If you can’t pay your taxes, don’t panic. Here’s what to do first: Make sure to file your tax return on time—failure to file is a much higher penalty than failure to pay.  Pay as much as possible when you file your tax return, as every dollar you pay at tax time reduces the late […]

COVID-19 has presented unique opportunities for charitable giving for the 2020 tax year, which has been addressed in the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the new guidelines, which apply to the 2020 tax year only, taxpayers can donate 100 percent of their adjusted gross income to charity and have it […]

As cryptocurrency continues to evolve as a valuable commodity, the IRS has issued guidance on the reporting requirements associated with the acquisition and sale of it. What is cryptocurrency?  Cryptocurrency, also known as digital or virtual currency, is a digital asset that is secured by encryption techniques and is able to be distributed across a […]

Due to Covid-19, the IRS extended the tax return filing and payment deadline to July 15, 2020.  If you are unable to file your return by this date, you may request an extension which will give you until October 15, 2020 to submit your tax return.  However, an extension only gives you extra time to […]

At the end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law, modifying required minimum distribution (RMD) rules for inherited IRAs and retirement accounts. Under the SECURE Act, inherited IRAs and retirement accounts must be distributed and taxed within 10 years of the original owner’s death. Prior […]