Tax Updates

 

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...

The Consolidated Appropriations Act, 2021, made changes late in 2020 that mainly affect 2021 and later years. Some changes may impact your 2020 return; others apply for 2021 and later years. Taken as ...

The deadline for filing your 2020 federal income tax return is April 15, 2021, but it’s not too soon to recognize what payments you received in 2020 that have to be included in gross income. As a ge...

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 ...

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...

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...

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 ...

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