Your wedding is over, and the day was absolutely perfect. You went away on your honeymoon with your new spouse and had the time of your lives. Now you are back and can breathe a sigh of relief and watch the rest of the years ahead unfold before your eyes. Well, not so fast. Now […]
On Monday, the IRS issued the 2021 annual inflation adjustments for many provisions in the Internal Revenue Code, together with the 2021 tax rate tables for individuals and for estates and trusts. Rev. Proc. 2020-45 increased the standard deduction for married individuals filing jointly or surviving spouses to $25,100. For heads of households, the standard […]
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or the Act), a federal $2.2 trillion emergency relief package signed into law on Friday, March 27, 2020, was designed to provide financial relief in response to the economic downturn caused by the COVID-19 pandemic. The Act includes a range of tax assistance for […]
By Natalie Roberts, J.D., LL.M. in Taxation On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, effective January 1, 2020, is the most significant legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date […]
In December 2017, the “Tax Cuts and Jobs Act” was enacted. This new tax law changed the income tax calculations for almost all taxpayers, meaning calculations for quarterly estimated tax payments also changed.