Questions From Clients on the New Tax Law

Our clients have been peppering me all year with questions about the new tax law that was passed in December 2017.  Here are some of the most common ones I have received. Is the ObamaCare penalty for not having health insurance gone?  Yes, but not until...

New Law Increases Child Tax Credit

For 2018, the new tax law doubles the credit to $2,000 for each dependent under the age of 17.  Up to $1,400 of the credit is refundable for low-income taxpayers.  The income level where the credit is phased out is much higher, but is eliminated for...

IRS Warns of New Phone Scam

The IRS is warning taxpayers about a new phone scam in IRS Internal News Release IR-2018-103, 04/24/18.  The scammers are using telephone numbers that show they are calling from the Taxpayer Assistance Centers (TAC) to trick taxpayers into paying non-existent...

I Forgot My IRA Required Distribution—How Do I Fix It?

Once you reach 70 years of age, you are required to take a minimum distribution from your IRA accounts (RMD).  Failing to do so will expose you to a 50% penalty on the amount not distributed. You won’t need to pay the fine if: You can show you had a reasonable...