ARTICLES

Life insurance and taxes can be a mind-numbing and confusing combination for most people. Normally, the death benefit received from a life insurance policy is not considered taxable income. However, income can be taxable when you cash in the policy...

The IRS has launched a new online search tool - Exempt Organizations Select Check - to help users more easily find information about tax-exempt organizations. You can now go to one location on IRS.gov to search for the following information:...

If you operate a business and you paid any service provider at least $600 for services during 2011, you must provide Form 1099-MISC, Miscellaneous Income, to the provider no later than Jan. 31, 2012. However, if the provider is a corporation,...

Many young girls play with dolls. Many young boys play with action figures. Is there a gender bias in the tax law? Most toys - dolls and action figures included - are manufactured overseas and imported into the United States. The Harmonized Tariff...

The IRS has issued a notice providing interim guidance on reporting information to employees about the cost of their group health insurance coverage. This guidance restates and updates earlier guidance issued late in 2010. Beginning in tax year...

A recent Tax Court case confirms that dividends receive different treatment from interest. Investors who purchase bonds are generally aware of the accrued interest rule: When you purchase a bond between coupon dates, or the dates on which the bond...

The IRS has issued new temporary regulations that will affect virtually all taxpayers that acquire, produce or improve tangible property. Businesses can currently deduct a repair expense if the cost is incidental in nature and the repair neither...

It's that time of the year when your income tax documents start arriving in the mail. Some will document income earned that you need to report on your income tax return. Others will document deductions you can claim on your income tax return. You...

On Dec. 23, 2011, Congress and President Obama delivered a last-minute holiday gift to working taxpayers.  Both parties agreed to temporarily extend the payroll tax cut that has been in place for 2011. The employees' share of the Social...

The IRS has clarified the treatment of certain liabilities under the Internal Revenue Code's recurring-item exception to the economic performance requirement of the all-events test. Under the all-events test, an accrual method business can accrue a...

Receiving and exercising stock options will give a taxpayer a lot to consider. When a person who is both an investor in and an employee of a corporation receives options to purchase stock in the corporation, the tax consequences of exercising the...

The IRS has issued proposed and temporary regulations and a new information reporting form that must be used to report specified foreign financial assets for tax year 2011. Form 8938, Statement of Specified Foreign Financial Assets, must...