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Has 2020 Census been mailed?

SACRAMENTO, CA – Beginning today Californians will be sent initial invitations from the United States Census Bureau to participate in the 2020 Census. “Th...

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Knowledge Base

Latest insights and tutorials from the The Daily Insight team.

What is the pass rate for the enrolled agent exam?

71% Enrolled Agent Exam Pass Rate: How Hard Is the Enrolled Agent Exam? As the average Enrolled Agent exam pass rate is 71%, many people find the EA exam ...

Are punitive damages subject to income tax?

Punitive Damages: Punitive damages are taxable and should be reported as “Other Income” on line 21 of Form 1040, Schedule 1, even if the punitive damages ...

Can family trust revocable?

All trusts are either revocable–living trusts, that can be changed by the grantor if need be, or irrevocable—fixed trusts that cannot be changed once esta...

Are tenants clients?

There are cash-paying, no-agreement, always right customers one end all the way to the other extreme of qualifying customers after an application process....

Can you write off rental payments?

No, there are no circumstances where you can deduct rent payments on your tax return. Rent is the amount of money you pay for the use of property that is ...

Is interest a liquid asset?

Examples of liquid assets Cash or currency: The cash you physically have on hand. Bank accounts: The money in your checking account or savings account. Mo...

Can you claim professional gambler on taxes?

If You’re a Professional Gambler Professional gamblers report their income and related expenses on Schedule C as self-employment income. Net Schedule C in...

Does West Virginia follow federal extension?

Please be aware that West Virginia will not accept the federal extension form as an extension for your West Virginia tax return. However, if you expect to...

How do you call the IRS and actually talk to someone?

Contact an IRS customer service representative to correct any agency errors by calling 800-829-1040. Customer service representatives are available Monday...