401K Rules for 2010
Oct 02, 2010
It is getting toward the end of the year, but it is still not too late to make contributions to your 401K plan to reap the benefits of reduced taxes. The rules for Contributions, Distributions, and Pha...
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Details for Roth IRA in 2010
Oct 01, 2010
The following are the details for a Roth IRA account in 2010:
Contributions:
Limited to $5000 ($6,000 if age 50 or more) for IRA's and Roth IRA's, or rollover. The amount you contribute is not tax de...
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Individual Retirement Account Basics for 2010
Oct 01, 2010
The following are the details for Individual retirement accounts in 2010:
Contributions:
Limited to $5000 ($6000 if age 50 or more) per person or rollover amount. Deductible if not active participant...
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What is a Collection Due Process Hearing?
Sep 29, 2010
When you receive a Notice of Intent to Levy from the IRS it will come with a form to Request a Collection Due Process Hearing ("CDP") or Equivalent Hearing. What exactly is this and what should you do ...
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Are you Eligible for an Innocent Spouse Claim?
Sep 28, 2010
Your spouse has gotten into tax trouble. Are you responsible for their tax debt and can you make an Innocent Spouse Claim? First, what exactly is an Innocent Spouse Claim. As an innocent spouse you are...
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New Tax Form to be Created for Adjustment to Basis for Inherited Property
Sep 27, 2010
As you are probably aware, there is no estate tax in 2010. However, with the suspension of the estate tax came the loss to the adjustment of basis on inherited property. Previously, you could adjust th...
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Consider Making Taxable Gifts in 2010
Sep 27, 2010
Consider making taxable gifts in 2010. This goes against what we have traditionally believed, but we have a unique set of circumstances in 2010 that may not occur for a long time. First, the gift tax s...
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Do You Have to Personally Visit with the IRS in an Audit?
Sep 20, 2010
A question I often get when I meet with a new client that is being audited by the IRS is: Do I have to personally meet with the IRS? Generally, the answer to this question is no. The client can give th...
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An Overview of the IRS Audit Process
Sep 19, 2010
One of the most dreaded pieces of mail that you will ever receive is the notification from the Internal Revenue Service that you are being audited. This is the start of the audit process. The notice wi...
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How do you report income from Pass Through Business Entities?
Sep 19, 2010
How do you report income from a pass through business entity? First of all, what is a pass through business entity. A partnership, limited liability company, or an S-Corporation can be a pass through b...
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