The Affordable Care Act has come before the U.S. Supreme Court three times. In the latest challenge, the Court declined to rule on a constitutional challenge to the so-called individual mandate in the...

The American Rescue Plan Act of 2021, which was enacted on March 13, 2021, greatly expanded the dependent care credit for 2021. It raised the cap on expenses taken into account in figuring the credit ...

The IRS has the discretion to grant extensions of up to one year for certain tax actions for those impacted by federal disasters. The Further Consolidated Appropriations Act, 2020, created a mandatory...

Despite concerns about inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-10). The rates for the third quarter of 2021 beginni...

According to a Treasury report (https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf), the tax gap, which is the spread between what the federal government c...

The American Rescue Plan Act, which was signed into law on March 11, 2021, dramatically changed the child tax credit for 2021. The law made the credit fully refundable and extended it to dependents 17...

If you are an owner of an IRA or you inherited an IRA, you must take required minimum distributions (RMDs) according to tax rules. The failure to do so may result in a 50% penalty. Because of COVID-19...

With interest rates still very low, many homeowners have taken this opportunity to refinance their mortgages and obtain a lower interest rate. From a tax perspective, there are consequences to refinan...

In most cases, you have three years in which to submit an amended return to claim a refund of overpaid taxes. But there are situations in which you can recoup taxes paid without submitting an amended ...

Whether you prepare your return yourself (on paper or electronically) or use a paid preparer, you need information to input. Hopefully, you’ve kept great records throughout the year to simplify your...

Even if your gross income is below the threshold that ordinarily requires you to file an income tax return, the IRS is encouraging you to do so in order to receive your Economic Impact Payments (EIPs)...

Nothing bars you from taking a distribution from your IRA and then giving the money to your granddaughter. However, if you’re withdrawing the funds from a traditional IRA (and you never made nondedu...

It depends. Damages received on account of a personal injury that isn’t a physical personal injury are fully includible in gross income. Only compensatory damages for personal physical injury are ta...

Scammers posing as a grandchild get grandparents to send money to them on the ruse that the grandchild has been hospitalized, is in legal trouble, or has been detained in a foreign country. However, b...

A cash liquidating distribution are funds distributed to a shareholder when a corporation is partially or fully liquidated. The distribution represents a return of an investor’s capital, so it’s n...