Tax News

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The AbitOs team regularly collects, analyzes, and shares domestic and international tax news that we believe could interest – and impact – our clients.

Tax News – August 28, 2019

The IRS is providing temporary relief for some delinquent taxpayers who were going to lose their passports.

Earlier in August, the IRS reminded taxpayers that they may not be able to renew a current passport, or obtain...

Other Tax News

The Congressional Budget Office (CBO) recently published a report titled “The Distribution of Household Income, 2016.”

Taxpayers who have certain foreign financial accounts must report them on their tax returns.

When income tax is unpaid, interest generally accrues from the tax return due date.

Taxpayers engaged in business, with the intent to make a profit, can generally deduct the related expenses on their tax returns.

During time as a restaurant dishwasher, an employee was paid in cash and didn’t receive any type of wage statement.

New IRS guidance may be of interest to fraternal organizations.

According to news reports, White House officials have been discussing a possible temporary payroll tax cut to stimulate consumer spending and the economy.

The U.S. Tax Court ruled that it wasn’t an abuse of discretion for the IRS to sustain a levy on a taxpayer’s property because she hadn’t provided enough information to show economic hardship.

A portion of ancestry genetic testing qualifies as medical care, the IRS has stated, and thus some of the costs may be deductible.

New federal budget figures show mixed results.

Generally, amounts withdrawn from an individual retirement account (IRA) before age 59-1/2 are subject to an additional 10% tax.

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