Individual Tax Topics

Insights on individual income tax issues, reporting, and planning considerations.

Advance Child Tax Credit…Should You Turn It Down?

Advance Child Tax Credit…Should You Turn It Down? Tom explains the 2021 changes to the child tax credit made by the American Rescue Plan. He also gets us thinking that…

Defining the Income of a Trust

Defining the Income of a Trust In today’s blog, Tom discusses defining the income of a trust. Is it taxable income? Is it accounting income? Is it what the trust…

Repaying Excess Advance Premium Tax Credits (APTC)

Repaying Excess Advance Premium Tax Credits (APTC) The American Rescue Plan suspends the requirement to repay excess advance payments of the 2020 premium tax credit. How do we apply this…

Tax Season Tidbits

Tax Season Tidbits In today’s video, Tom covers some tax season tidbits, including: More May 17 guidance from IRS When is an exclusion not an exclusion? Can we have faith…

Calculating Unemployment Compensation to Exclude from Income

Calculating Unemployment Compensation to Exclude from Income IRS guidance from March 24, 2021 clarified that a tax preparer should determine modified adjusted gross income (MAGI) without the unemployment compensation included….

March 6 and the 65-Day Rule

March 6 and the 65-day rule Why is March 6 important when dealing with trustees who are in control of complex trusts? It March 6 becomes a very important date…