IRS

IRS EXTENDS THE OPPORTUNITY TO DEFER CAPITAL GAINS

Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform put into place a couple of years ago, individuals are able to defer both short- and long-term capital gains into what are referred to as Qualified Opportunity Zone Funds (QOFs). What is […]
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MISSING OUT ON THE EARNED INCOME TAX CREDIT?

Article Highlights: Earned Income Tax Credit Refundable Tax Credit Qualifications Special Rule for Military The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,660 in 2020, up from $6,557 in 2019, so you could pay less federal tax or even get a refund. The […]
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IRS Provides Additional 2020 RMD Rollover Relief

Article Highlights: CARES Act Waiver of RMDs 60-Day Rollover Period Extension Further Rollover Relief RMDs in General Effect of Withholding on RMD Rollover One IRA Rollover per 12 Months Rule The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the CARES Act was not passed […]
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