IRS Releases 2021 Retirement Plan Limitations
(authored by RSM US LLP) Many limitations, including the 401(k) elective deferral limit for employee contributions, remain unchanged from 2020 levels....
28 October, 2020
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IRS Payment Notices and Pending Check Payment
Are you waiting for the IRS to cash your check? Due to COVID-19 the IRS has a backlog of unopened mail. Here's what you need to know: Pending Check Payments and...
24 August, 2020
Tax Relief for Utah Earthquake Victims
The IRS announced residents of Utah will qualify for tax relief due to the earthquakes and aftershocks that took place on or after 3/18/2020. This relief will automatically be applied...
06 August, 2020
Verifying Your Identity with the IRS
In recent years, the IRS began increasing identity theft identification efforts following an increase of fraudulently filed tax returns. As part of these efforts to decrease fraud, the IRS is...
06 August, 2020
Did You Overlook Something on a Prior Tax Return?
It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return...
20 July, 2020
Tax Effects of a Business Making a Charitable Contribution
Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn't allowable for a contribution...
20 July, 2020
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty
Article Highlights: Non-Filers IRS Information Reporting IRS Prepared Substitute Return Notice of Deficiency Tax Court Appeal Liens and Levies There are millions of individuals who do not file a tax return...
15 June, 2020
Forced to Return to U.S. From a Foreign Job? IRS Has Provided Tax Relief
Article Highlights: Foreign Income Exclusion COVID-19 Interference Maximum Exclusion Waivers Example The IRS has provided relief for taxpayers who were working abroad and returned to the U.S. because of...
09 June, 2020
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