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Gottlieb Accounting & Appraisal Services LLC, PO Box 196, Kiamesha Lake, NY (2026)

01/12/2024

On January 8th 2024, the IRS announced that will start accepting 2023 tax returns on January 29th 2024.

10/27/2022

Issue Number: 2022-16
Inside This Issue
Tax year 2023 tax inflation adjustments announced; IRA limits increase
Quarterly payroll deadline approaching; file return electronically
Be wary of third parties improperly promoting the Employee Retention Credit
1099-Ks for sales over $600 in early 2023
Take steps during National Cybersecurity Month
Important tax information for disaster areas
Be proactive to avoid surprise tax bills
Reasonable accommodations provide equal access to all taxpayers
Other tax news
1. Tax year 2023 tax inflation adjustments announced; IRA limits increase
The IRS recently announced annual inflation adjustments to tax year 2023. Revenue Procedure 2022-38 provides details on the tax year 2023 annual inflation adjustments for more than 60 tax provisions. Some highlights include adjustments to the standard deduction, marginal rates, Alternative Minimum Tax and the Earned Income Credit.

Additional changes for 2023 include an increase in the contribution limits for Individual Retirement Arrangements (IRAs), 401(k), 403(b), most 457 plans and more.

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2. Quarterly payroll deadline approaching; file return electronically
The deadline for employers to file quarterly payroll tax returns is October 31, 2022. While filing using paper returns is available, the IRS strongly encourages e-filing as the most secure, accurate method to file returns and save time. Read more on the benefits of e-filing and various ways to file payroll tax returns.

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3. Be wary of third parties improperly promoting the Employee Retention Credit
The IRS warns employers to watch for third parties advising them to claim the Employee Retention Credit when they may not qualify for it, or for the amount claimed. The IRS reminds taxpayers they are responsible for information reported on their tax returns.

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4. 1099-Ks for sales over $600 in early 2023
The IRS reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. The reminder addresses that:

There is no change in taxability of income
Money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable
Taxpayers should consider making estimated tax payments
Visit the current Form 1099-K Frequently Asked Questions now available on IRS.gov. The newly designed page includes general information, reporting requirements and filing the form.

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5. Take steps during National Cybersecurity Month
The IRS and its Security Summit partners urge families to remain vigilant year-round and consider taking additional steps to protect their personal information during National Cybersecurity Month. They offer a few simple suggestions to help protect children and other vulnerable groups.

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6. Important tax information for disaster areas
COVID penalty relief in declared disaster areas

The IRS reminds taxpayers in some recently declared Federal Emergency Management Agency disaster areas that they may have more time to file to qualify for penalty relief for their 2019 and 2020 tax returns under Notice 2022-36.

Rebuilding tax records after a natural disaster can be difficult

Tax records may be necessary to get federal assistance or insurance reimbursement. Here are some steps to help taxpayers reconstruct important records to recover and rebuild.

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7. Be proactive to avoid surprise tax bills
While the next tax season seems far away, now is the perfect time to review and adjust your withholding and estimated tax payments. The IRS offers tools and resources to help taxpayers stay on top of their taxes year-round. There is still time left in 2022 to check current tax withholding and benefit from any necessary changes.

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8. Reasonable accommodations provide equal access to all taxpayers
The IRS is committed to serving all taxpayers, including people with disabilities. Reasonable accommodations make it possible for all taxpayers to receive equal access. Learn more on how to request reasonable accommodations.

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9. Other tax news
The following information may be of interest to individuals and groups in or related to small businesses:

IRS announced its continued support by joining international efforts to fight charity fraud
IRS reminds grandparents and other relatives with dependents to check eligibility for the 2021 Child Tax Credit
IRS reminds people who work in certain industries that tip income is taxable and must be reported
Over 9 million potentially eligible families to receive letters on unclaimed key tax benefits; Free File to remain open until November 17, 2022, to help people claim these benefits

10/27/2022

IRS

Issue Number: IR-2022-182
Inside This Issue

IRS provides tax inflation adjustments for tax year 2023
WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments.
New for 2023
The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of the deduction is $0.54 increased (but not above $1.07) by $0.02 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent. The applicable dollar value used to determine the increased deduction amount for certain property is $2.68 increased (but not above $5.36) by $0.11 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent.
Highlights of changes in Revenue Procedure 2021-38:
The tax year 2023 adjustments described below generally apply to tax returns filed in 2024.

