Free Online Guides
Other
Resources
About
Fairmark.com
December 3, 2010
The IRS has announced standard mileage rates for automobile use in 2011:
These figures and many more are posted in our Reference Room.
November 27, 2010
The IRS has released a 12-page notice (PDF) providing guidance in question-and-answer form for employers that want to offer their 401k or 403b participants the opportunity to move money from a regular account to a designated Roth account within the same plan. This guidance was on a fast track so that employers could make this opportunity available before the end of 2010 for those participants who want to take advantage of the special rule, available only this year, to delay the reporting of income from a conversion — splitting it between 2011 and 2012 instead of reporting it as 2010 income. (more…)
September 11, 2010
If you entered into a contract to buy a home by the end of April, you have until the end of September to close on the purchase if you want to claim the homebuyer credit. For details see the IRS guidance here.
August 27, 2010
Tax credit, that is. Last year’s stimulus bill included provisions expanding and renaming the Hope Credit, making it possible for more people to save on taxes when paying college expenses. (more…)
August 20, 2010
No, we aren’t talking about floral arrangements. The federal tax deposit system, or FTD, is used to collect various taxes including employment taxes and corporate income tax. (It isn’t used by individual taxpayers filing their income tax returns, so they aren’t affected by this announcement.) The system has long accepted and encouraged electronic payments, and fewer than 10% of the payments are still made with old-fashioned paper coupons. Apart from being less efficient, the paper coupons account for a disproportionately large number of errors and penalties. Beginning next year paper coupons will be eliminated and all these deposits will have to be made electronically.
August 19, 2010
Last month we reported on proposed regulations that would impose an annual user fee on paid return preparers in connection with an application for and renewal of a preparer tax identification number (PTIN). At that time we knew the IRS would receive $50 and applicants would pay an additional amount to cover the cost of a third-party vendor to operate the online system and provide customer support. The IRS has announced that the system will go live in mid-September, and the total fee for 2011 will be $64.25. This fee may change in future years as costs are re-evaluated.
This is an annual fee and will apply to all compensated return preparers, including registered tax return preparers, enrolled agents, CPAs and attorneys, even if they already have a PTIN.
August 11, 2010
The IRS owes lots of money to lots of people. Some failed to file returns even though they had a refund. Others filed a return but the IRS wasn’t able to find them when trying to pay the refund. Are you one of those people? (more…)
August 11, 2010
If you owe money to the IRS, there are a few things they’d like you to know about how to resolve the problem. (more…)
July 27, 2010
The IRS has announced an extension of certain deadlines for taxpayers residing or having a business in Pike County, Kentucky, scene of severe storms beginning July 17.
July 27, 2010
A 2006 tax law changed the filing requirements for many smaller tax-exempt organizations, and says they lose their tax-exempt status if they fail to comply for three consecutive years. With thousands of these organizations facing this fate, the IRS has offered a limited, one-time reprieve. (more…)
Fairmark.com is your source for news, features, free online guides and other resources dealing with taxes and investing. To stay current, sign up for our free newsletter.
| That Thing Rich People Do |
|
The fastest, easiest way to learn the principles of investing. |
| Go Roth! | |
|
Our complete guide to Roth IRAs and Roth accounts in 401k and 403b plans: choosing, creating, building and using these accounts. |
| Consider Your Options | |
|
A plain-language guide for people who receive stock options or other forms of equity compensation. |
| Equity Compensation Strategies | |
 |
A text for financial advisors and other professionals who offer advice on how to handle equity compensation including stock options. |
| Capital Gains, Minimal Taxes | |
 |
Tax rules and strategies for people who buy, own and sell stocks, mutual funds and stock options. |
A publication of Fairmark Press Inc.
Copyright Kaye A. Thomas 1997 - 2012