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For the second time, the IRS is giving taxpayers an opportunity to fess up about offshore accounts in exchange for reduced penalties. Under the new Offshore Voluntary Disclosure Initiative, there is a...

In February 2010, the Treasury Department established the HFA Hardest Hit Fund to provide funds to the state programs to assist homeowners in preventing avoidable foreclosures and to stabilize housing...

The IRS has announced cost-of-living adjustments to various limits for qualified retirement plans in 2009. There is a potential for greater contributions. Some key numbers to watch: For 401(k) plans,...

The Bernard Madoff Ponzi scheme and other similar financial frauds in 2008 left thousands of investors without their money and with uncertainty about how to handle their losses for tax purposes. Now t...

When you engage in an activity without having a profit motive, deductible losses from the activity each year cannot be greater than income from the activity. The IRS has now released an audit techniqu...

According to the Summer 2009 Statistics of Income Bulletin, there were about 23.1 million individual income tax returns that reported nonfarm sole proprietorship activity for 2007. This represents a 4...

While the first-time homebuyer credit is designed to encourage the purchase of a primary residence by those who haven’t owned a home within the past three 3 years, it can’t be claimed unti...

Tax refunds are paid to you by Uncle Sam when you've overpaid your tax bill or when you are entitled to amounts in excess of your tax bill because of the earned income credit or other refundable tax c...

Electric vehicles (EVs) aren’t new; they debuted in 2008 and retail sales blossomed with the release of the Nissan Leaf and Chevy Volt in 2010. The Energy Improvement and Extension Act of 2008 creat...

There’s a great deal of interest these days in interest rates. The Federal Reserve raised its rate, called the “Fed funds rate,” on May 5, 2022, to 0.75% to 1.00% (it can fluctuate slightly with...