Intuit Exits IRS Free File Alliance
Intuit, producer of the popular TurboTax filing program, has announced that it will no longer participate in the IRS’ Free File Alliance that provides free filing services to qualified taxpayers.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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How to Reap Tax Rewards by Year-End Harvesting of Capital Gains
It’s harvest time again. Traditionally, at the end of the year investors realize or “harvest” capital losses or gains from sales of securities to secure tax advantages. And, with the tumultuous times we’ve experienced in 2020, there are more ...
Retirement Tax Tips: How to Decide on RMDs for 2020
Normally, retirees in their seventies or older arrange to receive required minimum distributions (RMDs) from retirement accounts at the end of the year. Otherwise, they could be held liable for a severe tax penalty, on top of the ...
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New Tax Twists to Year-End Charitable Gifts in 2020
It’s customary to give to charity around the holidays at the end of the year. Not only does this benefit worthy causes, it can pay off with a bigger charitable deduction on your tax return.
Don’t Miss This Opportunity for a Medical Deduction in 2020
Forget about it being your best shot at a medical deduction this year—it could be your last shot, depending on your personal situation. It all has to do with the threshold for deducting medical expenses.
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Tax Changes Shake Up SALT Deductions
In the not-so-distant past, taxpayers who itemized could generally write off the full amount of state and local tax (SALT) payments, without any dollar restrictions. This often created a tax windfall for residents of states where income taxes or ...
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Benefits
Election 2020: Comparing the Biden and Trump Tax Plans
Now that the conventions of both major parties have wrapped up, we’re heading into the home stretch of the presidential election race. Naturally, taxes will be a major point of contention.
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Who Really Won in the Supreme Court Rulings on Trump's Tax Returns?
The Court said in both cases that Trump isn’t granted immunity from such investigations just because he occupies the office of POTUS. Thus, at first glance, the president “lost” this legal battle, but the actual truth is more complex. The main sticking po
Accounting
IRS Sent Coronavirus Stimulus to Millions of Dead and Incarcerated Persons
The IRS has sent Coronavirus stimulus payments to deceased people by mistake. It’s unclear how many such checks have been delivered, but it’s thought to be significant, because about 2 million people in the U.S. die each year.
IRS to Taxpayers: Act Now to Speed Up Stimulus Payments
IRS Opens Window to Opportunity Zones
To qualify for deferral, the amount of a capital gain to be deferred must be invested in a Qualified Opportunity Fund (QOF), which is an entity treated as a partnership or corporation under federal tax law and organized for the purpose of investing in ...
IRS Delivers Mixed News on the Tax Gap
The estimates translate to about 83.6%, of taxes being paid voluntarily and on time. This is in line with recent levels. The new estimate is essentially unchanged from a revised Tax Year (TY) 2008-2010 estimate of 83.8%. After enforcement efforts are ...