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To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.

Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.

The IRS has announced it is "expanding taxpayer options for making payments and alternatives to resolve balances owed" for those impacted by COVID-19.

Here is some midweek Wednesday Wisdom inspiration from your friends at Sonu Shukla CPA PA

To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.

After pausing due to COVID-19, the IRS has announced that it will resume issuing certain balance due notices - the 500 series - to taxpayers.

Here's some motivation for your Monday from Sonu Shukla CPA PA

Is it possible to start a business with no money? Technically, yes - but there are some important points to keep in mind. Learn more:

Right now, many of the initial 180-day mortgage forbearance periods from the CARES Act are coming due for homeowners who sought relief early on in the pandemic. What happens next?

A new bill being considered in Congress would raise the age for RMDs and let workers who are repaying student loans "to get a company 401(k) match even if they're not saving in their workplace plan."

Some insider tax knowledge from Sonu Shukla CPA PA.

A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.

"Anticipated spending on holiday gifts is expected to drop significantly this year amid a retail slump due to the coronavirus pandemic," a Gallup poll found.