Washington, May 14, 2021

Joe Biden wants to cut a cherished tax break: Stepped-up basis for inherited property. Currently, a decedent’s unrealized gains aren’t hit with income tax at death, and heirs step up their basis in the assets they receive, equal to fair market value on...

Washington, April 30, 2021

Take a look at the American Families Plan … which sets forth President Biden’s domestic priorities on education, paid leave for workers and more. There are lots of tax proposals for individuals. They include tax breaks and tax increases. Note that the...

Washington, April 16, 2021

Reporting hobby losses is an audit red flag. IRS is on the hunt for taxpayers who year after year report large losses from hobby-sounding activities on Schedule C of the 1040 to help offset other income, such as wages, or business or investment earnings. Revenue you...

Washington, April 2, 2021

Spring is here, tax season is in full swing … And readers are peppering us with questions. Will RMDs be waived for 2021? No. The CARES Act halted required minimum distributions from IRAs and 401(k)s for 2020. An extension of the waiver wasn’t included in...

Washington, March 19, 2021

Democratic lawmakers got a legislative win with passage of the American Rescue Plan Act of 2021. It includes a long-standing Democratic goal: Fighting child poverty through the tax code. There’s a revamped child tax credit for 2021. The law hikes the...

Washington, March 5, 2021

Do you buy and sell a fair number of stocks? Consider whether you’re a trader or investor … Because there are some major tax differences. We will discuss the basic rules so you can apply them to your own situation when filling out your 2020 return. Key...