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IRS Audit

New for 2013: The Net Investment Income Tax

Individual taxes

The 3.8% Net Investment Income Tax (“NIIT”) was passed as part of the 2010 Affordable Care Act.  It went into effect on January 1, 2013 and it applies to investment income only.  The IRS has released extensive proposed regulations detailing the application of the...

IRS Announces 2014 Filing Season Delay

Individual taxes

The IRS announced today that the 2014 tax return filing season will be delayed 1-2 weeks to allow adequate time to program and test tax processing systems following the 16-day federal government closure.  The originally scheduled starting date for the 2014 tax filing...

Job Search and Moving Expenses

Deductions, Individual taxes

Many taxpayers are unaware that they may be able to deduct the costs of searching for a job or moving to start work for a new employer.  The IRS allows taxpayers to write off their reasonable moving expenses under certain conditions, as well as the necessary expenses...

Casualty Losses for Natural Disasters

Deductions, Individual taxes

According to the IRS, taxpayers can claim casualty losses from all kinds of natural disasters, including earthquakes, volcanic eruptions, tornadoes, hurricanes, and floods.  In general, the criteria for claiming a casualty loss as a tax deduction is that it must be a...

The Student Loan Interest Deduction

Deductions, Individual taxes

Taxpayers who are making payments on student loans may qualify to deduct the interest portion of their payments on their federal income tax returns.  According to the IRS, the student loan interest deduction is available to those who meet certain conditions and income...

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