Life Expectancy and Distribution Period Tables for RMDs Updated

The IRS has issued final regulations to update the life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The tables reflect the general increase in life expectancy. The tables would apply for distribution calendar years...

Final Regulations Update Definition of Qualifying Relative

The IRS has released final regulations that clarify the definition of a “qualifying relative” for purposes of various provisions for tax years 2018 through 2025. These regulations generally affect taxpayers who claim federal income tax benefits that...

2020-2021 Special Per Diem Rates Released

The IRS has released the 2020-2021 special per diem rates. Taxpayers use the per diem rates to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home. These special per diem rates include the special transportation...