Category Archives: Individual Tax

Depreciation and education credit forms can soon be filed with the IRS

The IRS announced on Friday that it will soon be able to accept tax returns that include Form 4562,Depreciation and Amortization, and/or Form 8863, Education Credits (IR-2013-18). The IRS will start processing returns with Form 4562 on Sunday, Feb. 10, and will start processing returns with Form 8863 on Thursday, Feb. 14. It also announced that it will be able to start processing other delayed forms in early March.

Read more at the Journal of Accountancy…

IRS further delays acceptance of returns claiming education credits

On Monday, two days before the delayed Jan. 30 start of the 2013 filing season, the IRS announced a further delay in processing returns that contain Form 8863, Education Credits, which must be filed by people claiming the American opportunity and the lifetime learning tax credits (IR-2013-10). Read more at Journal of Accountancy… Continue Reading

401(k) breaches undermining retirement security for millions

A large and growing share of American workers are tapping their retirement savings accounts for non-retirement needs, raising broad questions about the effectiveness of one of the most important savings vehicles for old age. More than one in four American workers with 401(k) and other retirement savings accounts use them to pay current expenses, new… Continue Reading

7 Reasons You Shouldn’t Retire Now

For some people, there is a natural progression toward retirement. They know exactly when it’s time to call it quits. For others, thoughts about when to retire make them nervous, and the decision isn’t easy. Determining the right time to retire can become mind-numbingly complex when you consider all of the personal and financial factors that… Continue Reading

Make Sure Your Charitable Contributions Documentation Is Sufficient

Charitable organizations frequently depend on donations from the public to pursue their mission, and, although there are many altruistic reasons people give, it is largely acknowledged that the federal tax deduction for charitable contributions is a significant incentive. Earlier this year, the Tax Court highlighted how an apparently slight oversight in documentation can upend the… Continue Reading

Fiscal Cliff Act Has Passed. So What?

Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some quarters, groused about throughout the preceding day. By a… Continue Reading

It’s decision time — will you be making big gifts before year-end?

With a variety of tax measures scheduled to expire at the end of 2012, this advisory will focus solely on the changes impacting federal estate and gift taxes, highlighting those factors that individuals concerned about the burden of future estate tax should consider when deciding whether to take action now, so transfers can be completed… Continue Reading