The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.
In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.
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The Treasury Department and the Internal Revenue Service recently announced the distribution of economic impact payments will begin within the next three weeks, and will be distributed automatically, with no action required by most people.
However, some seniors and others who typically do not file returns, will need to submit a simple tax return to receive the stimulus payment.
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The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
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While taxpayers still have to file their taxes by April 15, 2020, the deadline to pay taxes has been extended by 90 days until July 15, 2020.
During a March 17th press conference regarding the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin announced taxpayers will have an additional 90-days through July 15, 2020 to pay their taxes, penalty-free and interest-free.
He said individual taxpayers can defer up to $1 million of tax payments and corporations up to $10 million in tax payments.
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The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.
For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.
Margin tax rates will change as follows:
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The IRS has released the retirement contribution limits for the 2020 tax year. The new limits are adjusted based on increases in the cost of living. read more…
Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
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The IRS announced that the Modernized e-File (MeF) will be unavailable for brief periods during July and August during scheduled system upgrades. The outages will occur as follows:
Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?
Setting up mail forwarding is a great start, but there are a couple more steps you should 
take:
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