The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts:
• The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
• Marginal Rates: For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).
The other rates are:
35% for incomes over $231,250 ($462,500 for married couples filing jointly);
32% for incomes over $182,100 ($364,200 for married couples filing jointly);
24% for incomes over $95,375 ($190,750 for married couples filing jointly);
22% for incomes over $44,725 ($89,450 for married couples filing jointly);
12% for incomes over $11,000 ($22,000 for married couples filing jointly).
• The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).
• The Alternative Minimum Tax exemption amount for tax year 2023 is $81,300 and begins to phase out at $578,150 ($126,500 for married couples filing jointly for whom the exemption begins to phase out at $1,156,300). The 2022 exemption amount was $75,900 and began to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption began to phase out at $1,079,800).
• The tax year 2023 maximum Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.
• For tax year 2023, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $300, up $20 from the limit for 2022.
• For the taxable years beginning in 2023, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $3,050. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $610, an increase of $40 from taxable years beginning in 2022.
• For tax year 2023, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,650, up $200 from tax year 2022; but not more than $3,950, an increase of $250 from tax year 2022. For self-only coverage, the maximum out-of-pocket expense amount is $5,300, up $350 from 2022. For tax year 2023, for family coverage, the annual deductible is not less than $5,300, up from $4,950 for 2022; however, the deductible cannot be more than $7,900, up $500 from the limit for tax year 2022. For family coverage, the out-of-pocket expense limit is $9,650 for tax year 2023, an increase of $600 from tax year 2022.
• For tax year 2023, the foreign earned income exclusion is $120,000 up from $112,000 for tax year 2022.
• Estates of decedents who die during 2023 have a basic exclusion amount of $12,920,000, up from a total of $12,060,000 for estates of decedents who died in 2022.
• The annual exclusion for gifts increases to $17,000 for calendar year 2023, up from $16,000 for calendar year 2021.
• The maximum credit allowed for adoptions for tax year 2023 is the amount of qualified adoption expenses up to $15,950, up from $14,890 for 2022
Items unaffected by indexing:
By statute, certain items that were indexed for inflation in the past are currently not adjusted.
• The personal exemption for tax year 2023 remains at 0, as it was for 2022, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.
• For 2023, as in 2022, 2021, 2020, 2019 and 2018, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.
• The modified adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit provided in § 25A(d)(2) is not adjusted for inflation for taxable years beginning after December 31, 2020. The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for joint returns).

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12/30/2021

From the IRS
E-News
Issue Number: 2021-51
Inside This Issue
IRS issues letters to Advance Child Tax Credit recipients, recipients of the third round of Economic Impact Payments; taxpayers should keep these letters to help with their 2021 tax returns
U.S., Malta sign a competent authority arrangement confirming pension fund meaning
Filing Information Returns Electronically file status and user ID change
Reporting nonemployee compensation and backup withholding
Tax relief for tornado victims in Illinois, Tennessee
Hurricane Ida tax relief extended for qualifying areas in six states
IRS webinar: Tax Changes from a Forms Perspective
News from the Justice Department’s Tax Division
Technical Guidance
1. IRS issues letters to Advance Child Tax Credit recipients, recipients of the third round of Economic Impact Payments; taxpayers should keep these letters to help with their 2021 tax returns
The IRS will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Urge your clients to keep these letters to help prepare their 2021 federal tax returns in 2022. Using this information when preparing a tax return can reduce errors and delays in processing. This article is also available in Spanish and Simplified Chinese.

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2. U.S., Malta sign a competent authority arrangement confirming pension fund meaning
The competent authorities of the United States and Malta signed a competent authority arrangement (CAA) confirming their understanding of the meaning of pension fund for purposes of the United States–Malta income tax treaty (Treaty). The competent authorities have entered into this agreement after becoming aware that U.S. taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established in Malta. The CAA is available on IRS.gov and will be published in the Internal Revenue Bulletin.

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3. Filing Information Returns Electronically file status and user ID change
Effective Jan. 1, 2022, the Filing Information Returns Electronically (FIRE) “Good, Not Released” file status and the “Good, Released” file status will be combined, so users will only see a “Good” status change. This will improve system response time and streamline customer file status reporting. Additionally, on the Test System, “Good, Federal Reporting” status has been changed to “Good” while the Combined Federal State Reporting status of “Good, Federal/State Reporting” remains unchanged. IRS.gov and all associated publications will be updated to reflect this change. Also, effective Jan. 1, 2022, a new FIRE account user ID format will be required. It must contain:

A minimum of 8 to 25 characters and
Both alpha and numeric characters with no special characters or spaces.
If your current user ID does not meet this criteria, you will be prompted to create a new user ID. At that point, the system will log you out and place you back on the logon page. You will then be able to logon using your newly created user ID.

