As of 2015, there is a new limit on the number of times a taxpayer can rollover money from one IRA to another. Previously, taxpayers could rollover once a year from each of their IRA accounts regardless of how many IRA accounts they held. As of January 1, 2015, [...]
The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them. Some of the calls come from a 202 Washington DC exchange where they claim [...]
Form 114 (FBAR) is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. Financial accounts include bank accounts, brokerage accounts, mutual funds, trusts, and retirement accounts among other types of accounts. You are required to file this form if the [...]
Dear Client: We would like to make you aware of the following: 1) Please remember that the IRS does not initiate contact with taxpayers by email to request personal or financial information; they also do not use text messages or social media channels. If you do get an email [...]
Below, we have included some helpful information relative to your estimated tax responsibilities and how to avoid underpayment penalties. The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you [...]
v What is a Self-Directed IRA? A Self-Directed IRA is a type of IRA that allows the owner to have more control over his/her retirement funds. Typically, a Self-Directed IRA allows the account owner to direct the account trustee to make a broader range of investments versus other types [...]
Overview Beginning in 2013, there are three primary tax changes that will impact "high income" taxpayers: 1. An Additional Medicare Tax of 0.9% on wages and self-employment income in excess of $200,000 as a single taxpayer or $250,000 as a married taxpayer filing jointly ($125,000 married filing separately) 2. [...]
The American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act) provides benefits to homeowners like you by extending the Credit for Nonbusiness Energy Property (CNEP) for 2013. The 2012 Taxpayer Relief Act does not modify the general requirements for the CNEP. As you may know, the CNEP can [...]
Travel, Meals & Entertainment - Maximizing Deductions and Support The IRS has established a more stringent set of rules for deducting meals & entertainment, travel, mileage, etc. These deductions take extra effort on the part of the taxpayer, but are well worth the peace of mind of knowing you [...]
2013 Tax Changes- A Year in Review 1) New Medicare Taxes 2) New Tax Rates and Alternative Minimum Tax 3) Itemized Deduction and Personal Exemption Phase-outs 4) Tax Treatment of Married Same-Sex Couples 5) Estate and Gift Tax Changes 6) Business Related Tax Changes 7) Expiring Provision After 2013 [...]
