Traditional Individual Retirement Arrangements

In an attempt to encourage personal savings for retirement, Congress has established a plan that gives you tax advantages for setting aside money for retirement. When you contribute to an individual retirement arrangement (IRA), you may be entitled to deduct some or all of the contribution, and the amounts in the IRA, including earnings, are usually not taxed until they are distributed. The advantage to delaying taxation is that many people are in a lower tax bracket after retirement, thereby reducing the amount of tax paid on the contributions and earnings...More...

Federal Payment Levy Program

If you have not paid all of your federal income taxes, beware. The Internal Revenue Service has partnered up with the Department of the Treasury, Financial Management Service (FMS), to create a program that is authorized to collect overdue taxes through a continuous levy on certain federal payments owed to you. More...

Specific Recordkeeping for Individuals

Although fundamental recordkeeping requirements are based on common sense principles, there are some specific Internal Revenue Service requirements for certain types of transactions.More...

Tax on Unrelated Business Income of Exempt Organizations

Even if a nonprofit organization is granted tax-exempt status by the Internal Revenue Service, it may still be subject to taxation on any unrelated business income. Unrelated business taxable income (UBTI) is defined as income from a trade or business regularly carried on by an exempt organization if the trade or business is not substantially related to the exempt purpose of the organization. In determining whether an activity is "regularly carried on," the Internal Revenue Service looks at the frequency and continuity with which it is pursued, and it is compared to the commercial activities of non-exempt organizations. More...

Taxation of Foster Care Payments

As the provider of foster care, you may be entitled to exclude certain payments for the care of "qualified foster individuals" from your gross income. A qualified foster individual is a person who is living in a foster family home after having been placed there either by a governmental agency or by a qualified foster care agency. More...