2011 reporting for 2010 conversions to Roth accounts explained
Taxpayers who convert a traditional IRA to a Roth IRA must include the amount transferred in their gross income and pay tax accordingly. For the 2010 tax year, the IRS created spec...

Auto/ truck maximum values updated for 2012 cents-per-mile/fleet-average valuation
Taxpayers whose employers provide company cars (or trucks and vans) for their personal use must factor that usage into their gross income. Personal use of a vehicle provided by an employer is consi...

IRS audits of higher income taxpayers increase
The IRS audited one in eight individuals with incomes over $1 million in fiscal year (FY) 2011. While the overall audit coverage rate for individuals remained steady at just over one percent, the a...

IRS eliminates tort test for exclusion of personal injury/sickness damages
Recent IRS regulations provide that damages received from a lawsuit or settlement as compensation for personal physical injuries or sickness may be excluded from gross income, even...

Tax gap grows to $450 billion; compliance rate holds steady
The "gross tax gap," or the amount of tax owed to the U.S. government that is not paid on time, climbed from $345 billion in Tax Year (TY) 2001 to $450 billion in TY 2006, the IRS has reported. (Be...

FL - Floating interest rate remains at 7% for first half of 2012
The floating interest rate on Florida underpayments (deficiencies), late payments, and overpayments for the period from January 1, 2012, through June 30, 2012, remains at 7% for, a...