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Disaster Relief
The TCJA removes the deductions for casualty and thefts except for losses from disasters covered by specific federal disaster declarations. 2020 Disasters listed here.
IRS's Dirty Dozen
Each year, the IRS publishes a list of the twelve most common tax scams. What are the dirty dozen for 2020?
Tax Due Dates coming up and more.
Cancellation of Debt Income
In the current crisis, more taxpayers than usual are unable to pay their bills and are seeking debt forgiveness. The general rule is that cancelled debts are included in the income of the taxpayer.
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