The CARES Act provided numerous ways in which to handle loans and distributions from qualified retirement plans and IRAs for those impacted by COVID-19 who needed funds. The IRS has provided guidance ...

The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes are much lower in the third quarter of 2020 compared with the rates in the second quarter of...

In an effort to help taxpayers struggling with IRS collection and enforcement activities, the IRS launched the People First Initiative to provide relief (FS-2020-09, June 2020). The program modifies t...

If you have certain foreign financial accounts, you must report them annually to the U.S. Treasury. This is done electronically through BSA E-Filing System (https://bsaefiling.fincen.treas.gov/NoRegFB...

For 2020, whether you itemize or claim the standard deduction, you can take a charitable contribution deduction (subject to limitations). This write off applies only to donations to IRS-approved chari...

As a result of the pandemic, Congress has created a number of payments and programs for individuals to help them financially. If you’ve received one or more of these payments or benefited from one o...

Tax legislation—the SECURE Act in December 2019 and the CARES Act in March 2020—each contain rules impacting IRAs. Because of law changes, there is much confusion about what to do with these accou...

The worldwide pandemic—Covid-19—has changed everything…taxes included. Congress has enacted a new law (Families First Coronavirus Response Act, H.R. 6201, or “the Act”), to provide economic ...

The SECURE Act made some major changes in retirement plans and IRAs. It also has left many unanswered tax questions. There continues to be many that still lack clarity because the IRS has not addresse...

The Further Consolidated Appropriations Act, 2020 (P.L. 116-94) retroactively reinstated dozens of expired tax breaks. Some of these breaks are for individuals, while others are for businesses. Determ...

Economic Impact Payments are tax credits. As such, they cannot automatically be taken by nursing homes or assisted living facilities. The payments don’t count as “resources” for federal benefits...

The company deducts the expenses related to the truck because it belongs to it. However, your spouse’s personal use of a company vehicle is a taxable fringe benefit. The amount usually is reported a...

The wash sale rules bar an individual from recognizing a loss from the sale of securities if substantially identical ones are purchased within 30 days before or after the date of sale. The loss become...

The IRS has not yet provided guidance on what to do if checks are mailed to the wrong address or deposited into the wrong accounts. Eventually everything will be straightened out. This problem illustr...

It depends on whether you itemized medical deductions for the year in which you pay the premiums on the policy you purchased on the individual market. If you took the standard deduction, you don’t r...