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Individual Tax Articles

 

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

Posted by Cheryl A. Jankowski on June 26, 2020

Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of.

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Make a Lasting Charitable Gift with a CRT

Make a Lasting Charitable Gift with a CRT

Posted by Cheryl A. Jankowski on May 05, 2020

The COVID-19 pandemic may have you thinking about how you can help those whose health and financial security has been imperiled by the virus. With a charitable remainder trust (CRT) you may be able to support a favorite nonprofit and also enjoy lifetime income and current tax benefits. Learn more about how CRT might fit into your estate plan.

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COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

Posted by Cheryl A. Jankowski on April 23, 2020

The CARES Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here's a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the novel coronavirus (COVID-19) crisis.

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New Law Retroactively Fixes QIP Drafting Mistake

New Law Retroactively Fixes QIP Drafting Mistake

Posted by Brian Kern on April 15, 2020

At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act, which was signed into law on March 27, 2020. The correction retroactively allows real property owners to depreciate QIP faster than before. Here's how it could lower your tax bill for 2018 and beyond.

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Individuals: What You Need to Know About the CARES Act

Individuals: What You Need to Know About the CARES Act

Posted by Cheryl A. Jankowski on April 14, 2020

On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed in March and setting off a firestorm of administrative relief by several federal agencies including the IRS and Department of Labor.

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Expands COVID-19 Postponement Relief Under Notice 2020-23

Expands COVID-19 Postponement Relief Under Notice 2020-23

Posted by Robert Ingrasci on April 14, 2020

On April 9, 2020, the IRS issued Notice 2020-23, which contains expanded relief for those tax forms and other filings that are postponed as was originally announced last month. 

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The SALT Implications of the CARES Act

The SALT Implications of the CARES Act

Posted by Mark Stack on April 06, 2020

The CARES modifies certain business tax provisions in the Internal Revenue Code. After the Tax Cuts and Jobs Act (TCJA) added these provisions to the IRC, states, and taxpayers have only recently come to understand the conformity implications of the TCJA. The CARES Act modifications will present a new round of state and federal conformity challenges for states, taxpayers, and practitioners.

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Stay Afloat with Tax-Favored Coronavirus-Related Distributions

Stay Afloat with Tax-Favored Coronavirus-Related Distributions

Posted by Robert Ingrasci on April 06, 2020

The CARES Act provides financial relief for people who are experiencing hardship due to the COVID-19 pandemic. One relief measure allows withdrawals of up to $100,000 from IRAs and qualified retirement plan accounts, with no tax hit, if those amounts are recontributed within three years. Here are the rules, along with news of the temporary suspension of the retirement account required minimum distribution rules.

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IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

Posted by Cheryl A. Jankowski on April 01, 2020

On March 24, 2020, the IRS posted frequently asked questions to provide additional clarification and guidance regarding the application of its relief guidance. Here is a summary of those FAQs.

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IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

Posted by Mark Stack on March 25, 2020

On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be due April 15, 2020.

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