CERTIFIED PUBLIC ACCOUNTANT
The IRS recently clarified the effect the IRS-imposed one-per-year limit has on tax-free IRA rollovers. Earlier in 2014, the U.S. Tax Court ruled that the one-per-year limit would preclude a taxpayer from making more than one tax-free rollover, even in instances involving different IRAs. In effect, the ruling will aggregate... Continue reading →
The IRS recently announced the 2015 annual inflation adjustments, which will impact tax rate schedules and deduction levels. The most notable tax rate changes include the rate of 39.6 percent, which affects singles with an income of more than $413,200 and married taxpayers who file jointly and have income of... Continue reading →
In July of 2014, the IRS announced final regulations regarding the basis on which S corporations are indebted to their shareholders. The final regulations specified that an S Corp shareholder may increase his or her S corporation debt basis only in cases in which the debt is bona fide, which... Continue reading →
The IRS has finalized rules enacted in 2012 to allow employees to deduct certain expenses paid for local lodging as business expenses. Prior to the recent change, local lodging expenses incurred by employees were classified as personal expenses. However, expenses for local lodging that meet certain criteria will be considered... Continue reading →
For college students and their parents, the start of the school year is an important time for tax planning. In addition to shopping for supplies, coordinating housing, and scheduling courses, parents of college students should also consider whether they will be able to write off college expenses at tax time.... Continue reading →
