Tax News

March 1, 2021 9:15 pm

Teachers who are not reimbursed for the cost they incurred after March 12, 2020, for personal protective equipment, disinfectant, and other supplies to prevent the spread of COVID-19 in the classroom ...

December 30, 2020 11:04 pm

It’s not uncommon for couples to divorce and have a property settlement only to see that settlement unmet. Does this constitute a theft loss that can be deductible? (Remember that for 2018 through 2...

December 30, 2020 11:02 pm

The interest rates on overpayments and underpayments are unchanged from the fourth quarter of 2020 (Rev Rul. 2020-28). The rates are:Noncorporate overpayments and underpayments: 3% Corporate ov...

December 30, 2020 10:58 pm

If you use a vehicle for certain driving purposes, you can deduct your costs based on your actual expenses or rely on an IRS-set mileage rate. The IRS has announced the standard mileage rates that can...

December 30, 2020 10:53 pm

The key feature of the new law signed by the President on December 27 ,2020, is a second stimulus payment to individuals. The payment is $600 per individual (compared with the initial payment of $1,20...

December 9, 2020 10:45 pm

The foreign earned income exclusion allows an individual living abroad who meets a foreign residency or physical presence test to exclude earned income up to a set limit ($107,600 in 2020; $108,700 in...

December 9, 2020 10:43 pm

The IRS has updated the life expectancy tables used to figure required minimum distributions beginning after December 31, 2021 (T.D. 9930). The new tables reflect changes in mortality rates; people ar...

December 9, 2020 10:41 pm

The basic Part B premium amount for 2021 is $148.50 per month, only a little more than the $144.60 per month premium in 2020. The Part D premium for drug coverage in 2021 has declined on average by 34...

December 9, 2020 10:38 pm

Unfortunately, the pandemic has caused some taxpayers to be unable to pay their taxes. The IRS announced a Taxpayer Relief Initiative to help these taxpayers get caught up (IR-2020-248). Some of the k...

December 9, 2020 10:36 pm

The IRS has announced cost of living adjustments for more than 60 tax items for 2021 returns (Rev. Proc. 2020-45). Due to very low inflation, increases to various amounts and limits have been modest o...

November 3, 2020 10:56 pm

Due to low inflation, cost-of-living adjustments to various retirement plan limits are unchanged or only slightly higher (Notice 2020-79). The following are some key numbers to help you plan for the c...

November 3, 2020 10:55 pm

While most miscellaneous itemized deductions cannot be taken in 2018 through 2025, those that are not subject to the 2% of adjusted gross income floor continue to be deductible. One such deduction is ...

November 3, 2020 10:54 pm

Employers may offer employees a reimbursement plan to pay for certain costs not covered by group health insurance. An Excepted Benefit Health Reimbursement Arrangement (EBHRA) can cover a set dollar a...

November 3, 2020 10:51 pm

More than 70 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 1.3% starting with the December 2020 benefits, which are payable in January 2021. This COLA adjust...

November 3, 2020 10:48 pm

The IRS is including barcodes to CP14 and CP14 IA notices sent to taxpayers who have unpaid taxes (IR-2020-233). These notices are the first contact made with taxpayers who have a balance due.  Scann...

November 3, 2020 10:47 pm

Achieving a Better Life Experience (ABLE) Accounts was added to the law in 2014 to enable tax-free savings accounts to be set up for people with disabilities that occur or occurred before age 26 that ...

October 6, 2020 12:08 am

A sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of the number that would be sold following the taxpayer’s usual business prac...

October 6, 2020 12:05 am

The IRS has released extensive questions and answers that address some changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act and the Bipartisan American Min...

October 6, 2020 12:01 am

Employers that want to use a per diem rate to reimburse employees’ lodging, meals, and incidental expenses on business trips within the continental U.S. (CONUS) can use either the IRS’s high-low m...

October 5, 2020 11:54 pm

The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes are the same in the fourth quarter of 2020 as they were in the third quarter of 2020 (Rev. R...

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Tax Glossary

Individual retirement account (IRA)

A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.

More terms