ARTICLES

A case brought before a federal district court this month once again demonstrated the perils faced by anyone who becomes involved in running a financially distressed company. The court concluded that the volunteer chairman of the board of a...

Tonda Dickerson was one lucky waitress - at least until she got to Tax Court. One day in 1999, while Dickerson was working at a Waffle House restaurant, a regular customer gave her a lottery ticket. Unbeknownst to both the customer and Dickerson,...

If you know people who might not file their returns because they don't have the money to pay the tax, the IRS may offer them some assistance. The IRS has expanded its so-called Fresh Start initiative to help financially distressed taxpayers by...

Do you have friends or relatives who have failed to file income tax returns in prior years? The IRS may be holding refunds meant for them. Some people whose withholding exceeds their tax liability don't file tax returns. As a result, the IRS is...

The Tax Court has once again concluded that net earnings from self-employment is not reduced by a net operating loss carried forward or carried back to the tax year at issue. Joseph DeCrescenzo and the IRS both agreed that he earned $131,660 of...

An S corporation shareholder-employee's $24,000 annual salary was unreasonably low, the Court of Appeals for the Eighth Circuit concluded, so it allowed the IRS to reclassify $67,000 in dividend payments as salary. As a result, the corporation owed...

The IRS has issued a warning to senior citizens and other taxpayers about an emerging scheme that tempts them to file tax returns to claim fraudulent refunds. The scheme carries a common theme of promising refunds to people who have little or no...

Two federal tax credits - the American Opportunity Credit and the Lifetime Learning Credit - may help offset the costs of higher education for you or your dependents. To qualify for either credit, you must pay postsecondary tuition and fees for...

Employers will have more time to file the required certification form for employees hired on or after Nov. 22, 2011, and before May 22, 2012. The IRS has released the guidance and forms that employers can use to claim the newly expanded tax credit...

You love your children. You'd fling yourself in front of a speeding locomotive to protect them. Here are eight reasons to appreciate them even more when you're preparing your tax return: 1. Dependents - In most cases, you can claim a...

Last week President Obama released his federal budget proposals for fiscal year 2013. On the same day, the Treasury released its General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals (the so-called "Green Book")....

You have plenty of reasons to speed up the process of filing your individual tax return. The primary reason has always been that, if you're expecting a refund, you shouldn't wait any longer than necessary to receive it. Add identity theft to your...