A recent federal court decision may create refund opportunities for taxpayers who paid IRS penalties or interest during the COVID-19 pandemic. In Kwong v. United States, the U.S. Court of Federal Claims ruled that certain federal tax deadlines were automatically suspended during the entire federally declared...
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which...
The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 includes the numerous business tax provisions briefly summarized below (in addition to changes for individuals discussed separately...
It's not a secret that hackers would like to get into your email so they can have access to data they can monetize. These attempts are made easier because so many people use the same passwords for all of their accounts. As a result, getting...
The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was amended by the CARES Act of 2020. The 2017 tax overhaul limited the business deduction as...
A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income...
The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It's a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the...