About 3 million Form 1040-X, Amended U.S. Individual Income Tax Return, are filed annually. The IRS announced that Form 1040-X can now be filed electronically using commercial tax-filing software (IR-...

Federal law limiting the itemized deduction for state and local taxes to $10,000 ($5,000 for married persons filing separately) prompted a number of states, including Connecticut, New Jersey, and New ...

The IRS reports statistics on its filing season (https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-july-24-2020). Through July 24, 2020, 152,875 income tax returns were filed for i...

The statute of limitations is the period in which the IRS has to audit your return or in which you can file a claim for refund. If this period expires, the IRS usually can’t audit you (there is an e...

Dependent care flexible spending accounts (FSAs) set the deadline for submitting requests for reimbursement. For example, a company’s plan may limit reimbursements to requests submitted within 30 da...

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...

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...

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 ...

A business that loses money year after year may draw the attention of the IRS; it may question whether this is a business with a profit motive or a mere hobby activity for which losses (expenses in ex...

For the costs of assisted living to be deductible as an itemized medical expense, the resident must be chronically ill. This means the resident is (1) unable to perform at least two of the six activit...

The IRS interest rate on underpayments is set quarterly. For the third quarter of 2020 (July 1 through September 30), the rate for an individual is 3%. Interest compounds daily. It’s wise to request...

Check with your new financial institution to see whether it offers fee reimbursement (some do). You may add the $20 out of pocket to complete the rollover amount, but this must be done within 60 days ...

Yes. Whether you’re paid in cash, property, or services, you must report it all as rent. If you’re accepting the services as equal to the rent owed to you, then that means the fair market value of...