On Friday, the IRS issued final regulations governing the election and calculation of the alternative simplified research and development credit under IRC § 41(c)(5) (TD 9528). The new rules are effective for tax years ending after June 9, 2011. The final regulations extend the election proc...
36 first-time home buyer tax credit in the U.S. It states that the credit is available for a home purchased after April 8, 2008, and before July 1, 2009, but vacation homes and rental properties are not eligible for the credit. It notes that only taxpayers who are first-time home ...
Pub 929 Tax Rules for Children and Dependents Pub 936 Home Mortgage Interest Deduction Pub 946 How To Depreciate Property Pub 969 Health Savings Accounts and Other Tax-Favored Health Plans Pub 970 Tax Benefits for Education Pub 972 Child Tax Credit With TurboTax Live Full Service, a local expert...
Carrie Brandon Elliot explains the treatment of 25-percent-owned domestic subsidiaries in determining passive foreign investment company status, along with antiabuse rules and proposed safe harbors.Show All Sign up for a free trial to access more content. A 7-day trial subscription is an easy way...
IRS rules prohibit parents from effectively "splitting" a dependent. Only one of them can claim a child as a dependent per year. Some parents with multiple children do "divide" them at tax time, however, with one parent claiming one child and the other parent claiming the other, and this...
The IRS urges all taxpayers to make sure they have all their year-end statements in hand before filing, including Forms W-2 from employers, Forms 1099 from banks and other payers, and Form 1095-A from the Marketplace for those claiming the premium tax credit. ...
The expected uptick in reporting volume was partly responsible for the decision to postpone the new "$600 rule." There wereconcernsthat many taxpayers would unexpectedly receive 1099-K forms and would need additional time to familiarize themselves with the rules. Plus, taxpayers needed more time to...
If you received a tax notice and need to speak with someone about it, call the phone number on the notice. For other concerns, you can call an IRS customer service representative from 7 a.m. to 7 p.m. (local time) Monday through Friday. The number is 800-829-1040. You may need ...
Just because you work from home doesn’t necessarily mean you can deduct expenses for the business use of your home using Form 8829 or some other tax form. You can only deduct these expenses if you’re a self-employed business owner. If you’re a regular employee – tha...
Othertax-advantagedinvestments includetax-free savings accounts, municipalmutual fundsorexchange-traded funds (ETFs), and somelife insurancepolicies. What Is the Difference Between a Tax Credit and a Tax Deduction? Tax credits and tax deductions both reduce the amount of tax you owe, but they wor...