On Saturday, the U.S. House of Representatives passed a multi-billion dollar bill to provide Coronavirus (COVID-19) relief. The Senate will take up the bill this week. Treasury Dept. Secretary Steven Mnuchin stated the bill...

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Under the tax code, “eligible individuals” can claim a refundable Health Coverage Tax Credit (HCTC). The credit is for a part of the premiums they paid for qualified health insurance coverage for themselves and...

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The Tax Cuts and Jobs Act was signed into law in Dec. 2017. Since then, the IRS has issued a great deal of guidance to taxpayers to navigate the new tax laws. How is...

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The IRS has issued proposed regulations to conform to the Tax Cuts and Jobs Act’s federal income tax withholding changes. The proposed regs are designed to accommodate the redesigned 2020 Form W-4, “Employee’s Withholding...

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What’s best for you, taking the standard deduction or claiming itemized deductions? The standard deduction changes yearly and is based on age and filing status. The Tax Cuts and Jobs Act raised the standard...

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How do dependents affect federal income taxes? The Congressional Budget Office recently issued a report on this topic. It analyzed tax return data under 2019 tax rules and compared it with the rules that...

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What’s the U.S. economic outlook for the next decade? The Congressional Budget Office (CBO) just released a report that projects the federal deficit in 2020 will be 4.6% of gross domestic product (GDP) and...

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The IRS is informing employees that they can use Forms W-4 printed before Dec. 31, 2019, even though those forms list the now out-of-date 10%-of-AGI medical expense deduction. The Taxpayer Certainty and Disaster Tax...

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Are you required to file a 2019 tax return? Not everyone is. But even if you’re not required to file, it can be a good idea to do so anyway. For example, some people...

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A valuable employee benefit got a little better for 2020. One category of benefits is for transportation in a commuter highway vehicle and any transit pass, now worth up to $270 per month....

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