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The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2019-49). They are essential the same as last year, although some scams are featured more prominently than before. The top tax scams are: Phishing (IR 2019-26): Taxpayers should be alert to the ongoing threat of fake emails or websites [... […]
For nearly 70 years, clergy receiving housing (an in-kind benefit) or a housing allowance (a cash benefit) were able to exclude the full amount from gross income. However, the Freedom From Religion Foundation (FFRF) challenged the housing allowance as a violation of the Establishment Clause of the U.S. Constitution. That clause prohibits the federal government [... […]
If you receive a lump-sum payment of Social Security benefits reflecting amounts attributable to prior years, you can elect to use income from the prior years to figure the taxable portion of benefits attributable to those years. Under this lump-sum election, you refigure the taxable part of all your benefits for the earlier year (including [... […]
For the second quarter of 2019 (April 1 through June 30, 2019), the IRS interest rate on individual tax refunds and tax underpayments is remaining at 6% (Rev. Rul. 2019-5). This is the same rate that applied in the first quarter of 2019. Keep in mind that if you are due a refund on your [... […]
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