Tax Breaks Brought Back From the Dead

Federal lawmakers will simplify tax planning for many by making certain tax breaks permanent — including one for charitably inclined older investors. Many tax breaks expire after a year or so, requiring an act of Congress to briefly extend them again. That has made tax strategizing difficult, because people don’t know if Congress will let an expired deduction or credit lapse for good or revive it at the last minute. As part of the omnibus spending bill that the U.S. …

IRS Turns Attention To IRA and RMD Mishaps — And It Can Cost You

The dreaded tax man is about to make life difficult for people who don’t take the required minimum distributions (RMD) from their retirement accounts, which  typically starts at age 70, and for IRA investors who may be socking away more in tax-free savings than they’re allowed. The crackdown on IRA errors by the Internal Revenue Service is part of an effort to bring in millions of dollars in tax penalties that go uncollected each year, reports smartmoney.com. Some 46 million …