In the final day of the 2020 session, the Iowa legislature passed a bill that enacted several changes to Iowa tax laws. This post addresses several miscellaneous changes made to the tax laws that are effective immediately....more
It's the end of January, and I imagine all of those tax documents are starting to arrive, including W2's and 1099's. For couples, maybe just one spouse handles the finances and taxes, whether by actually preparing them, or by...more
On Tuesday, the IRS released what it calls the Taxpayer Bill of Rights, grouping together the rights that taxpayers have in the tax code. These rights have always existed, but now the IRS has put the rights together in a...more
You may or may not have known that Olympic medalists receive a cash prize for winning a medal (in addition to the physical medal, the notoriety, and the likelihood of endorsements). U.S. medalists receive $25,000 cash for a...more
On June 26, the United States Supreme Court ruled a portion of the Defense of Marriage Act (DOMA) was unconstitutional. A full explanation of the article is available on a prior post. Experts in the tax realm have mixed views...more
The April 15th deadline for federal individual income tax returns is less than a week away, meaning lots of people who haven't filed yet are scrambling to finish (or file for an extension). Rushing to get the return filed can...more
As expected, the late changes in the tax law to avoid the "fiscal cliff" will cause a slight delay to the start of the 2013 filing season. The IRS had previously estimated filing season would begin on January 22....more
Here is a brief outline of the legislation passed by the Senate and House extending certain tax rates, deductions, and credits for individuals....more