The Internal Revenue Service continues to seek feedback regarding the draft instructions for Form 6765 and is extending the dates for reporting requirements related to the Credit for Increasing ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Want to get on someone’s good side? Help them out financially? Or, perhaps, just make them really happy? Give ‘em a gift! (Cash is always nice.) But if you’re in a gift-giving mood, and you have a lot ...

September 15 is a critical date for millions of taxpayers as the IRS requires quarterly estimated tax payments on income that isn't automatically subject to federal withholding—such as self-employment ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

Giving or receiving financial gifts can be a generous act, but it often comes with tax responsibilities that many overlook. The rules around tax filings after financial gifts are more complicated than ...

Giving or receiving financial gifts can be a generous act, but it often comes with tax responsibilities that many overlook. The rules around tax filings after financial gifts are more complicated than ...

Wondering if you’ll owe federal gift tax in 2025? You’re probably in the clear. Most people never pay the gift tax thanks to generous annual and lifetime ...

IRS Form 5498 is one of the most overlooked but critically important IRA forms. While Form 1099-R usually gets attention during tax time for reporting distributions, Form 5498 plays a ...

The IRS has sent thousands of crypto warning letters, with a 758% spike in reports over 60 days. Even investors who reported taxes correctly are being flagged due to missing cost basis data. New Form ...

If my mother sells or gifts me her $800,000 personal residence to me, my understanding is that I also get her adjusted cost basis. If she holds a note for 100% of the purchase price and then gifts me ...