IRS allows RMD reversal through Aug. 31
The last few months have been interesting for older individuals exploring ways to make the most of their retirement money. This demographic got some more, and mostly good, news again this week. The Internal Revenue Service has decided they now have more time to return required retirement account withdrawals they…
Still waiting for your COVID payment? IRS has answers on what to do to get or track your money
The House-passed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act called for more a second round of COVID-19 stimulus checks. The Senate is starting to come around to the idea. But some folks are still waiting for their original coronavirus economic impact payments (EIPs), which were authorized in late March as…
TIGTA says IRS needs to get tougher delinquent tax pros
Tax professionals have always played an important role in the lives of taxpayers. Their value has been underscored during coronavirus tax time, with the many new COVID-19 tax laws. (Yes, I'm looking at you Paycheck Protection Program.) But, as with just about every aspect of life, tax preparers aren't perfect. Specifically,…
Summer day camp costs, even in coronavirus time, still eligible for a tax credit
For millions of families across the United States, the official end of the school year doesn't really mean much. The kids already have been home for weeks instead of in classrooms because of COVID-19 closures. But things may be about to change. Some day camps are starting to open, albeit…
Interest offers tax savings, costs and more forms
We're heading, finally, into the heart of tax return filing season 2020. Even if you fill out and submit your Form 1040 electronically, as most of us do, you still need the documents that provide the figures you transfer to your return. One area of interest to millions every filing…
How Estimated Quarterly Taxes Work
Depending on the sort of work you do or how you’re paid, you might need to settle your tax bill via estimated quarterly taxes. Some tax rules have changed due to coronavirus As part of the U.S. government's ongoing response to the coronavirus, the tax deadline is now July 15,…
Taxpayer Advocate not taking coronavirus payment cases
Millions of folks — around 152 million of us, by the Internal Revenue Service's latest count — have received COVID-19 economic impact payments, or EIPs as they are called in the acronym crazy federal government (and tax) world. The payments of up to $1,200 per individual and $500 for each eligible child…
IRS to start accepting some e-filed amended returns
As long as I've been blogging about taxes, I've included in every post about correcting previous tax filings some version of this instruction — An amended return cannot be filed electronically. You must use snail mail, using the appropriate address shown in the 1040X instructions. But in the summer of 2020, that…
HSA contributions offer tax savings, but add to filing time
I've been rearranging some upcoming doctors' appoints that I made months ago, well before anyone had heard of COVID-19, much less watched as it overtook our lives. A couple were able to be conducted as teleconferences with my physicians. Some, however, require actual in-office visits. Like getting jabbed for blood work.…
Remembering military families, too, on Memorial Day 2020
Memorial Day 2020 has an added poignancy. This solemn day to commemorate those who gave their lives in military service to the United States is overshadowed by the coronavirus. Almost 100,000 COVID-19 deaths have been recorded, with reporters often referring to military casualty numbers to put the pandemic's human cost in perspective. The Memorial…
