Congress Delays “Extender” Legislation Again

On December 3, the House of Representatives passed the Tax Increase Prevention Act of 2014 (H.R. 5771). The bill would extend 56 tax provisions which expired or were reduced at the end of 2013. The bill extends the provisions for 2014. Since many of the provisions in the House‐passed bill are also in the Senate extender […]

State Tax Cut Proposal

Mississippi Governor, Phil Bryant, has proposed a sliding tax credit for Mississippi taxpayers, which would be based on a filer’s eligibility for the federal earned income tax credit. The sliding tax credit is designed to help low-to-moderate income families and would be equal to 15% of the federal earned income tax credit. Governor Bryant says […]

Affordable Care Act Tax Provisions for Individuals & Families

The Affordable Care Act, or health care law, contains health insurance coverage and financial assistance options for individuals and families. The IRS administers the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and financial assistance. What do I need to know about the health care law? The Individual Shared […]

Five Easy Ways to Spot a Scam Phone Call

IR-2015-05, Jan. 22, 2015 WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual “Dirty Dozen” list of tax scams for the 2015 filing season, the Internal Revenue Service announced today. The IRS has seen a surge of these phone scams in recent months as scam […]

Losses from Tornadoes, Severe Storms, Flooding & Other Casualty Losses

Generally, you may deduct casualty losses relating to your home, household items, vehicles, and business and income‐producing property on your federal income tax return.  You may not deduct casualty losses covered by insurance unless you file a timely claim for reimbursement, and you reduce the loss by the amount of any reimbursement or expected reimbursement. For property […]