IRS Approves Medical Expense Deduction for Genetic Testing
Genetic testing added to growing list of deductible expenses In recent years when presented with the opportunity, the Internal Revenue Service (IRS) has identified a…
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IRS Allows Late Bonus Depreciation Elections for Tax Years Including September 28, 2017
The IRS is letting taxpayers make a late election out of 100% bonus depreciation, or revoke a previous election out, for tax years that include…
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Wolters Kluwer Projects 2020 Tax Brackets and Other Amounts
Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for…
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Self-Directed IRAs: Risks and Opportunities
Self-directed IRAs open up investment opportunities, but carry risks. A wrong move can result in current taxation of IRA income, immediate taxation of all assets…
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ACA “Cadillac” Tax Repeal
The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans. Unless the Senate takes…
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Congress Returns to Work on Including Possible Tax Legislation
Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The…
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IRS Letters Warn Taxpayers to Report Past Virtual Currency Transactions
The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should…
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Wolters Kluwer Tax & Accounting Explores the Taxpayer First Act
The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused…
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IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR
The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the…
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SECURE Act Would Eliminate Stretch IRAs
The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would…
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