Category: Individual Tax

It’s never been a particularly pleasant experience dealing with the IRS, but the IRS is struggling mightily right now in a way they have never struggled before. Their service is at an all-time low and there is no end in sight. They have millions of unopened pieces of mai...

As the recovery from the COVID-19 crisis takes hold and the economy and life begin to return to normal, now is an ideal time to focus on tax planning for the remainder of 2021. ...

The IRS released its annual “Dirty Dozen” tax scams for 2021 on June 28th. One of the key provisions of this announcement is the IRS this year made its Identity Protection PIN program available to all taxpayers. ...

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:...

The big COVID 19 relief bill that just passed December 27th had a lot of big-ticket items in there, mostly for businesses and then the stimulus checks for individuals.  One of the overlooked items are some interesting changes to the way some individual tax credits are going...

With the new COVID stimulus package, if eligible, you will be getting another stimulus payment from the government, also known as Economic Impact Payments.  Distribution of payments have already started and should come the same way you got the first one.  The new amount th...

Part of the CARES Act was establishing coronavirus related distributions from retirement plans.  The IRS recent came out with IRS Notice 2020-50 which provides a lot more insight for how those distributions are going to work and provided a lot of flexibility for taxpayers.�...

The IRS just published IRS Notice 2020-51 which details how Required Minimum Distributions flexibility will work for 2020. The link to the notice is here https://www.irs.gov/pub/irs-drop/n-20-51.pdf.  The CARES Act waived the requirement for most RMDs and now the IRS has pr...

To help you navigate through the new SBA Loan opportunities and the tax provisions resulting from this and the CARES Act, we have provided you with a list of Frequently Asked Questions....

In this COVID-19 preparedness webinar from April 1, 2020, five Boyum Barenscheer partners discuss the issues impacting Minnesota businesses.  This webinar focused on three primary areas: Practical advice for navigating business cash flow needs and the new loans available, u...

As I put together this document of the timeline, summaries and resources for you, I wanted to share what message I printed out and shared with my daughters as they start their first day at home of flex learning: Don’t Stress, Do Your Best, Forget the Rest...

The COVID-19 generated CARES Act contains provisions for retirement plan distributions and qualified individuals affected by the coronavirus. Details follow on each of these 5 provisions....