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Client Tax Letter 2016 1st Quarter This CPA Client Tax Letter is provided by McDonald Carlson CPAs to its clients through an arrangement with the AICPA, which holds the copyright to the CPA Client Tax Letter…

Individuals and businesses, affected by the COVID-19 pandemic, may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by September 30, 2022. This penalty relief is automatic. Eligible taxpayers who…

The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is…

Americans who are nearing retirement age have about $200,000 in their 401(k) accounts on average, a new survey found. According to Vanguard’s “How America Saves 2019” report, published this month, the average American worker aged…

Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies…

Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief…

Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility…

The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. The IRS…