Taxpayers in selected locations, including Illinois, will be eligible to opt into the online Identity Protection PIN program when the IRS begins the 2020 tax filing season…

Review items to take into consideration when donating your time share or vacation home, or donating to personal fund-raising websites…

Tax statues state that the penalty for failing to report foreign accounts is the greater of $100,000 or 50% of the highest balance in the accounts, but IRS regulations state that the penalty shall be no greater than $100,000…

In 2018, the IRS announced its Virtual Currency Compliance campaign that addresses tax noncompliance related to the use of virtual currency. According to the IRS, this past summer it began sending letters to taxpayers that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transaction properly…

Read about updates related to the 2018 Tax Cuts and Jobs Act, including Alternative Minimum Tax (AMT), medical expense deduction, error in schedule D, underpayment of estimated-tax penalty, and virtual currency…