Today TaxMama® hears from Tom in the TaxQuips Forum with this issue. “I rolled over a 401k directly to a Roth IRA in 2010. I received a 1099 for this, but did not fill out an 8606 when I submitted my 2010 return. The plan was to report half of the taxable amount in 2011 and […]
Tag Archives: IRS News
Today TaxMama® hears from Klondike in the TaxQuips Forum with this question. “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for […]
Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits.
The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers […]
A man and his young wife were in divorce court, but the custody of their children posed a problem. The mother leaped to her feet and protested to the judge that since she brought the children into this world, she should retain custody of them.
Today TaxMama® hears from Jim in the TaxQuips Forum with this question. “I live in Thailand and do some freelance work. I can’t put that income on Form 2555 for the Foreign Earned Income Exclusion because I had to return to the US for 60 + days for an operation. How do I report this […]
Today TaxMama® hears from Susan in the TaxQuips Forum with a divorce question for Valentine’s Day. “What happens, taxwise, to the relationship of stepchildren when the parents divorce and the stepchild stays with the stepparent? Do they go back to just being the girlfriend’s kid again? I hear about stepparents adopting their spouse’s children. Is […]
Today TaxMama® hears from John in the TaxQuips Forum about an inequity. “My father & I both worked in PA, but both lived in NJ for the entire 2011. However on my W-2, I paid state taxes to NJ. On his W-2 He paid state taxes to PA. Is this correct? Also he worked inside of […]
Dear Family, It’s a beautiful, sunny day here in Southern California. Lots to do. And oh yes, don’t forget. Valentine’s Day is next week. If you’re going to get something…order it now (like these lovely hearts…). Hopefully, you’re making progress getting your tax returns ready for filing. Please remember, don’t file too early. There are […]
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, the law targets non-compliance by U.S. taxpayers using foreign accounts.
IRS YouTube Video: IRS2Go 2.0 Podcast: IRS2Go 2.0 WASHINGTON — The Internal Revenue Service announced today the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app, available on the Apple and Android platforms, adds a new YouTube feature, news […]
WASHINGTON — The IRS today released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. The IRS also announced that employers will have more time to file the required certification form for employees hired on or after November 22, 2011, and before May 22, 2012. The VOW […]