Here’s a summary of the top news, features and other items of interest relating to taxes and investing published recently at Fairmark.com.
The Fairmark Wrapup is also published as a free email newsletter. Click here to sign up.
Archive for the ‘News’ Category
Fairmark Wrapup
Monday, January 3rd, 2011RALs Blocked at Block
Monday, January 3rd, 2011H&R Block has announced it won’t offer refund anticipation loans this year. RALs have been criticized for imposing high costs on consumers while providing little benefit. H&R Block’s action was based on loss of their funding arrangement, however, rather than ethical concerns.
Jackson Hewitt and Liberty Tax Service intend to continue offering the controversial loans.
Related
Start of Tax Filing Season Delayed for Itemizers, Others
Thursday, December 23rd, 2010The tax law set off a scramble at the IRS to reprogram its computers and change its forms to reflect all the changes. The agency has announced that the tax filing season will begin on time for most taxpayers, but itemizers and certain others will have to wait until mid- to late February before filing. (more…)
Tax Numbers for 2011
Thursday, December 23rd, 2010Official figures for the 2011 tax rates, personal exemptions, and other numbers that are adjusted annually for inflation have been released by the IRS and are now available in our Reference Room.
Tax Deal Now a Done Deal
Friday, December 17th, 2010The tax deal brokered by President Obama and Senate Republicans passed its last hurdle when it secured approval from the House of Representatives late Thursday. It was enacted into law when President Obama signed it Friday. For an overview of major tax provisions, see our Q&A on the Tax Deal.
Fairmark Wrapup
Monday, December 13th, 2010Here’s a summary of the top news, features and other items of interest relating to taxes and investing published recently at Fairmark.com.
The Fairmark Wrapup is also published as a free email newsletter. Click here to sign up. (more…)
Interest rate update
Wednesday, December 8th, 2010The IRS has announced interest rates for tax underpayments and overpayments (also used for figuring the penalty for underpayment of estimated tax) for the first quarter of 2011. The main rate has gone down, from 4% to 3%. These rates, along with many other figures, can be found in our Reference Room.
Mileage Rates for 2011
Friday, December 3rd, 2010The IRS has announced standard mileage rates for automobile use in 2011:
- For business use, 51 cents per mile, with 22 cents per mile being treated as depreciation (reducing the basis of the vehicle)
- For medical or moving use, 19 cents per mile
- For charitable use, 14 cents per mile
These figures and many more are posted in our Reference Room.
New Guidance on In-Plan Roth Conversions
Saturday, November 27th, 2010The 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…)
Tax Agenda for Congress
Wednesday, November 17th, 2010The current Congress has little time and much to accomplish. It has five big items on its tax agenda. Here’s a quick summary of what they are and where they stand. (more…)
