November 3, 2020 11:18 pm

There are no longer any age limits on making contributions to traditional IRAs. The cap of age 70½ expired after 2019. This means that those of any age who continue to have earned income (or other in...

November 3, 2020 11:17 pm

There are no required minimum distributions for 2020 (the requirement for 2020 was waived by the CARES Act), so the starting age is not significant for this year. After 2020, the starting age for comm...

November 3, 2020 11:15 pm

The cost basis of a home includes only capital improvements. Ordinary expenses, such as utility costs and property taxes, do not increase basis....

November 3, 2020 11:14 pm

The distribution is included in gross income; there is no exclusion in the law for using retirement account funds for this purpose. However, because you are over age 59½, there is no 10% early distri...

November 3, 2020 11:08 pm

In 2019, Americans gave an estimated $449.64 billion to charities and this year likely will see similar or greater donations. This is the season to be generous, especially with the added need of many ...

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November 3, 2020 10:56 pm

Due to low inflation, cost-of-living adjustments to various retirement plan limits are unchanged or only slightly higher (Notice 2020-79). The following are some key numbers to help you plan for the c...

November 3, 2020 10:55 pm

While most miscellaneous itemized deductions cannot be taken in 2018 through 2025, those that are not subject to the 2% of adjusted gross income floor continue to be deductible. One such deduction is ...

November 3, 2020 10:54 pm

Employers may offer employees a reimbursement plan to pay for certain costs not covered by group health insurance. An Excepted Benefit Health Reimbursement Arrangement (EBHRA) can cover a set dollar a...

November 3, 2020 10:51 pm

More than 70 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 1.3% starting with the December 2020 benefits, which are payable in January 2021. This COLA adjust...

November 3, 2020 10:48 pm

The IRS is including barcodes to CP14 and CP14 IA notices sent to taxpayers who have unpaid taxes (IR-2020-233). These notices are the first contact made with taxpayers who have a balance due.  Scann...

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November 3, 2020 11:08 pm

In 2019, Americans gave an estimated $449.64 billion to charities and this year likely will see similar or greater donations. This is the season to be generous, especially with the added need of many ...

October 6, 2020 12:12 am

It has long been solid general tax advice to defer income so that it becomes taxed in a future year. However, 2020 is a year like no other and standard tax advice does not apply to all individuals. If...

August 27, 2020 10:36 pm

It may seem that 2021 is a long time from now, but decision-making on your health care coverage for the coming year must be done soon. Know the time frame for making choices and what those choices are...

July 15, 2020 11:19 pm

As a result of COVID-19, required minimum distributions (RMDs) have been suspended for 2020. The IRS has provided guidance on how to deal with this suspension (Notice 2020-51). Here are some of the ra...

June 1, 2020 10:31 pm

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...

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November 3, 2020 11:18 pm

There are no longer any age limits on making contributions to traditional IRAs. The cap of age 70½ expired after 2019. This means that those of any age who continue to have earned income (or other in...

November 3, 2020 11:17 pm

There are no required minimum distributions for 2020 (the requirement for 2020 was waived by the CARES Act), so the starting age is not significant for this year. After 2020, the starting age for comm...

November 3, 2020 11:15 pm

The cost basis of a home includes only capital improvements. Ordinary expenses, such as utility costs and property taxes, do not increase basis....

November 3, 2020 11:14 pm

The distribution is included in gross income; there is no exclusion in the law for using retirement account funds for this purpose. However, because you are over age 59½, there is no 10% early distri...

October 6, 2020 12:18 am

The IRS sets an interest rate each quarter that is applicable to underpayments by individuals. The rate for the third and fourth quarters of 2020 is 3%. You can see all interest rates listed by the Na...

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May 22, 2012 1:24 pm
IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12
April 23, 2012 10:21 am
Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12
April 18, 2012 10:17 am
What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12
April 17, 2012 10:48 am
Celebrities are often in debt to the tax man, From USA Today, 4/17/12
April 11, 2012 11:03 am
Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12
More Stories
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  • Small Business Taxes 2020

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