For nearly 70 years, clergy receiving housing (an in-kind benefit) or a housing allowance (a cash benefit) were able to exclude the full amount from gross income. However, the Freedom From Religion Foundation (FFRF) challenged the housing allowance as…
The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2019-49). They are essential the same as last year, although some scams are featured more prominently than before. The top tax scams are:
Phishing (IR 2019-26…
Let’s say you filed your tax return, and the IRS owes you a refund, which usually occurs because you had excess tax withheld from your pay. You’d like to know when you can expect to receive that lump sum. Is there a way to find out?
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Most of the Tax Cuts and Jobs Act provisions went into effect at the beginning of 2018. Although employees felt some effects of the changes in February 2018, when the income tax withholding rates were changed, the real moment of truth comes as taxpayer…
Tax season is here. In fact, we’re already halfway to the deadline!
If you haven’t filed your tax return yet, don’t fret. TaxAct is ready to make your tax preparation process as simple as possible. In fact, by using tax software, you&…
If you count on getting a tax refund every year when you file your return, you may be worried about recent reports that tax refunds are lower than usual this year. With all the changes as a result of the Tax Cuts and Jobs Act of 2017, there is a lot mo…
How To Use the Withholding Calculator
Step 1: Enter the dollar amount of your most recent tax refund. If you owed money when you filed your taxes, enter a negative value.
Step 2: Select your preferred tax outcome.
Step 3: If you selected that you want …
Transfers from one spouse to another related pursuant to a divorce or separation agreement are tax-free transfers. The transferring spouse does not pay tax on any gain; the transferee-spouse takes over the former spouse’s basis and will eventually pay…
In her 2018 annual report to Congress, National Taxpayer Advocate Nina E. Olson described the challenges to the IRS resulting from the 35-day government shutdown and recommended additional multi-year funding to replace 1960s-era information technology…
When the IRS executed a search warrant at the home of “plaintiffs,” agents seized 364 boxes of rolled $1 presidential coins, each containing 1,000 coins. The armored truck company that transported the coins removed them from the rolls and put the coin…
