WASHINGTON — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Oct. 1, 2011. The rates will be: three (3) percent for overpayments…

WASHINGTON — U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current…

To apply for Innocent Spouse relief File Form 8857, Request for Innocent Spouse Relief and Attach a statement explaining why you qualify for relief. Here are some helpful links to…

Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A. To be deductible, charitable contributions must be made to qualified organizations. Payments to individuals are never…

There are five types of deductible nonbusiness taxes: State, local and foreign income taxes State, local and foreign real estate taxes State, and local personal property taxes State and local…

The term “points” is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest, and may be deductible as home mortgage interest, if you itemize…

A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship is generally an amount paid to an…

Well organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination, or to prepare a response if an IRS…

Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of penalties and…

It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who don’t file a past due return or…