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The Top Tax Court Cases Of 2018: When Is A Legal Settlement Tax-Free?

What. A. Year. When tax geeks arose from their slumber on January 1, 2018, we were greeted by a strange and unfamiliar world. Gone were personal exemptions, Section 199, and 50% bonus depreciation. In their place were a doubled standard deduction, Section 199A, and 100% bonus depreciation. These changes, in addition to countless others, were [...]

By |2019-01-15T19:26:28+00:00January 15th, 2019|Personal Finance|0 Comments

The Tax Blotter – New Year’s Eve Edition

Although you can’t deduct the cost of commuting back and forth from work, the tax law provides various benefits associated with driving your vehicle. Following are some new developments affecting mobile taxpayers. More tax mileage in ‘19. The IRS recently announced new optional standard mileage rates for 2019 (IR-2018-251, 12/14/18). Accordingly, the rate for business [...]

By |2018-12-31T14:30:27+00:00December 31st, 2018|Personal Finance|0 Comments

The IRS wants to use social media to catch tax cheats

The Internal Revenue Service is looking for ways to scour social media platforms like Facebook, Instagram, and Twitter in its ongoing quest to catch tax cheats. That’s according to a request for information issued December 18 by the IRS’s National Office of Procurement. The mining of social media data by the agency has been suspected in the past, [...]

By |2018-12-28T14:48:00+00:00December 28th, 2018|Uncategorized|0 Comments

IRS goes on Instagram

The Internal Revenue Service has opened an Instagram account where it will share information on the latest tax topics, but probably not many selfies or kitten photos. The IRSNews account on Instagram will give taxpayers info about different tax subjects, especially as taxpayers face numerous tax law changes for the upcoming 2019 filing season related to the [...]

By |2018-12-03T15:19:05+00:00December 3rd, 2018|Personal Finance|0 Comments

Safekeeping tax records helps for future filing, amended returns, audits

Inside This Issue Get Ready for Taxes: Safekeeping tax records helps for future filing, amended returns, audits WASHINGTON — With the tax filing season quickly approaching, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents. This is the seventh in a series of reminders to help taxpayers [...]

By |2018-11-27T18:08:13+00:00November 27th, 2018|Personal Finance|0 Comments

Social Security: 12 Things Everyone Should Know

The current and future state of Social Security is an increasing concern of both those heading into retirement and younger workers who wonder whether benefits will be available to them when they are ready to follow suit. A special report in the November AARP Bulletin discusses important facts about Social Security, how it works and its financial [...]

By |2018-11-20T14:35:49+00:00November 20th, 2018|Personal Finance|0 Comments