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An employee can deduct as a miscellaneous itemized expense the cost of unreimbursed job-related expenses. One type of expense is work clothes. However, it has been a long-established rule that only cl...

The SECURE Act introduced a new 10-year rule for inherited retirement accounts where the employee or IRA owner died after 2019. Proposed regulations on required minimum distributions (RMDs) for inheri...

Last year's Patient Protection and Affordable Care Act ("Obamacare") expanded the 1099 reporting rule for businesses. Starting in 2012, all businesses, including sole proprietors, were to have begun r...

A kinder gentler IRS? Maybe? The IRS is providing help for taxpayers who owe taxes, with Commissioner Doug Shulman saying, “We want to go the extra mile to help taxpayers, especially those who&r...

Those under age 59½ are subject to a 10% early distribution penalty for withdrawals that do not meet any of these specified reasons:Disability Payment of first-time home-buying costs (up to $...

Typically, an employer reimburses employees for company travel and entertainment expenses. When they do so under an accountable plan, the reimbursements are not taxable to employees (or even reported...

The next time you receive an IRS notice in the mail, it may be easier to understand. That's because the IRS has a program to redesign taxpayer notices so they are simpler. Within the next 12 to 18 mon...

If you take a distribution from your IRA and want to avoid any tax on it, you must roll it over-to the same IRA, a new IRA, or a qualified retirement plan-within 60 days. The 60 days is fixed by law. ...

Damages received from lawsuits and settlements are excludable from gross income only if they are based on a tort or tort-type right and are received on account of physical personal injury or illness. ...

Homeowners at risk for defaulting on their mortgages may qualify for pay-for-performance payments under the Home Affordability Modification Plan (HAMP), a program that is part of the Homeowner Afforda...