IRS

hands signing document
30 Jul

Updates to the IRS Business Interest Expense Deduction

The IRS issued final regulations (PDF) from the Tax Cuts and Jobs Act limiting the deduction for business interest expense. For tax years beginning after December 31, 2017, business interest expense deductions are limited to the sum of: the taxpayer's business interest income; 30 percent (or 50 percent, as applicable) of the taxpayer's adjusted taxable income;...

cash with title
09 Jul

Economic Impact Stimulus Payments

According to a recent audit, the IRS sent $1.4 billion in COVID stimulus checks to deceased individuals. As such, many people may have received a payment for a deceased family member or another taxpayer who is not eligible to receive a payment and may have questions about what to do. Here are some answers: Q: How...

calendar showing July 15
02 Jul

Taxpayers should file by July 15 tax deadline!

IRS has easy ways to help taxpayers who need more time or payment options The Department of the Treasury and IRS announced that the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until...

elderly couple walking in park for retirement saving article
25 Jun

COVID-19 Retirement Account Tax Relief and Strategies

The CARES Act made important retirement account changes for tax relief that apply to the tax year 2020 ONLY. The CARES Act provides that qualified individuals may treat as coronavirus-related distributions up to $100,000 in distributions made from their eligible retirement plans (including IRAs) between January 1 and December 30, 2020. A coronavirus-related distribution is not...

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