Americans gave nearly $450 billion in 2019, with 69% of that coming from individuals
The stock market declines help by shrinking the value of accounts, as well as the tax bill for converting assets
To avoid tax consequences, parents should consider putting partial refunds back into 529 accounts or applying the funds to fall tuition
Pushed-back deadlines for filing and paying, a one-time charitable deduction and the ability to make use of business losses are among the modifications to be aware of
The rates the IRS sets for estate planning purposes have never been as low as they are in May
The coronavirus recovery bill allows for the full deduction of donations up to your adjusted gross income
The postponement of the tax deadline is likely to provide some higher-income taxpayers with interest-free loans on their tax bills
The IRS should be able to make direct-deposit payments in about three weeks, but it will take the agency much longer to mail out paper checks
The need for social distancing has some clients signing documents in a parking lot, while others do the paperwork remotely via teleconferencing
The stock sell-off and plunging interest rates are benefiting grantor retained annuity trusts
A possible workaround based on old IRS regulations and case law would have investors include fees for third-party advice in the cost of purchasing the asset
The decline suggests many Americans may not have withheld enough from their paychecks and could face bills from the IRS
In the wake of the SECURE Act, most people who inherit IRAs will be subject to a 10-year rule, Ed Slott says
But that could change under a new proposal that would scrap the current system, which taxes estates, and instead require heirs to pay income tax on the money they receive.
The IRS is still working on guidance for the tax changes passed in 2017, and the agency is also dealing with tax breaks that Congress enacted late last year.