For years the IRS has issued Identity Protection PINS to proven victims of tax-related identity theft. The number is mailed to the taxpayer every year and is used to file all federal returns, both electronic and paper. This year the IRS will allow eligible taxpayers...
As the saying goes in the investment community, you “Don’t Buck the Fed”, but rather you follow their lead and take advantage of what they give you. Well, what more important investment do employers have than their own companies? Therefore, my...
Background The Pension Protection Act of 2006 first allowed taxpayers age 701/2 or older to make tax-free charitable donations directly from their IRAs. Technically, these taxpayers were allowed to exclude from gross income otherwise taxable distributions from their...
Of my 30+ “tax seasons”, I think this was the most challenging, because Congress changed the law late in 2020 (not so unusual) and even well into the filing season, after millions of returns had already been filed. Two of those changes might result in tax refunds...
Are you still waiting for your income tax refund? It is that time of year when the fortunate among us are expecting refunds from the government. However, this anticipation can quickly turn to worry when the money you are expecting does not arrive. Federal refunds...
On March 11, 2021, President Joe Biden signed a substantial relief bill, the American Rescue Plan Act (ARPA) of 2021. This expands the Child Tax Credit (CTC) for the 2021 tax year by increasing the credit amounts for many taxpayers. While this bill is good news for...