Filing electronically?

Are you filing your 2024 income tax return electronically? If not, why not? Filing and paying tax online is quick and safe. Recent federal government turmoil, including IRS layoffs, may lead to slower tax return processing and delayed refunds. So the sooner you file and receive confirmation that the IRS has accepted your return, the […]

TechNet issues letter to encourage innovation and growth

TechNet, a bipartisan group of tech executives from companies such as Apple, Amazon and Google, communicated its tax priorities to lawmakers in a recent letter. To encourage “innovation, spur economic growth and strengthen the global competitiveness of American businesses,” TechNet advocates maintaining the current 21% corporate tax rate and favorable tax treatment for qualified small […]

Disaster victims may qualify for tax relief … including on amended returns

Victims of presidentially declared disasters in recent years who couldn’t previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened restrictions for casualty losses The tax relief comes via […]

Budget deficit tops $1 trillion

The Congressional Budget Office (CBO) reports that the fiscal year 2025 federal budget deficit has topped the $1 trillion mark. The CBO estimates in its Monthly Budget Review for February that the deficit is $1.1 trillion. That amount is $319 billion more than the deficit recorded during the same period last fiscal year. Revenues were […]

Clean energy tax credits have an uncertain future

The fate of the Inflation Reduction Act’s (IRA’s) clean energy tax credits and projects is uncertain as Republican lawmakers continue work on President Trump’s tax agenda. While many Republican lawmakers favor rescinding the credits, a group of them are asking that some remain intact. In a letter to the chairman of the House Ways and […]

2021 refund window is closing

Did you or someone you know miss filing a 2021 tax return? If so, and if you were expecting a refund, time’s running out. The deadline to file and claim a 2021 tax year refund is April 15, 2025. The IRS estimates that refunds worth more than $1 billion are still unclaimed by taxpayers who […]

Did you report your digital assets?

Taxpayers must report all digital-asset-related income on their federal income tax returns. Digital assets include non-fungible tokens, stablecoins, cryptocurrency and other forms of virtual currency. Such assets are taxed as property rather than currency. That means taxpayers must report taxable gains or losses every time they exchange a digital asset for goods, services, U.S. dollars […]

Financial relief for families: The benefits of the Child Tax Credit

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and […]

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 […]