If you're thinking about moving from your current locale, you're not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State [...]
Article Highlights: IRS NoticesCP Series NoticeAutomated NoticesFrequent ErrorsID TheftPenalties and InterestWhat You Should DoWhat We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does [...]
Article Highlights: If You Don’t Rent Your PropertyIf You Rent Your PropertyRented Fewer Than 15 DaysPersonal Use Is Less Than the Greater of 15 Days or 10% of the Rental DaysPersonal Use Exceeds the Greater of 14 Days or 10% of the Rental DaysIf You Sell Your Vacation HomeIf You Sell Your Home Do you [...]
Article Highlights Slow RefundsCOVID-19Economic Impact PaymentsRecovery RebatesUnemployment DebacleUsing 2019 Income to Compute 2020 EITC and Additional Child Tax CreditOther IssuesWhere’s My Refund ToolIRS May Pay Interest on Late Refunds You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, [...]
Article Highlights: Emergency Coronavirus Relief Act of 2020Stimulus PaymentsUnemployment AssistanceCDC Eviction MoratoriumPaycheck Protection Program LoansEarned Income Tax Credit & Child Tax CreditSchool FundingChild CareTransportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it. Although not all the details are [...]
Article Highlights: Economic Impact PaymentsHigh-Income Taxpayer PhaseoutUsing the 2018 and 2019 ReturnsWho Qualified for a Rebate?Deceased IndividualsTax Return Non-filersReconciliation on the 2020 Return One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) [...]
Article Highlights Take Full Advantage of Your DeductionsTraditional IRA Contributions at Any AgeMake Charitable Contributions with IRA FundsLarger-than-Normal Charitable Contributions May Be PossibleDeducting Charitable Contributions Without ItemizingMarital StatusMaximize 2020 Education Tax CreditsConvert Your Traditional IRA into a Roth IRARemember the Annual Gift Tax ExemptionMedical ExpensesProperty TaxesManage Your Stock Portfolio It seems hard to believe, but [...]
Article Highlights: Watch Out for Holiday Gift ScamsGifts with Tax BenefitsGift of College TuitionQualified Tuition ProgramsQualified Charitable DistributionDonor-Advised FundsWork EquipmentEmployee GiftsMonetary Gifts to IndividualsDocumentationTimingSpecial Rules for 2020 Contributions The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax [...]
Article Highlights: New Clever Scammer SchemeUses Economic Impact Payments as BaitThe Text MessageHow to Report a ScamHow to Correctly Provide Information to Claim a Payment The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact [...]
Article Highlights: Airbnb, VRBO, and HomeAwayRented for Fewer than 15 Days During the YearThe 7-day and 30-day RulesExceptions to the 30-Day RuleSchedule C Reporting Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home [...]
