The federal estate and gift tax has long been the cause of confusion, due in part to frequent changes in the law over the past decades. Whether you have an estate plan in place or are just embarking on your…
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The CARES Act was designed to provide a measure of financial relief to Americans impacted by the coronavirus pandemic. The two-trillion-dollar legislation was passed on March 27, 2020. As noted in a prior post, among the law’s provisions is an…
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The Internal Revenue Service has just announced that most Americans will have an additional 90 days to pay taxes due to the unprecedented situation we are facing. This pushes the deadline date from April 15 to July 15, 2020. The…
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Increasing numbers of people are fleeing high tax states for lower-tax environments such as Florida. People have always moved to Florida to escape estate taxes and income taxes, of course. However, the migration has kicked into higher gear of late…
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In keeping with the administration’s vow to simplify tax filing, the Internal Revenue Service is putting finishing touches on its revised 1040 income tax form. Although not quite the postcard size touted by the administration, it is indeed smaller: The…
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Consumer advocates are warning taxpayers about a new program that went into effect in April that permits the Internal Revenue Service to use private debt collection agencies. Targeted taxpayers will be those the agency has already contacted but who remain…
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Taxpayers rolling over a distribution from an IRA or other retirement account into another account must complete the rollover within 60 days of taking the distribution, or face paying income tax on those funds. In the past, if you failed…
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How do Americans feel about taxes? You might think you know the answer, but surprisingly, a Pew Research Center survey back in December revealed that over half of Americans think that what they pay in taxes is “about right.” People…
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