The IRS has released guidance regarding additional first-year depreciation deductions for certain depreciable property a taxpayer acquired and placed in service after Sept. 27, 2017, and before the taxpayer’s first tax year that begins...

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The IRS has issued final regulations that update the life expectancy and distribution tables used to calculate required minimum distributions (RMDs) from qualified retirement plans, IRAs, and annuities. Specifically, the regulations update the Single...

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The 2021 federal gift and estate tax exemption will be increasing by $120,000 to $11,700,000. The amount currently is $11,580,000. The Tax Cuts and Jobs Act doubled the exemption base amount from $5 million...

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The IRS has issued the 2021 long-term capital gains rate bracket numbers. The maximum income required to qualify for the 0% bracket will be $40,400 for single taxpayers, $80,800 for married taxpayers filing jointly...

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Don’t fall victim to the scammers that seek to haunt us after disasters occur, warns the IRS. Scammers may try to take advantage of generous taxpayers who want to help after a hurricane, wildfire...

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The IRS has released a draft of the 2020 Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR. The schedule is used to notify beneficiaries of a trust or...

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The IRS has announced most 2021 annual inflation-adjusted amounts. These adjustments generally apply to tax returns filed in 2022. The standard deduction for married couples filing jointly will rise to $25,100, up $300 from...

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The IRS has announced the 2021 annual inflation-adjusted amounts for retirement plans. The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans and the federal Thrift Savings Plan will remain...

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