January 7, 2015

The IRS announced that it anticipates opening the 2015 filing season in January as scheduled. This follows the late passage of the extenders legislation.The IRS will begin accepting tax returns electronically on January 20th. Paper tax returns will begin processing at...

November 4, 2014

The IRS has announced the 2015 cost of living adjustments for retirement plans.

 

The limitation on the annual benefit under a defined benefit plan remained unchanged at $210,000.

 

The limit on the annual additions to a participant's defined contribution account has incre...

August 26, 2014

This week I want to remind you of something very important as scammers are stepping up their game.

 

I personally had two voicemails from these scammers using different telephone numbers. I also have had a number of clients mentioning they have received calls over the la...

August 19, 2014

The IRS released the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2015 for health savings accounts (HSAs). Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA.

 

Employers, as well as...

July 29, 2014

Last week, we provided a more detailed explanation of the first five items on the new Taxpayer Bill of Rights.  The following is a more detailed explanation for the second half of those rights. Click here to read last week’s blog that details the first five items.

...

July 22, 2014

Last week, we listed out the new “taxpayer bill of rights”.  The following is a more detailed explanation for the first five of those rights.

 

1. The right to be informed

Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled...

July 15, 2014

Welcome back from our summer break.  This year has been very slow in terms of new tax legislation.  However, we do have some new items that have come from the IRS and the Supreme Court.

 

No Bankruptcy Exemption for Inherited IRAs 

A unanimous Supreme Court has held...

May 13, 2014

Today we will take a brief look at the old question: Are they an employee or an independent contractor?  

 

This question continues to be a priority for the IRS.  There is a form (SS-8) that an employer or employee can fill out and file with the IRS to determine the stat...

May 6, 2014

Here's what the IRS says you need to know if you get a notice or letter from them.1. Don’t panic. You often only need to respond to take care of a notice.

 

2. There are many reasons why the IRS may send a letter or notice. It typically is about a specific issue on your...

April 22, 2014

How long should you keep your tax returns and related records?

 

As a general rule, it is a good idea to keep a copy of a filed tax return indefinitely.  

Here’s what the IRS specifies for the related records and receipts.

 

1. If you owe additional tax and situations (2),...

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