IRS reminds noncitizen taxpayers and withholding agents of filing obligations. The IRS issued a news release reminding non-U.S. citizens who have taxable income, such as international students who receive scholarship funds, of their potential filing obligations. The IRS also informed withholding agents that accurately filing Forms 1042-S, “Foreign Person’s U.S. Source Income Subject to Withholding,” is […]
Clues filter out about possible changes to health care plans. A recent policy brief given to members of Congress explains more about how Republicans plan to repeal and replace the Affordable Care Act. Part of the proposed plan relies on “advanceable and refundable” tax credits, but also being proposed are changes to Health Savings Accounts […]
The IRS warns that con artists are using “video relay services” (VRS) to scam deaf and hard-of-hearing people who utilize this technology for communication. Scammers may claim to be IRS agents to demand money or collect personal information which can be used to steal identities. The IRS says it’s critical to verify the identities of […]
A retired police officer received a monthly pension. During the year in question, $448,671 of his mortgage debt was canceled. He excluded most of the amount from income under the tax code’s insolvency exception. The IRS said the pension plan should be counted when determining whether he was insolvent. However, the U.S. Tax Court sided […]
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