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Today, the IRS announced that it has started processing individual tax returns affected by legislation enacted in December. On Monday, IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as well as deductions for state and local sales tax, higher education tuition and […]
The IRS just instituted a new voluntary disclosure program for taxpayers (now closed) who have offshore accounts or assets and who failed to properly report them to the IRS and pay appropriate U.S. taxes. It is called 2011 Offshore Voluntary Disclosure Initiative (“2011 OVDI”). While 2011 OVDI is not available for everyone and some particular […]
On February 8, 2011, the Internal Revenue Service announced that a new special voluntary disclosure initiative, designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes, will be available through August 31, 2011. The IRS decision to open a […]
Generally, most income you receive is considered taxable. However, the tax code is riddled with various exceptions where certain types of income are partially taxed or not taxed at all. For instance, here is a non-exclusive list of common examples of types of income usually excluded from taxable income: Adoption Expense Reimbursements for qualifying expenses […]
It may be possible for you to be able to deduct medical and dental care expenses incurred in the tax year 2010. This deduction, however, is available only if you itemize your deductions on Schedule A (Form 1040). This deduction is allowed only for expenses primarily paid for the prevention or alleviation of a physical […]