Early planning can make 2012 filing season easier
The new year brings a new tax filing season. Mid-April may seem
like a long time away in January but it is important to start
preparing now for filing your 2011 federal income tax return.
The IR...
Looking back: Top 10 federal tax developments of 2011
Looking back over 2011, the IRS, Congress and the courts made many
tax decisions impacting taxpayers of all types. Some tax
developments were taxpayer-friendly; others imposed new
requirements on taxp...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
January 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
June 2010 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
FAQ: What tax legislation is Congress expected to pass this year?
At the start of 2010, Congress had a full tax agenda. As summer
approaches, many tax bills remain unfinished, most notably an
estate tax bill. Other important tax legislation is also on
Congress's age...
IRS begins 401(k) compliance check questionnaire
401(k) plans represent the most preferred vehicle for retirement
savings today - making up more than 60 percent of retirement plans,
according to the IRS. However, 401(k) plans are also the most
non-c...
How Do I: Claim residential energy credits?
There are two important energy tax credits that can benefit
homeowners in 2010: (1) the nonbusiness energy property credit and
(2) the residential energy efficient property credit. Collectively,
they ...
IRS updates change-of-address notification procedures
If you have or are planning to move - whether it's a change of
personal residence or a change of business address - you want the
IRS to know about your change of address. The IRS has recently
updated ...
More federal tax legislation expected soon
Congress returned from its spring recess in April to a full agenda
of tax legislation that will impact individuals and businesses.
Lawmakers are hoping to complete work on as many bills as possible
be...
FAQ: Has enhanced Code Sec. 179 been extended for 2010?
The enhanced expensing election under Code Sec. 179 has been
extended through December 31, 2010. Under Code Sec. 179, businesses
can elect to recover all or part of the cost of qualifying property
by ...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
How Do I ... Convert a Traditional IRA to a Roth IRA?
People are buzzing about Roth Individual Retirement Accounts
(IRAs). Unlike traditional IRAs, "qualified" distributions from a
Roth IRA are tax-free, provided they are held for five years and
are made...
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