Earlier this year, the U.S. Tax Court made a controversial ruling regarding IRA rollovers that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow v. Commissioner, the court ruled that the one-rollover-per-year rule applies to all of a taxpayer’s IRAs in aggregate, rather than on an account-by-account basis.
Rules Surrounding IRA Rollovers Become Less Friendly to Taxpayers
Posted by celliott on Jun 26, 2014 8:44:31 AM
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Topics: Bobrow v. Commissioner, IRA Accounts, IRA Rollovers, Tax, U.S. Tax Court, Uncategorized
Use It or Lose It? Not So Fast - Flexible Spending Accounts
Posted by celliott on May 27, 2014 4:41:50 PM
Be aware of recent changes in the use-it-or-lose-it rule for flexible spending accounts (FSAs).
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Topics: Carryover, Flexible Spending Accounts, FSAs, Health Care, Tax, Uncategorized
*Practice Not Perfect—In a new case, a neurosurgeon had a dispute with a hospital for which she had a contract. She deducted practice-related expenses as a self-employed taxpayer on Schedule C, but the Tax Court determined that the neurosurgeon was never self-employed. Instead, she was functioning as an employee. Thus, the expenses could be written off only on Schedule A, subject to the limit for miscellaneous expenses.
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Topics: Facts and Figures, Tax, Uncategorized, Volunteer
It’s hard to believe we are beginning our fourth year dealing with the Healthcare Reform Law. With a countless number of changes and delays, many are asking what is next and what do I need to do. Nonprofits are not exempt from complying with the new legislation, and many board members and executive directors are looking for guidance.
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Topics: SHOP, ACA, Affordable Care Act, Healthcare, Nonprofit, Tax, Uncategorized
A willing and prepared seller is only one half of a transaction — and a long way from a done deal. Sellers need buyers, as well as a path to negotiate and close a deal.
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Topics: Accounting, Buyer Agreement, M&A, Mergers & Acquisitions, Tax, Uncategorized
Social Security Benefits: When and How to Take Benefits
Posted by celliott on Apr 24, 2014 10:59:24 AM
Retirees and those working hard to get there all face three major threats to a financial well-being in their golden years: inflation, investment risk and outliving their money. Luckily, most working Americans will be covered by an excellent tool for combatting all three threats: Social Security. Retirement benefits from Social Security provide guaranteed income that continues for life and increases each year as the costs of living increase. This protection makes it one of the most valuable sources of income in retirement, but still requires careful planning to properly implement and realize to its fullest potential. With 2,728 rules governing benefits in the Social Security Handbook, there is significant complexity involved with when and how to take retirement benefits, but also significant opportunity for creative careful planning.
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Topics: Social Security Benefits, Tax, Uncategorized
Due to the government shutdown last year, the IRS was forced to delay the start of the tax filing season for individuals. Now that we are in “crunch time,” you can expect some additional delays in processing returns.
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Topics: IRS, Refund, Tax, Uncategorized
To help you make sure you don’t miss any important 2014 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review it and let us know if you have any questions about the deadlines or would like assistance in meeting them.
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Topics: Deadline, Extensions, Form 1040, Form 1065, Form 1120, Form 4070, Form 5500, Form 709, Form 941, Form 990, Tax, Tax Calendar, Uncategorized
IRS Releases Final Rules on Large Employer ACA Reporting
Posted by jbarnes on Mar 18, 2014 1:50:20 PM
The IRS has released final regulations implementing the Affordable Care Act’s (ACA’s) information reporting provision for large employers. The new rules — which begin to phase in in 2015 — significantly streamline the required reporting and should make it easier for covered employers to comply with these ACA requirements.
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Topics: Tax, Uncategorized
1. The top tax rate on ordinary income (including short-term capital gains) increases from 35% to 39.6% for single filers with taxable income above $400,000 and joint filers above $450,000.
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Topics: Tax, Uncategorized