Rules change with time, and the required minimum distributions (RMDs) rules have changed. RMDs are retirement accounts, i.e., traditional IRAs and 401(k) plans). The new government...
Posted by Rosovich & Associates, Inc. on 02/07/2023
Most tax practitioners are familiar with reasonable cause as the basis for penalty abatement. But many often overlook another important reason for penalty abatement: the so-called...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/27/2022
Today, relatively few Americans itemize deductions on their tax returns. You can claim either the standard deduction or the itemized deductions, but not both. And, of course, you always...
After Hurricane Katrina, it became quite common for Congress to enact tax legislation that provides tax relief for victims of natural disasters. The Internal Revenue Code's (IRC)...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/19/2021
The Internal Revenue Service can impose a huge number of tax defaulters that do not pay taxes or do not pay on time. These penalties may also include financial penalties imposed on...
The COVID-19 pandemic is complicating several people's efforts to file their 2020 taxes ahead of schedule, but the good news is that the Internal Revenue Service (IRS) has been...
The paycheck protection program is a product of the CARES Act. It is available to business owners via institutions like the bank of America. It allows businesses to borrow money and...
Posted by Elliot Kravitz, ATP on 06/22/2020