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4. Reporting nonemployee compensation and backup withholding
Tax pros: Remind your clients to use Form 1099-NEC, Nonemployee Compensation, to report nonemployee compensation of $600 or more to a payee. Generally, payers must file Form 1099-NEC by Jan. 31, 2022. Nonemployee compensation may be subject to backup withholding if a payee has not provided a Taxpayer Identification Number (TIN) to the payer or the IRS notifies the payer that the payee provided a TIN that does not match their name in IRS records. This article is also available in Spanish.

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5. Tax relief for tornado victims in Illinois, Tennessee
Tornado victims in parts of Illinois and Tennessee will now have until May 16, 2022, to file various individual and business tax returns, and make tax payments. Currently, relief is available to affected taxpayers who live or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Montgomery, Morgan, Moultrie, Pike and Shelby counties in Illinois and Cheatham, Decatur, Dickson, Dyer, Gibson, Lake, Obion, Stewart and Weakley counties in Tennessee. Also, farmers who choose to forgo making estimated tax payments and normally file their returns by March 1 will now have until May 16, 2022, to file their 2021 return and pay any tax due. This article is available in Spanish and Simplified Chinese.

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6. Hurricane Ida tax relief extended for qualifying areas in six states
Victims of Hurricane Ida in six states now have until Feb. 15, 2022 – extended from Jan. 3 – to file various individual and business tax returns and make tax payments. The updated relief covers the entire states of Louisiana and Mississippi, as well as parts of New York, New Jersey, Connecticut and Pennsylvania. The current list of eligible localities is always available on the Around the Nation section of the disaster relief page on IRS.gov.

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7. IRS webinar: Tax Changes from a Forms Perspective
The webinar, Tax Changes from a Forms Perspective – Tax Year 2021, takes place Thursday, Jan. 13, 2022, at 2 p.m. ET. This 75-minute course is eligible for one CE credit and will cover:

Income tax changes for individual taxpayers for tax year 2021,
Employment tax changes for tax year 2021,
Tax form changes from 2020 to 2021,
New tax forms for tax year 2021 and
Tax products available for limited English proficiency (LEP) taxpayers.
Complete the online form to register for the webinar, or if you have questions, email them to [email protected].

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8. News from the Justice Department’s Tax Division
A federal jury convicted a Florida man for preparing false tax returns for his clients. At trial, Fred Pickett Jr. of Belle Glade was convicted of 22 counts of aiding and assisting the preparation of false tax returns. He is scheduled to be sentenced on March 8, 2022, and faces a maximum penalty of three years in prison for each count.

A federal court in the Eastern District of Louisiana has permanently enjoined Hammond tax return preparer Kenisha Callahan from preparing federal income tax returns for others and from owning or operating any tax return business in the future. The civil complaint filed against Callahan alleged that she reported fabricated income or losses, and false filing statuses, to maximize her customers’ earned income tax credit. Further, the complaint alleged that Callahan impermissibly lowered some of her customers’ tax liabilities by falsely claiming unreimbursed employee business expenses and charitable gifts for individuals who were not entitled to claim such deductions.

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9. Technical Guidance
Notice 2022-01 announces that lenders or servicers of certain student loans should not file Forms 1099-C, Cancellation of Debt, or submit payee statements, for student loan debt described in section 9675 of the American Rescue Plan Act of 2021 (American Rescue Plan Act).

Notice 2022-04 provides that the adjusted applicable dollar amount that applies for determining the Patient-Centered Outcomes Research Trust Fund (PCORTF) fee for policy years and plan years ending on or after Oct. 1, 2021, and before Oct. 1, 2022, is equal to $2.79.

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12/28/2021

From the IRS
Issue Number: IR-2021-228
Inside This Issue
IRS unveils new online identity verification process for accessing self-help tools

WASHINGTON – The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.

Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the Child Tax Credit Update Portal, Online Account, Get Transcript Online, Get an Identity Protection PIN (IP PIN) and Online Payment Agreement. Additional IRS applications will transition to the new method over the next year.

“Identity verification is critical to protect taxpayers and their information. The IRS has been working hard to make improvements in this area, and this new verification process is designed to make IRS online applications as secure as possible for people,” said IRS Commissioner Chuck Rettig. “To help taxpayers and the tax community, we are improving the accessibility of online tools that help families manage their Child Tax Credit, check on their IRS accounts and securely perform other routine tasks online.”

