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All work and no play makes for a very long day. Take a break and play a couple fun games. Don’t forget to get back to work though as they can be ‘too’ much fun. Downloadable and play online versions available for you to enjoy.
The interest rates on overpayments and underpayments are unchanged from the first quarter of 2021 (Rev Rul. 2021-6). The rates are: Noncorporate overpayments and underpayments: 3% Corporate overpayments: 2% generally, but 0.5% for corporate overpayments exceeding $10,000 Corporate underpayments: 3% generally but 5% for large corporate underpayments The 3% rate is used to figure estimated [...]
When a worker at Home Depot retired at age 55, he transferred his 401(k) to an IRA. The next year, when he was 56 years old, he took a distribution from the IRA to pay for living expenses. He received Form 1099-R reporting the distribution and he included the income on his return. He did [...]
The American Rescue Plan Act of 2021, which was signed into law on March 11, 2021, is a new stimulus measure (P.L. 117-2). It provides a third round of Economic Impact Payments (EIP3) and makes many other tax changes. While most of the changes apply for 2021, some may affect your 2020 return (whether or [...]
The IRS announced a one-month postponement for the deadline to file 2020 individual income tax returns (IR-2021-59). Instead of the April 15, 2021, deadline, it is now May 17, 2021 (May 15 is a Saturday). However, the tax preparation community is asking for more time, so watch for a possible change in the filing deadline. [...]