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The IRS has announced cost of living adjustments for more than 60 tax items for 2020 Act (Rev. Proc. 2019-44). All of the tax brackets have been affected, as well as the taxable income breakpoints for...

There is confusion about the tax treatment of inherited IRAs. It is true that the inheritance of an IRA is not a taxable event, regardless of the size of the account. An inheritable is tax free. But i...

No. While the SECURE Act raised the age from 70-1/2 to 72 for commencing RMDs for those who attain age 70-1/2 after 2019, the age for qualified charitable distributions (QCDs) has not changed. It is s...

If you use a dwelling unit as a residence and rent it for fewer than 15 days during the year, you don’t report any of the rental income; it’s tax free. But you can’t deduct any expenses as renta...

If you received your Economic Impact Payment, keep in mind that it’s tax free. You do not have to use the money for any particular purpose. If you haven’t received your payment, the IRS has a p...

No. Payouts from a long-term care policy for long-term care are tax free....

The IRS has released extensive questions and answers that address some changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act and the Bipartisan American Min...

A sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of the number that would be sold following the taxpayer’s usual business prac...

The IRS has announced cost of living adjustments for more than 60 tax items for 2021 returns (Rev. Proc. 2020-45). Due to very low inflation, increases to various amounts and limits have been modest o...

The Consolidated Appropriations Act, 2021, made changes late in 2020 that mainly affect 2021 and later years. Some changes may impact your 2020 return; others apply for 2021 and later years. Taken as ...