Tax

President Barack Obama and his wife, Michelle, reported adjusted gross income of $481,098 for 2013, down 21 percent from last year, according to tax returns released yesterday by the White House.

Internal Revenue Service commissioner John Koskinen addressed a special thank you to the tax community in an email to tax professionals Friday, noting that their work is “critical to running the tax system and helping the nation.”

A new Web site provides a state-by-state guide to tax laws and regulations for LGBT couples.

Thomson Reuters has published a special report on the 3.8 percent net investment income tax that was included as part of the Affordable Care Act, which tax preparers will be calculating for the first time on their clients’ 2013 returns.

The Marketplace Fairness Act, which was supposed to finally settle the question of how states can tax online sales, appears to have stalled in Congress after passing the Senate last year.

The Internal Revenue Service said that a qualified tax professional who has a Form 8821, Tax Information Authorization, on file may now request a client’s account transcript using the Transcript Delivery System.

“Old-world” economies charge higher inheritance and estate taxes than “new-world” economies, according to a study by UHY International.

The Internal Revenue Service said Friday that victims of last month’s mudslides and flooding in Washington state will have until Oct. 15 to file their returns and pay any taxes due.

April is National Financial Literacy Month, and in recognition of the importance of the topic New York-based CPA John Vento is partnering with members of Congress from the Financial and Economic Literacy Caucus to speak at high schools and universities in the New York metropolitan area.

Investors try to maximize investment returns while managing the level of risk in their portfolios. But only after-tax investment returns are truly available to the investor. Tax consequences should be considered before making any investments. Tax treatment, good or bad, can have a significant impact on an investment decision.