The IRS has announced a variety of measures designed to bring taxpayers required to file returns but who failed to do so into compliance (Fact Sheet 2020-02). The Service’s efforts promote voluntary...

There is confusion about the tax treatment of inherited IRAs. It is true that the inheritance of an IRA is not a taxable event, regardless of the size of the account. An inheritable is tax free. But i...

If you own a life insurance policy and sell it, you may realize gain on the transaction. The Tax Cuts and Jobs Act (TCJA) changed the rules for determining basis used in measuring gain from such a sal...

The Tax Cuts and Jobs Act of 2017 created a new type of investment offering special tax breaks. Various locations around the country have been designated as Opportunity Zones (OZs), allowing for these...

Distributions from an IRA prior to age 59 ½ are subject to a 10% early distribution penalty. However, the penalty is waived if an exception to it applies. One exception is for disability. But, as a r...

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...

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...

For income tax purposes, you cannot deduct funeral and burial expenses. If the decedent’s estate was large enough to be subject to federal estate tax, then these costs are deductible on the estate t...

If you use a dwelling unit as a residence and rent it for fewer than 15 days during the year, you don’t report any of the rental income; it’s tax free. But you can’t deduct any expenses as renta...

No. While the SECURE Act raised the age from 70-1/2 to 72 for commencing RMDs for those who attain age 70-1/2 after 2019, the age for qualified charitable distributions (QCDs) has not changed. It is s...

Because the stock loss produced a tax benefit to you, the recovery is taxable. The question is whether you report the recovery as a capital gain (since you took a capital loss) or as ordinary income. ...

If you failed to claim the QBI deduction on your 2018 return but were eligible to do so, you’re not alone. The Treasury Inspector General for Tax Administration identified nearly 900,000 2018 return...