While everybody has heard much about the "fiscal cliff," many people don't realize just how hard a hit they might take. The details are none too favorable. Take for example, the alternative minimum tax (AMT).
Charitable contributions – whether of the cash or noncash variety – are as much a part of year-end tax planning as Form 1040. However, the rules governing the deductibility of charitable contributions are not quite as simple as most taxpayers assume them to be.
With the election behind us and a strong probability of more tax hikes ahead, Major League Baseball free agents have rushed to the negotiating table in the hope of pulling as much of their future income as possible into 2012.
Multimillion-dollar contracts are nothing unusual in major league baseball, and neither is trading. But the problem for five recently traded Marlins is that their remaining contracts will be paid out subject to much higher taxes.
A new wife, a new baby on the way, a multimillion-dollar house in escrow, and reports of back tax bills totaling more than $2.6 million. That's how rapper/producer Swizz Beatz has made news as the year draws close to the end.
According to a new report from the TIGTA, the IRS processed most tax returns on a timely basis during the last tax season, but challenges included problems with tax credits and more fraud attempts than the previous year.
New research found that an obscure accounting tool gives US companies the option of omitting from their financial statements, except in footnotes, that any taxes at all are owed to the IRS on profits made by their foreign subsidiaries.
"Benjamin Franklin said, 'In this world, nothing could be said to be certain, except death and taxes.' At least with taxes, they keep changing." Thus starts a new YouTube video entitled "Medicare Investment Income Tax."
The IRS has announced various cost-of-living adjustments for 2013. Although inflation has remained on the low side this year, it was still high enough to move the needle on more than two dozen tax code provisions.
Every year California publishes a list of tax delinquents, many of whom are big names in Hollywood. This year is no exception, though some say the celebrity names come more from the B-list or farther down the alphabet.
Like clockwork, the SSA announces an increase in the annual Social Security "wage base" practically every October. This year is no exception. Among other changes, the SSA says the wage base will jump to $113,700 in 2013.
On October 10, 2012, the IRS announced that Douglas Shulman, who has led the agency since 2008, is stepping down next month. "It has been an honor to serve the American people during this dynamic time," said Shulman.