Tax

Generally, the statute of limitations (SOL) on IRS collection enforcement is ten years from the date the tax is assessed. In the Internal Revenue Manual (IRM), the IRS refers to the date that ends the period in which collections may be enforced as the ...

Stimulus payments are just part of it. Also: more unemployment, PPP, EIDL loans, Employee Retention Credit, EIC, CTC, eviction moratorium, and more.

The RMD rules for qualified plan and IRA participants, including those with inherited accounts, were suspended for the 2020 tax year by federal law. However, barring any subsequent legislation, you must resume or start RMDs in 2021 under a ...

It costs a pretty penny to send a child to college these days. At least parents may be in line for some tax relief for higher education expenses paid or incurred in 2020. Consider the following four tax breaks that are currently on the books.

But you can skirt this tax trap if you meet the requirements for one of several safe-harbor rules. Check your status before the end of the year to avoid any unnecessary complications.

As 2020 draws to a close—finally—employers may take advantage of several tax credits for employee wages. Consider these four tax-saving opportunities created by recent tax legislation.

Some taxpayers are living in a parallel tax universe. Reason: They have to contend with the alternative minimum tax (AMT), a complex tax calculation that runs parallel to your regular tax computation. After you compare the results at tax return time, you effectively pay the higher of the two. Despite recent favorable tax law changes, […]

The Internal Revenue Service has released the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.