Minimizing the Tax Burden of an Inherited IRA
Our Financial Planning Experts tackle a listener’s concerns about passing a tax burden to his children with an inherited IRA.
2019 IRA Contribution Deadline Has Been Extended
You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019).
Businesses Score Big with these 3 Tax Benefits in the CARES Act
As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, rolled out some big tax benefits.
Unemployed by COVID-19? Don’t Forget About Taxes!
Unemployment benefits are taxable income for federal tax purposes and also taxable by most states.
Forced to Return to U.S. From a Foreign Job? IRS Has Provided Time Waivers for Exclusion
The tax code includes a provision that allows the IRS to waive the required foreign residency and presence periods in case of war, civil unrest, or other adverse conditions.
Cares Act: 5 Business Provisions That May Help With Cash Flow
The CARES Act created additional business provisions for bonus depreciation, student loans, limitations on losses and business interests, as well as alternative minimum tax (AMT) credits.
Congress Makes Charitable Giving Easier During the COVID-19 Crisis
To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year.
IRS Provides Answers to a Few Coronavirus-Related Distribution Questions
Need to tap your retirement accounts for coronavirus-related reasons? We explain how the IRS is addressing the tax issues.
Economic Impact Payments: Deadline to Provide Direct Deposit Info
The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). Taxpayers must enter their bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus payments that have not been processed will be transferred to the Bureau of Fiscal Services for paper checks to be delivered, which the IRS estimates will arrive beginning in late May to early June.
Rebates Are Finally Flowing: Did You Get Yours? Was It Correct?
The IRS has finally started making those much-anticipated Economic Impact Payments. Did you get yours? Was it correct?