The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
Winner! Winner! Winner!: Tax Implications of Winning Lotteries and Game Show Prizes
Someone just won $30 million in the California SuperLotto Plus. It wasn’t me. Doesn’t it burn you up when you look up your numbers and someone else has won? Playing the lottery isn’t the only way to try your luck and make it big these days. With the proliferation of game shows, reality shows, Internet [...]
Class Action Lawsuit Settlement: Good News or Bad For Your Taxes?
This article was written by guest blogger Eva Rosenberg. I recently received a question from Susan, who wanted to know if a settlement from a class action suit is taxable. Great question, but it’s also very broad and open-ended. A number of examples came to mind. First, let’s talk about the woman who won a [...]
Accountant Steals Refund Checks
A tax filer has an accountant "friend" who filed tax returns but had the money deposited into his account. The accountant is likely guilty of fraud for stealing the tax returns. The filer should contact the IRS immediately and learn to file their own taxes for the future.
IRS Announces Help For Taxpayers Who Owe Back Taxes
Looks like the Internal Revenue Service is following the example of financial institutions like banks and agreeing to work with people in financial di...
IRA Information From IRS.gov
We had a question earlier about the rules regarding IRA withdrawals for a first home purchase. Go to IRS.gov and download publication 590. January 4...
Do you have to make a required distribution in 2009?
From Don: I've heard that the requirement to make Required Minimum Distributions from an IRA has been "waived" for calendar year 2009. I've looked di...
Holiday Car Donation
Brightly decorated trees, freshly baked cookies, eggnog, giving and receiving. When it comes to the holiday season, vehicle donations are a way to hel...
IRS Announces Help For Homeowners In Financial Trouble
The U.S. Internal Revenue Service just announced that it will allow homeowners to apply to make their mortgage loan the primary lien against their hom...
Can Mortgage Lender Get Tax Deduction?
If you become a mortgage lender to a home buyer can you take a tax deduction? Generally no. Mortgage related tax deductions may be taken by home owners or home buyers, not home sellers or mortgage lenders. Try consulting an IRS publication or a tax advisor to find out more about mortgage lenders and tax deductions.
IRS Announces 2009 Mileage Rates
The Internal Revenue Service announced the 2009 optional standard mileage rates for 2009, which are used to calculate deductible costs on taxes. The r...