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TAX AUDIT INFORMATION

As first reported by Richard Rubin of Bloomberg: the IRS audited less than one percent of individual tax returns for 2013, declining for the second straight year, the lowest rate since 2005. The IRS has lost $1 billion in funding and 8,000 employees over the past three years.  The IRS has less than 20,000 key […]

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Client Letter 2014

I would like to welcome our new clients and personally thank all of you for allowing us to prepare your income taxes this year. For those of you who have referred friends and family, I would like to extend a special thank you. It is greatly appreciated. I noticed this year that a number of […]

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NEW IRA TAX RULING

The U.S. Tax Court recently ruled that taxpayers can no longer make a non-taxable rollover from one IRA to another if they have already made a rollover from any of their IRAs in the preceding one year period. What does this mean? Beginning as early as January 1, 2015, you can make only one rollover […]

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TAX SEASON 2013/2014 CALENDAR

Dec. 31, 2013 Last trade date to recognize a gain or loss Last day to convert/transfer a Traditional or Roth IRA Last day to take a Required Minimum Distribution (RMD) from a retirement account Last day to gift to a 529 College Savings Plan Last day to make a gift to an individual or charitable […]

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IRS Operations during the lapse in appropriations

Due to the current lapse in appropriations, the IRS on Monday released a memo describing the scope of the limited operations they would be offering  until normal government functions are restored.  In the memo, the IRS assured the American taxpayer that the “underlying tax laws remain in effect and all taxpayers should continue to meet […]

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All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

In late August 2013, the U.S Department of the Treasury and the IRS ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.  The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does […]

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SMALL BUSINESS AND SELF-EMPLOYED TAX CENTER

The IRS offers a website for small business and the self-employed. The Small Business and Self – Employed Tax Center is a tax resource center for small business and the self – employed. It serves taxpayers who file form 1040, Schedules C, E, F, or Form 2106 as well as small businesses with assets under […]

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SAVING FOR RETIREMENT OR LACK THERE OF

A recent survey by Country Financial Security Index found one in four Americans across all age groups, admit they are not saving at all for retirement. Let me repeat that: They have saved nothing for retirement. Zero 47% of those 40 and older say they regret they did not start saving for retirement early enough. […]

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IRS TIPS FOR NOT PAYING TAXES ON TIME

The IRS has released tips for individual taxpayers who can’t pay their taxes on time. Here are the five tips: 1. File your return on time and pay as much as you can with your individual tax return. That will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest […]

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HEALTH SAVINGS ACCOUNT CONTRIBUTION INFO

The IRS has released the health savings accounts (HSA) annual contribution limits and the minimum deductible amounts and maximum out of pocket amounts for high deductible health plan for 2015. The deductions limitations are updated annually to reflect cost of living adjustments. The contribution limits for singles with a high deductible health plan increase $50 […]

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