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As of yet, it is not clear how to report the loss. FTX has filed for Chapter 112 bankruptcy protection, which means that holdings may still have some value. The IRS may clarify whether those who put m...

A minister may be eligible for the qualified business income (QBI) deduction if he or she performs weddings, funerals, or other activities the income from which is reported on Schedule C. Wages receiv...

A massive new tax law costing $739 billion was enacted to promote green energy, aid Medicare recipients, and increase funding for the IRS (P.L. 117-169). It was signed into law on August 16, 2022. To ...

Congress has overridden a presidential veto to enact the Food, Conservation, and Energy Act of 2008, creating $1.7 billion in tax incentives for farmers. Some key provisions that will help farmers an...

E-file is the IRS system for submitting tax returns electronically. E-filing can be done through a paid preparer or by using a home computer (through commercial software or the FreeFile program). Go...

The stock market can be up 500 points one day and down a similar amount the next. The swings in the market make investment moves challenging. Here are the tax rules you need to know about your securi...

Medical residents may receive stipends for work they perform in the course of their studies. Are these stipends treated as wages for the purposes of Social Security and Medicare (FICA) taxes? It depen...

Even though the distribution represents your 2022 RMD, it’s includible in gross income in 2023, the year in which it is received. What’s more, the 2023 distribution must be taken by December 31, 2...

The Office of the Taxpayer Advocate is an independent organization within the IRS that assists taxpayers who are experiencing economic harm and also advises the IRS on issues that need to be addresse...

The top rate on most long-term capital gains and qualified dividends for regular tax purposes is 15%. But there's a trap: Taxpayers with such income who are subject to the alternative minimum tax...