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Internal Revenue Service

IRS: Stop Letting Taxpayers Use Stolen Social Security Numbers

Adam Levin | Posted 05.05.2016 | Crime
Adam Levin

If it can be imagined, it can be achieved. The fact that the IRS has essentially looked the other way when it comes to the unlawful use of personally identifiable information in the face of our identity crime Armageddon is inexcusable.

Procrastinators Delight (But Not for Too Long)!

Fiona Ma | Posted 04.14.2016 | Politics
Fiona Ma

If you're just starting to go through your drawers to find your w-2s, 1099s and your forgotten password to your tax software, you can breathe a little easier this tax season. We can thank Honest Abe for giving us three extra days for "some of us" to get our acts together.

Death and taxes. Death, please.

Pam Ferderbar | Posted 04.14.2016 | Comedy
Pam Ferderbar

April 15 has special significance to Americans, but also people around the world who wish to commemorate, for example, the day in history when the fis...

When Should Married Couples Check 'Married, Filing Separately'?

Julian Block | Posted 03.30.2016 | Business
Julian Block

Whatever a couple's reasons for avoiding tax togetherness, the two of them may be in for an unpleasant and expensive surprise when filing time rolls around.

Tax Scams Increase As April 18th Approaches

MoneyTips | Posted 03.29.2016 | Business
MoneyTips

by Amy King, Tax Professional The IRS releases a list of the top tax scams every year to warn taxpayers and to remind them to be diligent in keeping ...

A Big Way Congress Can Get the IRS Off the Backs of Small Businesses

Katie Vlietstra | Posted 03.16.2016 | Politics
Katie Vlietstra

Another year, another tax season, more unjust taxes on the small business community. Despite stepping out of the unemployment line and into a new, job creating small business on Main Street, small business owners could be hit with another unfair tax this year when they file their returns.

Why We Fear the IRS

David A. Dedman | Posted 03.10.2016 | Business
David A. Dedman

Every time I get a letter from the IRS my heart skips a beat... literally! I usually open the letter with a small prayer too. Most of us get heart pa...

Queen of Mean Stays in the News

Julian Block | Posted 03.09.2016 | Business
Julian Block

The Internal Revenue Code includes provisions that impose severe punishments for criminal offenses, such as intentional attempts to evade income taxes...

Save your family money on your taxes with these tax tricks

Julian Block | Posted 03.07.2016 | Business
Julian Block

Nail down bad debt deductions for loans to friends and family. These being the troublesome times they are, friends or relatives who are strapped for f...

How to Handle Your Books When Your Money Is Off the Books: Financial Planning in a Freelance World

Michael Most | Posted 03.01.2016 | Business
Michael Most

Freelancing and being self-employed are the new frontier in the American economy. According to the Bureau of Labor Statistics, the number of self-empl...

Are You "Friends" With The IRS?

MoneyTips | Posted 03.01.2016 | Business
MoneyTips

The IRS, Your Taxes, and Social Media How many people like the IRS? According to Facebook, it's more than 50,000! If you regularly use social medi...

The Earned Income Tax Credit: A Pathway Out of Poverty for Millions of Americans with Disabilities

Michael Morris | Posted 02.19.2016 | Impact
Michael Morris

Besides providing additional income, the EITC provides a financial incentive for workers to stay employed and increase their earnings. According to recent studies, EITC provides significant work, income, educational and health benefits to its recipients and their children.

How Your Tax Returns Can Uncover Hidden Divorce Assets

Julian Block | Posted 02.15.2016 | Divorce
Julian Block

Divorce expenses can soar, especially when spouses start suspecting each other of hiding property. Consider what happens when wives or husbands hire private investigators to track down assets concealed by their future exes.

One Percenters Get Their Own Special Social Welfare Deal

Leo W. Gerard | Posted 02.15.2016 | Politics
Leo W. Gerard

The IRS took five years to review the Crossroads GPS application for nonprofit social welfare status. This seems very odd since most Americans would need only five minutes to determine that such a group is about politics, not social welfare.

Here's What Animal Rescue Volunteers Can Write Off at Tax Time

Julian Block | Posted 02.12.2016 | Business
Julian Block

Millions of individuals volunteer to help raise funds or perform other tasks on behalf of charitable organizations like religious groups, schools and ...

Computer Glitches Force IRS To Stop Accepting Electronically-Filed Tax Returns

Reuers | Jade Walker | Posted 02.04.2016 | Business

The U.S. Internal Revenue Service said on Wednesday it is experiencing computer failure across several systems and temporarily cannot accept many taxp...

Can Strippers Deduct Breast Implants?

Julian Block | Posted 02.01.2016 | Business
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Why Home Seller Who Suffers a Loss Won't Get a Tax Break

Julian Block | Posted 01.29.2016 | Business
Julian Block

What if your employer reimburses you for the loss? No offset of an otherwise nondeductible loss against the reimbursement, because they're separate transactions. The loss stays nondeductible. Nor is it permissible to include the reimbursement as part of the selling price and avail yourself of the exclusion.

Bad Debt Deductions for Worthless Loans to Spouses

Julian Block | Posted 01.27.2016 | Business
Julian Block

These being the times they are, you may be tapped for loans by relatives or friends who are unable to come up with the down payment for a home or who ...

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 01.26.2016 | Business
Julian Block

The rules for capital gains are tricky. Let's start with the basics.

Treat Her Like A Lady: Civil Forfeiture's Lack of Chivalry

Chandra Bozelko | Posted 01.06.2016 | Crime
Chandra Bozelko

At first blush, it may seem like civil forfeiture is different than the usual methods of justice: targeting poor people who have nothing and placing them in jail. As hard as state and federal governments may try, you can't take nothing from nothing so indigent populations are impervious to forfeiture schemes.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2016 | Money
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties? But the law imposes several restrictions.

Deduct Business Suits? Forget It

Julian Block | Posted 12.28.2015 | Business
Julian Block

Paying the shirt off your back at tax time? Don't count on a deduction for what you wear to work from what you make at work.

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2015 | Business
Julian Block

And when it comes to your reputation, the line between business and personal is thin indeed. What controls the outcome are the particular circumstances.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.15.2015 | Business
Julian Block

Recent revelations that the FBI and CIA used at least 1,000 ex-Nazis as spies after World War II, in Europe and the United States, made me think about...