Foreign Account Reporting (FBAR) Due October 15

Foreign Account Reporting (FBAR) Due October ...

Failure to file the required FBAR forms can result in severe penalties. The due date for foreign account reporting (FBAR) is October 15, 2020.
Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

Wealthy Taxpayers May Want to Strategize for ...

The President has not revealed his future tax policies, but Joe Biden has. That is why the wealthy are strategizing for potential tax increases.
October's Extended Due Date Is Fast Approaching (And So Are Penalties!)

October's Extended Due Date Is Fast Approachi...

Did you complete your 2019 return by July 15? If not, and you filed a request for more time, that extended due date expires October 15, 2020.
COVID-19 Testing, Diagnostics Not Minimum Essential Coverage

COVID-19 Testing, Diagnostics Not Minimum Ess...

The IRS has news regarding COVID-19 testing and diagnostics. Medicaid coverage limited to COVID-19 services does not qualify as minimum essential coverage.
Traditional IRA and RMD Opportunities to Explore for 2020

Traditional IRA and RMD Opportunities to Expl...

Many people have taken financial hits this year. However, 2020 does provide some unique tax opportunities for those with traditional IRA accounts.
Health Savings Accounts (HSAs): What You Need to Know

Health Savings Accounts (HSAs): What You Need...

HSAs are misunderstood and underused. Congress created them so those with HDHPs could save for medical expenses not covered by insurance.
New Opportunity For $500 Economic Impact Payments for Children

New Opportunity For $500 Economic Impact Paym...

The IRS reopens registration for those with children who didn't receive Economic Impact Payments. Did you receive your $500/child stimulus payment?
Stimulus Checks Issued to Decedents Cancelled by the IRS

Stimulus Checks Issued to Decedents Cancelled...

The Treasury Dept. has cancelled outstanding stimulus checks issued to ineligible recipients. This includes those declared deceased.