Running out of money is the top financial concern of clients planning for retirement, cited by 30 percent of CPA financial planners. This reflects an improvement from the AICPA’s 2016 survey, which found 41 percent of clients listing it as a top concern.
Read MoreIf you need your prior-year tax records to complete your 2018 return or to validate your income, the IRS has a transcript service available on their website where you can request a copy online or request delivery by mail.
Read MoreNational Taxpayer Advocate Nina E. Olson today released her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with additional multi-year funding to replace its core IT systems.
Read MoreThe amount of the proceeds from the sale of your home that you use to pay off the mortgage isn't a factor in figuring your taxable amount for the sale. Instead, the amount you realize on the sale of your home and the adjusted basis of your home are important in determining whether you're subject to tax on the sale.
Read MoreHere is an overview of some of the important changes and issues from the Tax Cuts and Jobs Act, as well as some actions you may be able to take before year-end to maximize your tax savings for 2018.
Read MoreDuring the week of December 3 - 7, the IRS, State Tax agencies, and the Tax Industry observed “National Tax Security Awareness Week” which has been an initiative to provide resources to individuals and businesses in the interest of protecting their tax data and identities ahead of and through the 2019 tax season.
Read MoreCommonly referred to as the Tax Cuts and Jobs Act, TCJA, the tax reform law passed in 2017 nearly doubled standard deductions and changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. The following is an overview from the IRS on some of the changes.
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