TAX NEWS
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- The IRS announced Oct. 14 that no penalties would be imposed on dyed diesel sold and used to drive on highways nationwide from Oct. 1 through Dec. 31.
- Most people glance at the dollar amount on their 1099-R and move on, but a single letter buried in Box 7 quietly decides whether they owe the IRS thousands of dollars more than they should.
- In addition to the amount, other conditions must be met: that the IRS has filed a federal lien notice and all administrative remedies have been exhausted, or that it has issued a levy. IRS and the …
- His estate lawyer was thrilled when the IRS handed him a tax bill he never expected, because that annual obligation turned out to be the most powerful wealth transfer tool in the entire plan.
- Quick ReadConverting $75,000 to a Roth in February and paying taxes 14 months later triggers an IRS underpayment penalty that ranges from $770 to $1,100 depending on your bracket.One estimated tax …
- For 40 years an employer handled your taxes. In retirement, nobody does, and the deadline to fix it is close.
- The IRS IP PIN is a free six-digit code any taxpayer can request that blocks fraudulent returns filed using your Social Security number. Lose your PIN and the IRS rejects your e-filed return outright; …
- You can claim tax relief from previous years that you missed during filing. Learn IRS deadlines and when refunds, credits or relief may be available.
- The IRS typically releases the data in the wake of each filing season, but this year’s rollout is more anticipated because it’s expected to provide the first detailed look at how taxpayers are taking …
- The IRS has 10 years to collect unpaid taxes, but waiting to address debt limits your options. Learn which IRS deadlines matter most and take action.