FBAR deadline coming

If your assets include foreign bank and financial accounts, you must annually file a Report of Foreign Bank and Financial Account (FBAR). The IRS is reminding affected taxpayers that the deadline to file an FBAR generally is April 15. Specifically, taxpayers must file FBARs if they have financial interest in or signature authority over bank […]

Read More FBAR deadline coming

Where’s my refund?

Myths about federal tax refunds keep coming and the IRS is continuing to combat misinformation. One common myth is that if you get a refund this year, there’s no need to adjust your withholding for 2022. That may not be true if you want to avoid surprises next year. You can use the IRS Tax […]

Read More Where’s my refund?

Is a Settlement or Judgment Taxable?

Tax law excludes from “gross income” damages received for “personal physical injuries or physical sickness,” if certain conditions are met. The damages must be based on a wrongful act resulting in injury and they must be awarded for physical injuries or illness. There must be a “direct causal link” between the damages and the injury. […]

Read More Is a Settlement or Judgment Taxable?