Monthly Archives: May 2014

Get a Big Refund This Year?

The IRS reported that approximately 118 million Americans received tax refunds in 2013 averaging around $2,640. The average refund this year is expected to be even higher. If you are among those who received a refund, you are probably celebrating.

Posted in Client Education

Are You In Danger of An Audit?

In recently-released data, the IRS divulged the audit statistics for returns the Service audited in fiscal year 2013. It provides information about the number of returns being audited and where the IRS is focusing their enforcement activities. During fiscal year

Posted in Client Education

Virtual Currency & Taxes

Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.  In some environments, it operates like “real” currency of any country that is designated as legal

Posted in Client Education

IRS Reinterprets the Once-Per-Year IRA Rollover Limitation

There is a tax rule that allows taxpayers to take money out of their IRA and avoid paying income tax and the 10% early distribution penalty so long as they return that money to their IRA account within 60 days.

Posted in Client Education

President Proposes Reinstating Gift Limits

If you are fortunate enough financially to be able to make significant gifts to family members and others, you may want to pay attention to the changes in gift tax law being proposed by the President.

Posted in Client Education