On Feb. 26, House Ways & Means Committee Chairman Dave Camp, R-Mich., released his long-awaited draft of new tax reform legislation.
Ty Warner, founder of the Beanie Babies, was found to have evaded taxes of more than $3.3 million by hiding funds in foreign accounts.
Q. I’m taking an RMD from an IRA. Can I contribute it to a Roth IRA?
The IRS recently announced that the 2013 audit rate for individual returns dropped to 0.96%, or one out of every 104 returns that were filed, down from roughly 1% in 2012.
Are you planning to go to school to sharpen your business skills or chart a new career path? Depending on your situation, you may be able to deduct the cost of your course load.
A key “Obamacare” provision was scheduled to take effect in 2014, but now the U.S. Department of the Treasury says penalties won’t be assessed before it issues comprehensive guidance on the new rules.
The Coverdell Education Savings Account, formerly the Education IRA, usually isn’t the absolute best way to quickly build a college fund for children. The annual contribution limits are relatively paltry when compared to the Section 529 plan alternative. Strategy: Take advantage of a little-noticed tax loophole.
The so-called passive activity loss rules limit the write-offs that certain real estate investors are able to claim. Now, the same investors could get socked by the new 3.8% Medicare surtax on their net rental income. But a real estate professional isn’t restricted by the PAL rules and their rental income generally isn’t subject to the new surtax.
Q. Are the new rules for flexible spending accounts retroactive to 2013?
On Jan. 9, National Taxpayer Advocate Nina Olson delivered her annual report to Congress. Central to Olson’s theme this year was a renewed call for a comprehensive “Taxpayer Bill of Rights,” modeled after the Bill of Rights in the U.S. Constitution.