Although the IRS has extended the individual tax return due date for taxpayers who live in South Carolina (as well as Florida and North Carolina), our clients who live in South Carolina should take note. South Carolina has announced that it will honor this extension. That's the good news. The bad news is that [...]
In a rare mid-year adjustment, IRS announced that the standard business mileage rate will increase from 58.5 cents per mile to 62.5 cents per mile. This change is effective July 1. The rate for moving costs (for active duty military) and medical expenses will also increase 4 cents to 22 cents per mile. [...]
Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can't, there are several options. Let's take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can't pay in full by the deadline. If this is the case, file [...]
U.S. tax law provides a valuable benefit — in the form of a nonrefundable tax credit — for businesses that engage in qualified research and development activities (see a list below). The Sec. 41 credit, which amounts to as much as 20% of the excess of qualified research expenditures for the tax year over [...]
Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of [...]
A popular estate planning strategy has died a quick death at the hands of Congress. Yes, the stretch IRA is dead. It has been replaced by a 10-year post-death payout rule, but how does that work? Who is subject to it? When does it start, and when does it end? Until 2020, designated IRA [...]
