The 199A deduction is one of the most complex parts of the 2017 Tax Cuts and Jobs Act. A couple of its features can have a big impact on retirement planning, and can allow taxpayers to deduct up to 20% of their qualified business income (QBI).
199A Features Have a Big Impact on Retirement Accounts Read More »
Recipients of taxable scholarships and Native American per capita distributions have been surprised with higher tax liabilities due to changes in the kiddie tax rules under The Tax Cuts and Jobs Act (TJCA).
Unintended Burden of Kiddie Tax on Low- and Middle- Income Families Read More »
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Self Certifying Hardship When Missing IRA 60 Day Rollover Window Read More »
Employers are taking note of the new W-4 for 2020 – and employees should be taking a look, too.
A U.S. taxpayer that deducts a “disregarded payment” of interest or royalties to a related person may find its deduction disallowed under IRC §267A.
Section 267A Deduction Disallowance: Disregarded Payments Read More »
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year.
Tax Tip: Year Round Tax Planning – Credit and Deduction Review Read More »
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
IRS to Virtual Currency Owners: Pay Back Taxes Read More »