Inherited IRA may require RMDs or distributions within 10 years

If you inherited a traditional IRA account after 2019 from someone other than a spouse, you may need to start taking required minimum distributions (RMDs), even if you’re nowhere near age 73. Some IRA inheritors, such as minor children and the chronically ill, may have other options. But most people in this situation are considered […]

The foreign earned income exclusion

U.S. taxpayers working in foreign countries generally can claim the foreign earned income exclusion (or deduct housing costs) on their tax returns. However, war and civil unrest can disrupt local business and prevent some taxpayers from meeting the IRS’s requirements to claim the exclusion. In Rev. Proc. 2025-17, the IRS announced an eligibility waiver for […]

Do you have an excess business loss?

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during […]

Tax forms are available in seven languages

Did you know that the IRS has information and tax forms translated into seven languages other than English on its website? Taxpayers can select their preferred language at the top of this page: https://bit.ly/3ICUO0V. The seven languages include Spanish, Vietnamese, Russian, Korean, Haitian Creole, Traditional Chinese and Simplified Chinese. In addition, the tax agency has […]

Trump administration cuts IRS workforce

The Trump administration fired nearly 7,000 probationary IRS workers in February and closed nearly 100 Taxpayer Assistance Centers. It’s also reportedly planning to halve the entire IRS workforce. In a recent letter, 18 Senate Democrats requested the Treasury Inspector General for Tax Administration (TIGTA) conduct an evaluation of the recent and planned IRS staffing reductions. […]

Missouri House approves $1.3 billion tax cut plan – Missouri Independent https://bit.ly/3Fxti6H

Alternatives to expensive housing markets

Missouri House approves reducing personal property taxes

Missouri House approves reducing personal property taxes, relaxing car inspections – STLPR https://bit.ly/4bx8w35

Is Bonus Depreciation returning?

President Donald Trump discussed many second-term tax priorities in his March 4 address to Congress, including a proposed restoration of 100% bonus depreciation. It allows businesses to deduct the costs of certain assets in the first year they’re acquired, rather than depreciate them over time. The Tax Cuts and Jobs Act included bonus depreciation at […]

Tariffs given temporary pause

A day after signing an order to pause 25% tariffs on vehicles and vehicle parts from Canada and Mexico for one month, President Donald Trump added another exemption. There’s now also a one-month tariff reprieve on products from Canada and Mexico that comply with the United States-Mexico-Canada Agreement signed during Trump’s first term. (The U.S. […]