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What clients won’t see on this year’s 1099-R form
Be ready to help worried clients (and their accountants), who will be calling you about 'mistakes' on their 1099-Rs regarding distributions from their IRAs. What they'll be calling about won’t be what’s on their form, but rather what’s not on there.
Congress blasts IRS for limiting tax breaks for firms with forgiven PPP loans
Sens. Grassley and Wyden criticize new IRS guidance that prohibits businesses from writing off expenses they covered with money from forgiven loans
Tax planning moves to end the year right
Here are some strategies for clients eager to lock in tax-efficient financial decisions before year-end
IRS plans 50% increase in audits of small businesses next year
The increase comes off a low base; in 2018, the agency audited only 140 partnership returns out of more than 4 million filed
Trump says he’s considering capital gains tax cut
The president could issue an executive order that indexes capital gains to inflation, which would cut investors' tax bills
IRS gives businesses a break for donations related to SALT cap
Businesses that donate to charities in exchange for a state tax credit can deduct those costs from their federal taxes, according to new regulation
RMD relief is here — but only until Aug. 31
Act now to return unneeded required minimum distributions taken prior to the CARES Act
IRS widens eligibility to undo RMDs
Those who took required minimum distributions in January are allowed to undo them, and the timeframe for doing so extends through Aug. 31
IRS provides expanded tax breaks for coronavirus-related distributions
The guidance allows more people to withdraw funds penalty-free from their retirement savings
4 unusual IRA issues related to deaths in 2020
New tax rules for this year may change the results that you expected
Undoing unwanted RMDs
Ed Slott discusses whether clients who already took required minimum distributions this year can put that money back in light of the CARES Act
IRS warns stimulus payments will attract scammers
The payments present opportunities for scams, identity theft and low-tech crimes such as stealing checks from mailboxes
IRS extends more tax deadlines
The additional postponements cover trusts, estates and corporations, as well as individuals
Wealthy win, low-wage earners lose in tax filing extension
The postponement of the tax deadline is likely to give some wealthy taxpayers an interest-free loan on their tax bills
Delay in 2019 tax filing date means deadline for 2019 IRA contributions also extended
Advisers need to watch for administrative errors on the part of financial institutions, though
IRS delays tax-filing date to July 15
After the extension, the deadline for filing now matches the deadline for tax payments announced previously
Investors seek tax savings on fees they can no longer deduct
A possible workaround based on old IRS regulations and case law would let investors include fees for third-party advice in the asset's purchase cost
Pass-throughs versus C corporations under the new tax law
C corps may become a bit more popular under the new regime given the big reduction in their tax rate, but pass-throughs still seem to have the upper hand, advisers say
IRS budget cuts mean fewer audits, delayed refunds
Budget cuts at the agency over the past five years have led to a “devastating erosion of service” — meaning even longer waits on the phone and delayed refunds this filing season, according to the national taxpayer advocate. They also mean fewer audits, which is good and bad.
