Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want...

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of...

Depending on the size of your closely held business, estate taxes can be a significant burden when you pass ownership from one generation to the next. Fortunately, the current tax code provides some relief, allowing eligible estates to defer the paym...

Families who lost a loved one due to COVID-19 may qualify for some financial relief through the Federal Emergency Management Agency (FEMA). FEMA is providing reimbursements of up to $9,000 per funeral to families who incurred funeral expenses due to ...

To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service (IRS) offered a checklist of reminders for people as they prepare to file their 2022 tax returns.  1. Gather tax paperwork and records for accuracy to ...

Taxpayers who received disaster relief and other special payments during 2022 now have clarity from the Internal Revenue Service (IRS), issued in a recent press release, regarding the federal income taxation of these special payments made by 21 state...

The Internal Revenue Service (IRS) announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much clo...

On Dec. 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirem...