As part of the federal government’s tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility.Read more
Tax Reform, IRS, Court Decisions, and More Add to Uncertainties at Year-End
Year-end 2017 presents a unique set of challenges for taxpayers. At the top of the list are the uncertainties created by the possibilities within proposed tax reform legislation – what changes might be made, and whether those changes would be retroactive for 2017.
Also presenting a unique challenge before year-end is the Trump Administration’s initiative to “streamline” rules and regulations coming out of the Treasury and IRS. Meanwhile, the usual flood of court decisions and IRS guidance has continued, also presenting new opportunities –and pitfalls–that require year-end action.
What should you do if you discover an error on a previously filed individual tax return? For example, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have recently discovered that you failed to claim some legitimate tax breaks on your 2015 return that you filed last year. Here are the rules for filing an amended return.