Home Office Deductions in the COVID-19 Era

Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Stanford Institute for Economic Policy Research. Only 26% […]

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Federal Tax News

Are you subject to backup withholding on payments you receive? The IRS requires the payer of certain non-payroll amounts to withhold 24% backup tax, under specific conditions. Generally, the payers just report amounts they paid on information returns such as […]

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Unusual year steers year-end tax strategies

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true […]

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4 Layers of Nonqualified Roth IRA Withdrawals

Nonqualified Roth IRA withdrawals can occur for two reasons: The account owner isn't yet 59½ and isn't dead or disabled, or The account owner fails the five-year test. If you made several conversion contributions, you must use the first-in-first-out (FIFO) […]

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Taxes on Roth IRA Withdrawals Today

If you're experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it's important to understand the federal income tax […]

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Estate Planning Pitfalls to Avoid

Despite having good intentions, many people fail to make an estate plan. But if you don't develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan […]

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Federal Tax News

How did the federal government do in sending out Economic Impact Payments (EIPs)? Two reports detail the results. EIPs were sent to eligible individuals to help mitigate the financial effects of the pandemic. Sending the payments to some people has […]

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