If you haven’t filed your tax return by now, you should probably consider filing for an extension. It is a lot easier to file for an extension than it is to amend a return later for a mistake you made trying to rush your return to completion. A hastily filed return is even more costly if the IRS finds a mistake you made and assesses underpayment penalties and interest.

The Internal Revenue Service has issued proposed regulations to create a new taxpayer identification number known as the IRS Truncated Taxpayer Identification Number, or TTIN, that can be used instead of a Social Security number, in response to the growing problem of identity theft related tax fraud.

About 60% of taxpayers who claim large-dollar noncash charitable contributions on their returns may not be complying with Federal reporting requirements, according to a new report by the Treasury Inspector General for Tax Administration (TIGTA).

A job loss is an unfortunate event that can throw household finances and debt repayment for a loop. When it happens to you or your family, it's essential to make a list of your monthly payments and any expected household income, and to begin prioritizing them.

Typically, investment interest is only deductible to the extent of investment income. Any investment interest not allowed in the current year due to the investment income limitation is carried forward indefinitely.

In our CPA practice, we find that many clients want to hold all of their tax information until they have received that final Form 1099 or K-1. Yikes! Don't do that! Some brokerage firms don't deliver 1099s until as late as March 8th, or amend the original 1099s frequently until March 31st.