Executive Order 13765, issued in 2017, is aimed at minimizing the economic burden of the Affordable Care Act. However, the IRS has indicated that this doesn’t give the Service the authority to chang...

The interest rates on overpayments and underpayments are unchanged from the fourth quarter of 2019 (Rev Rul. 2019-28). The rates are:Noncorporate overpayments and underpayments: 5% Corporate ov...

The IRS has provided guidance on what disclosure is treated as “adequate” to avoid a 20% penalty for a substantial understatement of tax (Rev. Proc. 2019-42, updating Rev. Proc. 2019-9). Here’s ...

A domestic spending package, called the Further Consolidated Appropriations Act, 2020 (H.R. 1865) which was signed into law on December 20, 2019, makes $426 billion in tax cuts. Here is a brief overvi...

Currently, the estate tax exemption is large enough ($11.4 million for decedents dying in 2019; $11.5 million for those dying in 2020) to protect most estates from having to pay any federal estate tax...

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...

As part of a massive year-end domestic spending package, called the Further Consolidated Appropriations Act, 2020 (H.R. 1865), numerous changes were made to retirement plans and IRAs. These changes we...

The year is winding down but there’s still time to take certain actions that can lower your tax bill for 2019. Here are 10 things you can still do:1. Review withholding and estimated taxesI...

Fall is the time of year to choose the employee benefits you want for the following year from the options provided to you by your employer. In making your choices for 2020, understand what these optio...

Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...

You cannot simply net your gambling losses against your winnings. You must report all of the lottery money as income. Then, if you itemize personal deductions (using Schedule A) instead of claiming th...

As a self-employed person, you cannot receive a salary. You can take a draw from your business bank account to cover your personal expenses, but this has no impact on your taxes. You are taxed on your...

No. The conversion triggers taxable income (the full amount of what’s in the traditional IRA if no nondeductible contributions were ever made). But the mere fact that the original contributions were...

The qualified business income deduction applies only to a trade or business. Under an IRS-created safe harbor, a rental real estate activity may be treated as a trade or business for purposes of this ...

If you change investments from one mutual fund to another within a taxable account, then it’s as if you sold your holdings in one account to buy holdings in another. If there is a gain on the transa...