The new process can reach more people through the expanded use of identity documents and increased help desk assistance for taxpayers who encounter a problem when attempting to verify their identity online. Developed under the Secure Access Digital Identity initiative (SADI), the new process complies with a federal mandate.

To provide verification services, the IRS is using ID.me, a trusted technology provider. The new process is one more step the IRS is taking to ensure that taxpayer information is provided only to the person who legally has a right to the data.

The IRS also integrated this new account-creation process into some applications used by tax professionals, including those used to request powers of attorney or tax information authorizations online using Tax Pro Account or to submit Forms 2848 and 8821 online.

Accessing IRS tools

When accessing the tools listed above, taxpayers will be asked to sign in with an ID.me account. People who already have IRS usernames may continue to use their credentials from the old system to sign-in until summer 2022, but are prompted to create an ID.me account as soon as possible. Anyone with an existing ID.me account from the Child Tax Credit Update Portal, or from another government agency, can sign in with their existing credentials.

To verify their identity with ID.me, taxpayers need to provide a photo of an identity document such as a driver’s license, state ID or passport. They’ll also need to take a selfie with a smartphone or a computer with a we**am. Once their identity has been verified, they can securely access IRS online services.

Taxpayers who need help verifying their identity or submitting a support ticket can visit the ID.me IRS Help Site.

07/08/2021

NYS

New York State Department of Taxation and Finance Logo
Updated 2021 tax table publications and withholding allowance certificate
The Department of Taxation and Finance has posted updates to the following withholding documents for the 2021 tax year:

Publication NYS-50-T-NYS, New York State Withholding Tax Tables and Methods
Publication NYS-50-T-Y, Yonkers Withholding Tax Tables and Methods
Form IT-2104, Employee’s Withholding Allowance Certificate
The publications and form have been updated to account for new tax brackets and rates resulting from the legislative changes in the 2021-2022 New York State Budget (Part A of Chapter 59 of the Laws of 2021).

07/07/2021

From the IRS

ssue Number: N-2021-39
Inside This Issue
Notice 21-39 provides transition penalty relief for taxable years that begin in 2021 with respect to new Schedules K-2 and K-3 required for Forms 1065, U.S. Return of Partnership Income, 1120-S, U.S. Income Tax Return for an S Corporation, and 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships.

Notice 21-39 will appear in IRB 2021-27, dated July 6, 2021.

07/07/2021

IRS

Issue Number: IR-2021-140
Inside This Issue
Draft Instructions for the Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities

WASHINGTON — The Treasury and the IRS released today early draft instructions for the Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The early release drafts of the instructions provide a preview of the instructions before final versions are released. The new Schedules K-2 and K-3 were released on June 3 and 4, 2021.

The redesigned forms and instructions give useful guidance to partnerships, S corporations and U.S persons who are required to file Form 8865 with respect to controlled foreign partnerships on how to provide international tax information. The updated forms apply to any persons required to file Form 1065, 1120-S or 8865, but only if the entity for which the form is being filed has items of international tax relevance (generally foreign activities or foreign partners).

The changes do not affect partnerships and S corporations with no items of international tax relevance.

The Treasury Department and the IRS released prior drafts and instructions of Schedules K-2 and K-3 for the Form 1065 in July 2020 and engaged with stakeholders to solicit input on the changes. The final instructions respond to comments received with respect to the draft July 2020 instructions. For example, the final instructions:

Clarify when each part of the schedule is applicable;
Clarify that the preparer must only complete applicable parts of the Schedules K-2 and K-3; and
Provide instructions for requested new separate schedules regarding determination of the section 250 deduction and the allocation and apportionment of expenses
Recognizing the transitional challenges with the adoption of Schedules K-2 and K-3 by affected pass-through entities and their partners and shareholders, the Treasury Department and the IRS issued Notice 2021-39 on June 30, 2021. The Notice provides certain penalty relief for the 2021 tax year.

03/16/2021

Issue Number: IR-2021-57
Inside This Issue
Tax Time Guide: IRS reminds taxpayers of recent changes to retirement plans

WASHINGTON — The Internal Revenue Service today reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.

A retirement plan account owner must normally begin taking an RMD annually starting the year he or she reaches 70 ½ or 72, depending on their birthdate and maybe the year they retire. Retirement plans requiring RMDs include traditional, Simplified Employee Pension Plan (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) Individual Retirement Accounts; 401(k), 403(b), 457(b), profit sharing and other defined contribution plans.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the age when individuals must begin taking withdrawals from their retirement accounts. Someone born on or before June 30, 1949, was required to start getting RMDs for the year they reached the age of 70½. However, under the SECURE Act, if a person’s 70th birthday is July 1, 2019, or later, they do not have to take their first RMD until the year they reach age 72.

