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Professional Tax Software News & Advice

IRS Grants Tax Relief to Drought-Stricken Farmers and Ranchers in 30 States


If you have clients who are farmers or ranchers and drought forced them to sell their livestock, special IRS tax relief may help. The IRS has extended the time to replace livestock that farmers were forced to sell due to drought. If your client is eligible, this may help them defer tax on any gains they received from the forced sales. The relief applies to all or part of 30 states affected by drought. Here are several points you should know about this relief. [More]

Tax Relief for Victims of Terrorist Attacks


Victims, survivors and some dependents of those killed during the Sept. 11, 2001 attack on the World Trade Center, the Pentagon and United Airlines Flight 93; the Oklahoma City bombing in 1995; and the 2001 anthrax terrorist attacks may be eligible to claim certain types of tax relief. To benefit, taxpayers must file claims for these benefits using the guidelines and time frames set by law. A reminder for employers is also included here. [More]

Injured Spouse Tax Relief


A taxpayer is considered an injured spouse when a joint overpayment was or is expected to be applied to a past due obligation of the other spouse. By filing Form 8379, Injured Spouse Allocation, the injured spouse may be able to get back his or her share of the refund.   Qualifications For I... [More]