The Latest News

Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year,...
It’s a tough year for year-end tax planning
Performing year-end tax planning this year is going to be “very, very difficult,” Bob Keebler, CPA/PFS, said in a Nov. 10 webcast sponsored by the AICPA’s Personal Financial Planning Section. Advisers face the challenge of helping clients plan...
IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts
The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply...
Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov
The Internal Revenue Service today urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year. In advance of the...
Income ranges for determining IRA eligibility change for 2021
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79 PDF, posted today on IRS.gov. Highlights of changes for...
How COVID-19 could affect health spending
Americans can expect overall health care costs to rise over the next decade, with a few potential lulls and spikes as the COVID-19 pandemic upends the health care system. The latest national health spending projections, which include private...
IRS Reminder: Deadline to return distributions to retirement accounts is Aug. 31
The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs and retirement plans, including for beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in...
IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise
With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their...
IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives...
IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the...

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Professional Development

Surgent's Federal Tax Camp (Livestream) - 12/7/2020 -
Tax practitioners have been hard-pressed to keep up with changes brought about by the CARES Act and the SECURE Act, not to mention the far-reaching changes...
The Best Federal Tax Update Course by Surgent (Livestream) - 1/4/2021 -
We now have the benefit of the completion of the first full tax season since the issuance of tax reform legislation. In this course, tax advisors will be...

 

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