According to an IRS release last week, the number of taxpayers electronically filing their own returns from home has increased compared to last year at this time by approximately 6%. Overall, the IRS has received about the...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
Yesterday the IRS released a YouTube video from John Koskinen, the new commissioner, assuring taxpayers the IRS is dedicated to assisting taxpayers this filing season, and advising taxpayers the best methods to seek tax...more
A couple of tax breaks that affect many homeowners expired at the end of 2013, and have not yet been extended for tax year 2014. It is still possible they will be extended retroactive to January 1, 2014, and maybe that is why...more
A bike share program allows a customer to rent a bicycle at Point A, use it for a short amount of time, and then return it to one of many other spots in the same city. Most commonly these programs are in big cities such as...more
Section 6033(j)(1) of the Internal Revenue Code automatically revokes the tax-exempt status of an organization for failure to file the required annual return (Form 990, Form 990-EZ, or Form 990-PF) for three consecutive...more
When businesses apply for an EIN (employer identification number) with the IRS, the Form SS-4 Application (and the corresponding online application) asks for the name and SSN (if an individual) or EIN (if another entity) of...more
Notice 2013-80 provides the standard mileage rates that apply starting January 1, 2014. The good news is gas prices have been dropping, the not-so-good news is the standard mileage rate will be dropping also. The mileage...more
Typical Flexible Spending Arrangements (FSAs) (also commonly called flexible spending accounts) allowed employees to set aside money pre-tax to pay for medical expenses not covered by insurance, including deductibles, copays,...more
While more and more transactions are eliminating paper and becoming completely electronic, I think we all assumed certain documents would still need to be signed on paper. For example, real estate documents, tax documents,...more
The IRS has started a "Stay Exempt" program for exempt organizations to assist in applying for and maintaining tax-exempt status. The website has tips and links to resources and online training videos in an effort to "ensure...more
The Social Security Administration (SSA) announced on Wednesday that there will be a 1.5% cost of living adjustment for social security benefits starting with the December 2013 benefits, payable in January 2014. The purpose...more
This week (October 20-26), 2013 is the 5th annual National Estate Planning Awareness Week. I will admit I had not heard of such a week until today. Upon further research, it does not seem to be all that well-publicized since...more
With the federal shutdown over, IRS workers are back to work and starting to tackle the backlog. After 16 days of not opening mail, not processing returns, and not answering phone calls, the IRS is expecting it will take some...more
The cost and upkeep of work clothes and uniforms are only deductible if you are required to wear the clothing as a condition of your employment, and the clothes are not suitable for everyday wear. As one actress recently...more
I have to think most people at least know what a "Beanie Baby" is, and some of you may still have them in your homes (someday they will be collector items, right?). This morning, Ty Warner, the creator of Beanie Babies, was...more
Starting in January, the IRS will begin treating automatic gratuities as wages which are subject to payroll tax withholding. Many restaurants add the automatic gratuity to large groups to ensure the server is tipped...more
In Iowa, the first Friday and Saturday (but not Sunday) of August is Iowa’s Annual Sales Tax Holiday....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
Summer in the Midwest generally means heat, humidity, and the possibility of severe storms. Have you thought about what records could be destroyed if a severe storm damaged your home or business?...more
Most of the time, people are pleased to accept an inheritance. However, there are many reasons to not want the inheritance. For example, in small estates, you may receive a home that comes subject to a mortgage, and you...more
We expected it would happen, and now the time has come. The IRS has sent out furlough notices to the entire IRS workforce notifying employees that the IRS will shut down completely on the following days: May 24, June 14, July...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
Unfortunately there is not a sci-fi theme video to spread the word on the Dirty Dozen (though there is a short YouTube video on the topic). Here are the most common tax scams the IRS wants you to be aware of during tax...more
The IRS estimates 984,000 taxpayers who did not file a federal income tax return in 2009 have a tax refund waiting for them. Of those, approximately 9,800 are Iowans with combined refunds of almost $8,000. If you think you...more