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Individual Tax Articles

 

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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Federal Tax Relief to Alleviate COVID-19 Hardships

Federal Tax Relief to Alleviate COVID-19 Hardships

Posted by Michē Needham on March 23, 2020

The federal government has been working on various relief measures to help individuals and small businesses cope with the situation, including tax relief provisions. Here are the tax changes that have been finalized so far.

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COVID-19 Update - Client Portal and Lockbox Document Drop-Off

COVID-19 Update - Client Portal and Lockbox Document Drop-Off

Posted by Maria Gambacorta on March 23, 2020

Effective 3/21/2020 and until further notice, Lumsden McCormick is suspending all in-office face-to-face interactions in light of COVID-19 concerns.  Despite the deadline extensions, we are moving forward with all tax filing by April 15, we highly encourage usage of the client portal, secure email or our office lockbox for documentation transfer. 

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IRS Releases COVID-19 Payment Relief

IRS Releases COVID-19 Payment Relief

Posted by Mark Janulewicz on March 19, 2020

On March 18, 2020, the Internal Revenue Service released Notice 2020-17, formal guidance describing relief provided to taxpayers for federal income tax payments due April 15, 2020.

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Updated 2020 Inflation-Adjusted Items for Individuals’ Tax Planning

Updated 2020 Inflation-Adjusted Items for Individuals’ Tax Planning

Posted by Michē Needham on March 09, 2020

The IRS released the inflation-adjusted items for 2020 for various provisions of the Internal Revenue Code. Read on for highlights on the updated 2020 amounts as well as the respective 2019 figures for comparison.

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Ideas to Lower Your Taxes for 2019

Ideas to Lower Your Taxes for 2019

Posted by Kevin Smeader on February 25, 2020

If you haven't filed your individual federal income tax return yet, there still may be opportunities to lower your tax bill for the 2019 tax year. Though most tax-planning moves must be completed by the end of the tax year, a few options remain available. Here are some options to consider before the April 15 filing deadline, along with a refresher on the current alternative minimum tax (AMT) rules for individuals.

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