Required minimum distributions are a bane of retirement for many Americans. The concept puzzles many people, and the rules can be complicated. The result is that many people fail to take their required minimum distributions (RMDs) or they take the wrong amount. The IRS noticed this a few years ago and decided to change the information reported to it and how it is analyzed so it can better identify people who don’t take the correct RMDs.
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What You Need to Do If You Plan to Travel Abroad and Have Unpaid Federal Taxes WRITTEN BY: Rosenberg Martin Greenberg LLP Last week, the Internal Revenue Service (“IRS”) published another friendly reminder that it was recently vested with the
Read more →It’s not your imagination: It really is a different kind of tax season. It’s so different that the National Taxpayers Union Foundation (NTUF), a nonpartisan research and educational organization, is calling on Congress to extend the filing season. by Kelly Phillips
Read more →You can maximize your tax refund in several ways — from paying off high-interest debt to investing in a business or saving for retirement. One or more of these options could be the perfect fit for you.
Read more →TOPICS IN THIS ISSUE: NEW! For 2019…Tax Videos to help you understand new tax laws and deal with special situations. Surprise, no tax refund for you! What not to do if you owe the IRS. 5 Personal Finance Podcasts Actually
Read more →Most Americans end up getting a tax refund each year, but if you underpay your taxes, whether intentionally or not, you’ll wind up in the opposite scenario — owing the IRS money. This is especially likely to happen if you earned a lot of secondary income from a side job or investments.
Read more →This is turning out to be a difficult year for a lot of taxpayers.
Major tax law changes that took effect last year are impacting people’s beloved refunds. The Internal Revenue Service reported that, as of Feb. 1, refunds are down 8.4 percent. The average refund was $1,865, compared with $2,035 for the same period a year ago.
Read more →If you tend to procrastinate about filing your tax return, this is not the year to dawdle.
Usually everyone is fixated on April 15, when federal tax returns are typically due. But this tax season, Feb. 15 is the looming date on your calendar. That’s the day when the temporary funding ends for the federal agencies that were shut down for more than a month
Read more →TOPICS IN THIS ISSUE: IRS Releases New Not-Quite-Postcard-Sized Form 1040 For 2018, Plus New Schedules Tax Trends Heading Into 2019 White House Says IRS Will Pay Tax Refunds During Government Shutdown AICPA and NCCPAP ask IRS to suspend tax penalties
Read more →WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
Read more →The American Institute of CPAs and the National Conference of CPA Practitioners are separately asking the Internal Revenue Service to refrain from imposing underpayment and under withholding penalties on taxpayers in response to some extensive changes in the Tax Cuts and Jobs Act.
Read more →Traditionally, the Internal Revenue Service (IRS) has not issued refunds to taxpayers while the government is shut down. That appeared to be the case this time when the Department of Treasury posted its Lapsed Appropriations Contingency Plan for the IRS
Read more →Many Americans do not understand how federal income tax brackets work.
Read more →State tax changes are not made in a vacuum. States often adopt policies after watching peers address similar issues. Several notable trends in tax policy have emerged across states in recent years, and policymakers can benefit from taking note of these developments.
Read more →Kelly Phillips Erb Senior ContributorTaxes Remember those postcard-sized tax returns? They’re here. Sort of. They’re not exactly postcard-sized, but the new form 1040 is smaller than before. The Internal Revenue Service (IRS) has made the new form 1040 and the accompanying
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