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Are scholarships tax-free or taxable? (July 29, 2020)
Scholarships are generally tax-free but there are times when academic awards result in taxable income.
COVID-19-related leave donation programs now eligible for tax relief (July 8, 2020)
Employers can help battle COVID-19 by allowing employees to give up paid time off and then donating cash to a qualified charity. The IRS is now offering tax relief for such programs.
IRS guidance provides RMD rollover relief (July 1, 2020)
IRS guidance has provided relief to individual taxpayers affected by COVID-19 who take distributions or loans from retirement plans and offers guidance to employers regarding the administration of loan relief.
Avoid pitfalls when splitting gifts with your spouse (June 25, 2020)
Doubling your annual gift tax exclusion to $30,000 per beneficiary by splitting gifts with your spouse is a great way to reduce your taxable estate. However, beware of common mistakes when splitting gifts to avoid unwanted consequences.
What qualifies as a “coronavirus-related distribution” from a retirement plan? (June 24, 2020)
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
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