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Scholarships are generally tax-free but there are times when academic awards result in taxable income.
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 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.
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.
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.