Life is stressful in the best of times. We definitely are not in the best of times. We're dealing with a contentious presidential election during a deadly pandemic. Plus, flu season is almost here. Mother Nature keeps whacking us with disasters. Kids are going back to...

Hello, October!  You're always welcome at my house. I love your cooler temperatures that let me open windows and doors and put an end to exorbitant air conditioning costs. I love the color changes of trees and shrubs. And I love the candy that I accidentally...

1. Don’t Leave Money on the Table If you forget to use all of your Flexible Spending Account (FSA) dollars or don’t make contributions to your individual retirement and 529 accounts, you could leave money on the table. You have until December 31 to use money in your...

If you're hoping for a second COVID-19 stimulus check, it's looking like you're going to have to wait until after the November election for Congress to act. However, there is better financial pandemic payment news for millions of folks who didn't get the...

Most states wrapped up their 2020 fiscal year (FY) on June 30. As you might expect, those annual financial numbers were affected by the COVID-19 pandemic. What is surprising, however, is that states' revenue situations weren't as bad as many had feared given...

Tax season 2020 has been extended for some taxpayers. Unfortunately, the extra time to take care of tax tasks is because these individuals and businesses were threatened are dealing with the outbreak of wildfires in Oregon. The Internal Revenue...

Louisiana residents hard hit by major Hurricane Laura's landfall in that state last month now are getting some tax relief. The Internal Revenue Service has announced that residents in 16 parishes now have until Dec. 31, 2020, to file various individual and business...

School is back in session. Sort of. In most places, both at the K-12 and college levels, students and their families are dealing with hybrid education modes. Some classes are meeting in person, albeit dramatically altered to meet COVID-19 safe distancing...

Francine J. Lipman, a law professor at the University of Nevada, Las Vegas, talks with Darrick Hamilton, a stratification economist and the New School’s incoming Henry Cohen Professor of Economics and Urban Policy, about the intersection of U.S. tax policy and racial...

Tax revenue is critical. It's even more important during a global pandemic when governments worldwide are facing shortfalls due to COVID-19 economic effects. So it's no surprise that tax officials are taking closer looks at possible tax scofflaws. And in...

Almost 14 million U.S. taxpayers are getting a few extra dollars from Uncle Sam. If you're one of them, you can thank the Internal Revenue Service and the COVID-19 changes to the 2020 filing season. Pandemic tax season timing tweaks mean that these regular refund...

The Internal Revenue Service heard the complaints about incorrect unpaid tax notices and has acted. It announced yesterday, Aug. 21, afternoon that it is temporarily halting the mailing of three nonpayment notices. The decision came on the heels of public outcry, some...

Attention parents who rely on government program payments to help care for your families. If you missed out on the extra $500 per dependent child coronavirus economic impact payment (EIP), the Internal Revenue Service is giving you one last chance to get this...

Being your own boss is a challenge even in good times. Now, with the COVID-19 pandemic disrupting your personal and professional life, keeping your individual enterprise operating is particularly dicey. So you probably were thrilled when Donald J. Trump...

If tax it the time of coronavirus taught us anything, it's that tax professionals are indispensable. On the heels of getting a handle on the 2017 tax reform changes, tax pros this filing season were handed even more jobs. They helped people understand...

It's been almost a week since Tax Day 2015. That's why today's Tax Form Tuesday is celebrating Form 1040. Actually, this week's feature includes not just the actual tax return you recently sent to the Internal Revenue Service, but also the many forms and...

The White House has dropped its push for a payroll tax cut as part of the next round of COVID-19 relief. Although Donald Trump cited Democrats' objections to the payroll tax cut, top Senate Republicans also disliked the idea, seeing it as too expensive as...

Every employer must withhold (and later deposit) income tax from wages paid to each employee using the computational procedures and tables prescribed by the IRS. To calculate the amount of income tax to withhold, the employer must have a properly completed Form W-4...

Beginning with reporting for the 2020 tax year, nonemployee compensation (NEC) will be reported in box 1 of Form 1099-NEC (Nonemployee Compensation). For 2019 and prior years, NEC is reported in box 7 of Form 1099-MISC (Miscellaneous Income). Statements to Recipients...

You're working on your tax return and discover that you are that close to shaving a few more dollars off what you owe Uncle Sam. Many in this situation are tempted to get creative. Don't. The Internal Revenue Service has seen it all. OK, most of it. The...

Are you one of those folks who's worrying about how you'll pay your tax bill on July 15? If it's an amount that you just can't come up with or cover with a credit card, look into paying off Uncle Sam over time. The Internal Revenue Service offers a couple of...