TaxACT

No deduction is allowed for a fine or penalty paid to a government for the violation of a law.

You may not postpone tax on earned commissions credited to your account in 2009 by not drawing them until 2010 or a later year. However, where a portion of earned commissions is not withdrawn because your employer is holding it to cover future expenses, you are not taxed on the amount withheld.

An attorney who took a medical malpractice case on a contingent fee basis agreed to split the net fee with his ex-wife pursuant to their divorce agreement. After a favorable settlement, the attorney take was approximately $40,000 after expenses, half of which went to his ex-wife...

Tips you receive are taxable income. You must report tips to your employer so your employer can withhold FICA and income tax from your regular pay to cover the tips.

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You must pay tax on severance pay received upon losing a job. The severance pay is taxable even if you signed a waiver releasing your former employer from potential future damage claims. The waiver does not change the nature of the payments from taxable pay to tax-free personal injury damages.

A U.S. citizen or resident may have to pay tax on a gift or bequest received on or after June 17, 2008 from an individual (or estate of an individual) who expatriates on or after June 17, 2008 and is subject to the rules of Section 877A...

An alien planning to leave the U.S. should obtain a copy of Form 1040-C from the IRS to review his or her tax reporting obligations.

If you were not a resident during 2008 but in 2009 you satisfy both the lawful resident (green card) test and the 183-day presence test, your residence begins on the earlier of the first day you are in the U.S. while a lawful permanent resident and the first day of physical presence.

Do not report on the decedent final return income that is received after his or her death, or accrues after or because of death if the decedent used the accrual method. This income is considered income in respect of a decedent, or IRD...

To expedite the closing of the decedent estate, an executor or other personal representative of the decedent may file Form 4810 for a prompt assessment. Once filed, the IRS has 18 months to assess additional taxes...