IRS Updates
Stay on top of the most recent information from the IRS that can impact your clients.
IRS to Fix Inherited IRA Guidance That Confused Advisors
By Roger WohlnerThose who inherited an IRA in 2020 should wait for more guidance from the agency before taking a 2021 RMD, Ed Slott says.
April 02, 2021
IRS to Refund Taxes Paid on 2020 Jobless BenefitsTaxpayers don't need to file an amended return unless the change qualifies them for additional tax benefits.
March 29, 2021
IRS Extends IRA Contribution DeadlineContributions to HSAs and Coverdell Education Savings Accounts also are extended to May 17.
March 26, 2021
Employee Retention Tax Credit Extended Through 2021Clients should note the changes that may make the tax credit more valuable, as well as important technical changes.
March 22, 2021
Can the IRS Rein In Wealthy Tax Cheats? Ed Slott Is SkepticalThe IRS commissioner recently pledged a crackdown, but Slott says that the agency is outgunned and that its efforts could ensnare lower earners.
March 18, 2021
Don't Forget These New Rules for RMDsThe Secure and Cares Acts brought several changes to retirement plan distributions that advisors should be aware of.
March 17, 2021
IRS Extends Tax Filing DeadlineThe House Ways and Means Committee chairman had called on the IRS to extend the deadline.
March 17, 2021
90 Million Stimulus Payments Sent, More Coming Soon: IRS, TreasuryFirst batch of payments issued mostly by direct deposit this past weekend, but Treasury also mailed roughly 150,000 checks worth $442 million.