Income Tax
Tax Provisions Expiring December 31, 2011
There a few federal income tax deductions and other provisions that expire this year: Tax-free distributions from IRAs for charitable purposes –…
Tax Information for U.S. Citizens Living Abroad
U.S. citizens must report and pay taxes on their world-wide income, even if living in another country. U.S. taxpayers are also…
U.S. Citizens Living in U.K. Get Credit for Non-Domicile Fee
The IRS recently issued guidance that U.S. taxpayers living in the United Kingdom can get a credit against their U.S. income tax…
Certain NC Coastal Counties Qualify for IRS Relief
The IRS has announced that residents of the following North Carolina counties qualify for filing and payment relief due to Hurricane Irene: Beaufort, Carteret,…
Today is the Deadline for Foreign Account Reporting
From IR-2011-70: WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country,…
4th Circuit Upholds Two-Year Innocent Spouse Limitation Period
The U.S. Fourth Circuit Court of Appeals, under whose jurisdiction North Carolina falls, overruled a Tax Court decision and upheld a Treasury…
IRS Mileage Rate Increased to 55.5 Cents per Mile
From Announcement 2011-40: WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six…
An Apology from the IRS!
While it’s certainly not uncommon for taxpayers or tax preparers to make mistakes on tax returns, the IRS can also screw up,…
Additional NC Counties added to Tax Relief List
On April 22, 2011, I posted an IRS Notice about a tax relief program for victims of the April 16, 2011 storms…
Tax Breaks for Supporting a Parent
Taking care of an elderly parent may provide more than just personal satisfaction. You could also be entitled to substantial tax deductions…