The Coronavirus, Aid, Relief and Economic Security (CARES) Act waived RMDs during 2020 so seniors and retirees, including beneficiaries with inherited accounts, were not required to take money out of IRAs and workplace retirement plans. The waiver included RMDs for individuals who turned age 70½ in 2019 and took their first RMD in 2020.

Individuals who reached age 70 ½ before 2020 and were still employed, but terminated employment in 2020, would normally have a 2020 RMD due by April 1, 2021, from their workplace retirement plan. This RMD is also waived as part of the CARES Act relief. Roth IRAs do not require withdrawals until after the death of the owner.

2021 RMDs

Individuals who reached 70 ½ in 2019 or earlier, did not have an RMD due for 2020. For 2021, they will have an RMD due by Dec. 31, 2021. Individuals who did not reach age 70 ½ in 2019 will reach age 72 in 2021 will have their first RMD due by April 1, 2022, and their second RMD due by Dec. 31, 2022. To avoid having both amounts included in their income for the same year, the taxpayer can make the first withdrawal by Dec. 31, 2021, instead of waiting until April 1, 2022. After the first year, all RMDs must be made by Dec. 31.

An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. Calculating the amount of the RMD depends on the type of IRA or if they are from multiple accounts. Not taking a required distribution, or not withdrawing enough, could mean a 50% excise tax on the amount not distributed.

Some can delay RMDs

Though the April 1 deadline for taking the first RMD is mandatory for all owners of traditional IRAs, participants in workplace retirement plans who are still working usually can, if their plan allows, wait until April 1 of the year after they retire to start receiving distributions from these plans. Individuals who reached age 70 ½ before 2020 and were still employed, but terminated employment in 2020, would normally have a 2020 RMD due by April 1, 2021 from their workplace retirement plan. This RMD is also waived as part of the CARES Act relief.

Employees of public schools and certain tax-exempt organizations should check with their employer, plan administrator or provider to see how to treat these accruals.

Coronavirus-related distributions and loans

The CARES Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options.

Distributions: Certain distributions made from Jan. 1, 2020, through Dec. 30, 2020, from IRAs or workplace retirement plans to qualified individuals may be treated as coronavirus-related distributions. These distributions are not subject to the 10% additional tax on early distributions (including the 25% additional tax on certain SIMPLE IRA distributions).

Taxes on coronavirus-related distributions are includible in taxable income:

Over a three-year period, one-third each year, or
If elected, in the year you take the distribution.
Coronavirus-related distributions may be repaid to an IRA or workplace retirement plan within three years.

If you had an outstanding loan balance in when you left employment, the plan sponsor will usually offset the loan balance against your benefit.

For loan offsets in 2020, you have until the due date of your tax return (plus extensions) to repay that amount to another retirement plan or IRA.
If you’re a qualified individual, you can treat the loan offset as a coronavirus-related distribution and have three years to repay to an IRA or include in income tax ratably over three years.
RMDs: An IRA owner or beneficiary who received an RMD in 2020 had the option of returning it to their account or other qualified plan to avoid paying taxes on that distribution. RMDs in 2020 that were not rolled over or repaid may be eligible to be treated as coronavirus-related distributions if the individual is a qualified individual. A 2020 RMD that otherwise qualifies as a coronavirus-related distribution may be repaid over a 3-year period or have the taxes due on the distribution spread over three years.

A withdrawal from an inherited IRA to a qualified individual may also be a coronavirus-related distribution. Income from the withdrawal may be spread over three years for income inclusion; however, the withdrawal may not be repaid to the inherited IRA.

IRS Notice 2020-51 provided that the one rollover per 12-month period limitation and the restriction on rollovers to inherited IRAs did not apply to repayments made by Aug. 31, 2020. The RMD suspension did not apply to qualified defined benefit plans.

The CARES Act included special rules for plan loans made to qualified individuals. Plans could suspend loan repayments for up to one year, although, typically, repayments resumed in January 2021. This effectively gives up to six years (instead of five) to repay a typical plan loan.

IRS online tools and publications can help

Taxpayers can find answers, forms and instructions and easy-to-use tools at IRS.gov.

FAQs regarding Required Minimum Distributions
Individual Retirement Arrangements (IRAs)
Publication 590-B, Distribution from Individual Retirement Arrangements (IRAs)
Coronavirus Relief for Retirement Plans and IRAs.
This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax.

Gottlieb Accounting & Appraisal Services LLC

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