According to a new report by the Treasury Inspector General for Tax Administration, the IRS should delay tax refunds to improve taxpayer compliance.
Generally, it is better for taxpayers to label an activity a “business” than a “hobby.” But there’s more than semantics involved.
Congress has huffed and puffed, but it has yet to blow away a unique tax break for investing in your own company through your retirement plan. Strategy: With retirement account investments in company stock, keep the stock until you’re ready to retire. Don’t convert this nest egg to cash or other securities.
Under a separate tax provision for qualified small business stock, you can exclude 100% of the gain on the sale of the stock held more than five years. However, as the tax law currently reads, the 100% gain exclusion does not apply to stock issued after 12/31/13. Instead, a 50% gain exclusion applies.
Congress has yet to approve a number of “extenders” for 2014, but one tax break for soon-to-be parents is already locked up for good.
According to a new report from the Government Accountability Office (GAO), the IRS would do a better job if it had more money.
Q. Can you transfer funds from a Roth to a grandchild within the first five years?
A new streamlined form for nonprofit organizations is stirring up controversy.
Unless you’re a novice investor, you’re probably aware of the “wash sale” rule. But you may not know all the ins and outs.
The IRS is easing up on rules requiring disclosure of U.S. taxpayer information by banks in foreign countries under the Foreign Account Tax Compliance Act.