Tax season

The Internal Revenue Service is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes.

The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims.

The Internal Revenue Service is pushing back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

“Even the easy returns are not simple right now,” a CPA says.

Roth conversions and backdoor Roths ease COVID financial pain for wealthy earners this tax season

Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months.

A powerful financial boost in the new pandemic bill combined with tax rules may result in a stimulus check windfall for some young adults.

A COVID-wrecked economy has changed the calculus for some financial planners.

The agency’s commissioner is upbeat, but tax preparers and financial planners worry that this year could be especially chaotic due to the COVID pandemic.

Some business owners can get hurt by workarounds to the $10,000 limit for state and local tax deductions.

Experts have identified a dozen credits, deductions and more as worth particular attention this year.

Several significant changes are probably in store for next tax season.

The extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.

The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.

The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15 because of the novel coronavirus pandemic.

Some clients can get an extension on paying taxes of up to $1 million and corporations can defer tax payments of up to $10 million.

The following tips may help clients minimize their liability.

To prepare for questions — and their own filings — planners should note these tips.

Given the steep rise in the price and use of virtual currencies, expect clients to have questions.