Inherit An IRA Recently? IRS Revised Pub. 590-B Corrected On May 25, 2021
The correction eliminated the annual withdrawal language for inherited IRAs, clarifying that withdrawals could be made at any time before a 10 year-deadline.
File An Amended 2020 Tax Return After New PPP Guidance, Or Wait?
Under Revenue Procedure 2021-20, those who filed 2020 tax returns and did not deduct PPP-related expenses can do so in an amended return or on next year's return.
Talk To The IRS: Here’s How To Make Your Voice Heard On Tax Issues
You can submit recommendations for the 2021-2022 Priority Guidance Plan, which the IRS uses to prioritize tax issues that need to be addressed.
Apply To The TAP By June 1 If You Want To Help Improve The IRS
If you qualify, you could serve a three-year term on the Taxpayer Advocacy Panel, an advisory committee to the IRS made up of about 75 citizen volunteers.
2020 RMD: Meet IRS Form 8606
Form 8606 is used for certain instances involving IRAs, including nondeductible contributions to traditional IRAs, distributions from Roth IRAs and Roth conversions.
Still Didn’t Get Your Stimulus Checks? File A 2020 Tax Return For A Rebate Credit Even If You Don’t Owe Taxes
If you haven’t received the first two EIPs, or received less than the full amount, you could be eligible to claim the Recovery Rebate Credit.
Correction On Its Way For IRS Publication With RMD Illustration Error On Inherited IRAs
The RMD example for inherited IRAs in IRS Publication 590-B will be corrected with an updated release. The changes are expected to be made soon.
When You Inherit An IRA, You Also Might Inherit Some Complicated RMDs
An inherited IRA can bring with it a lot of issues, from the basic “What’s an RMD?” to “When does an RMD need to be taken?”