Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

3/19/19 IRS reminded taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019.

This . . . → Read More: Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

There is NO MORE Form 1040A or 1040EZ - Six New Schedules Some Taxpayers Will File with New Form 1040

The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules.

Electronic filers may not notice these changes . . . → Read More: There is NO MORE Form 1040A or 1040EZ – Six New Schedules Some Taxpayers Will File with New Form 1040

IRS Extends April 15, Other Upcoming Deadlines for Alabama Storm Victims, Provides Other Tax Relief

Victims of March 3rd tornadoes and severe storms in Alabama have until July 31, 2019, to file certain individual and business tax returns and make certain tax payments.

The IRS is offering this relief to any Major Disaster Declaration area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, . . . → Read More: IRS Extends April 15, Other Upcoming Deadlines for Alabama Storm Victims, Provides Other Tax Relief

Here’s How a Name Change Affects a Tax Return

When someone legally changes their name, there are tax consequences they need to know about, especially at tax time. People change their names for several reasons:

Taking their spouse’s last name after a marriage Hyphenating their last name with their spouse’s after getting married Going back to their former name after a divorce Giving . . . → Read More: Here’s How a Name Change Affects a Tax Return

Dollar Amount Increases in Bankruptcy Code

By William Houston Brown, United States Bankruptcy Judge, Retired; Editor/Adviser, The Academy

On April 1, 2019, an increase takes effect in those dollar amounts in the Bankruptcy Code that are subject to adjustment every three years.1 The following increases have significance in everything from the eligibility maximums for filing under Chapters 12 and . . . → Read More: Dollar Amount Increases in Bankruptcy Code

American College of Bankruptcy Elects Chapter 13 Trustee Marie-Ann Greenberg as a Fellow

By Isabel C. Balboa, Chapter 13 Standing Trustee for the District of New Jersey (Camden)

The American College of Bankruptcy will mark its 30th anniversary in 2019. The College consists of more than 800 Fellows, representing the highest caliber of insolvency professionals. The College is comprised of scholars, judges, lawyers, financial professionals, international Fellows . . . → Read More: American College of Bankruptcy Elects Chapter 13 Trustee Marie-Ann Greenberg as a Fellow

Employers Should Be Aware of W-2 Scam, Protect Employee Information

Small businesses should be on-guard against a growing wave of identity theft and W-2 scams. Employers hold sensitive tax data on their employees – such as Form W-2 data – which is highly valued by identity thieves.

All employers are targets for the W-2 scam. This scheme has become one of the more dangerous . . . → Read More: Employers Should Be Aware of W-2 Scam, Protect Employee Information

Strong Passwords Help Protect Accounts Against Cybercriminals

The IRS urges everyone with any type of online account to review new, stronger standards to protect their passwords. Doing so will help protect against savvy cybercriminals who wants to access people’s accounts and steal their identities.

Here are three steps people can follow to build a better password:

Step 1: Leverage powers of . . . → Read More: Strong Passwords Help Protect Accounts Against Cybercriminals

National Consumer Law Center Advocates Urge HUD to Take Immediate Action to Reduce Foreclosures on Widows and Widowers of Reverse Mortgage Borrowers

FOR IMMEDIATE RELEASE: November 27, 2018

National Consumer Law Center: Jan Kruse (jkruse@nclc.org), (617) 542-8010

Washington, D.C. — Reverse mortgages are intended to help elders age in their homes. Yet, across the country, widows and widowers are losing their homes because of the U.S. Department of Housing and Urban Development (HUD)’s failure to prevent . . . → Read More: National Consumer Law Center Advocates Urge HUD to Take Immediate Action to Reduce Foreclosures on Widows and Widowers of Reverse Mortgage Borrowers

Proposed Hardship Withdrawal Regulations Include Relief For Disaster Victims: Retirement Plans Can Now Make Loans, Hardship Distributions To Victims Of Hurricanes Michael And Florence

The IRS recently announced that 401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Michael and Hurricane Florence and to members of their families.

This relief was included in the preamble to proposed regulations, published Nov. 14 in the Federal Register, implementing several recent law changes . . . → Read More: Proposed Hardship Withdrawal Regulations Include Relief For Disaster Victims: Retirement Plans Can Now Make Loans, Hardship Distributions To Victims Of Hurricanes Michael And Florence