After a series of statement, tweets, and Notices, the IRS is granting a reprieve that applies to all taxpayers who have income tax returns due on April 15, 2020, which will now be due on July 15, 2020. This includes...more
3/24/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
Steve Mnuchin, Secretary of the Dept. of the Treasury, stated Tuesday (3/17/2020) that the IRS will not impose penalties and interest for late payments made within 90 days of the current payment deadline of April 15, 2020. ...more
The IRS has created a new form that is easier to read and use for seniors. Form 1040-SR has larger print and includes a standard deduction chart. It uses the same schedules, forms, and instructions as the traditional Form...more
The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more
11/7/2019
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Inflation Adjustments ,
IRS ,
Revenue Procedures ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Returns
For some taxpayers who miscalculated their withholding and/or estimated tax payments for 2018, the IRS is providing some relief. The new waiver provides that taxpayers will not be penalized under Section 6654 of the tax code...more