change would make taxation more fair and diverse.

irs e file 0

The IRS Offers Reasons to File Your Tax Return Electronically

Taxpayers can’t force the IRS to apply a 6-year statute of limitations. The 6th Circuit U.S. Court of Appeals rejected a taxpayer’s argument that he was entitled to a refund under the mitigation provisions because income that he reported on a closed-year return was also reported on an amended return of his business partner’s estate. The IRS rejected the partner’s return because it was filed late and rejected the taxpayer’s argument that the 6-year, not the 3-year, statute of limitations…

Taxpayers can’t force the IRS to apply a 6-year statute of limitations. The 6th Circuit U.S. Court of Appeals rejected a taxpayer’s argument that he was entitled to a refund under the mitigation provisions because income that he reported on a closed-year return was also reported on an amended return of his business partner’s estate. The IRS rejected the partner’s return because it was filed late and rejected the taxpayer’s argument that the 6-year, not the 3-year, statute of limitations…

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