Inherited IRAs Not Excluded From Bankruptcy Estate – Supreme Court Clark v. Rameker (Sup Ct. 6/12/14) 113AFTR 2d 2014-889
When and individual files for bankruptcy, they may exempt particular categories of assets from the bankruptcy estate. One such category includes certain retirement funds. The question presented is whether funds contained in an inherited individual retirement account (IRA) qualify as retirement funds within the meaning of this bankruptcy exemption. The Supreme Court holds that they…
Final Circular 230 Regulations Eliminate Covered Opinion Rule Among Other Changes
IRS has issued final Regs that make various changes to Circular 230, the rules on practice before IRS. The most significant items in the final Regs are the elimination of complex rules governing “covered opinions” and expansion of the requirements for written advice.
Prepare for Hurricanes, Natural Disasters by Safeguarding Tax Records
With the start of hurricane season this week, the Internal Revenue Service encourages individuals and businesses to safeguard their records against natural disasters by taking a few simple steps.
June 16 Deadline Nears for Taxpayers Living Abroad; June 4 IRS Webinar Can Help Those Reporting Foreign Accounts
Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service.
Penalty Relief Pilot for Small Retirement Plans Begins in June
The Internal Revenue Service will begin a one-year pilot program in June to help small businesses with retirement plans that owe penalties for not filing reporting documents. By filing current and prior year forms during this pilot program, they can avoid penalties.
Tax Information for Students who Take a Summer Job
Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things that students who take a summer…
For Small Business Week, IRS Spotlights Two Webinars, Health Care Tax Benefits, Simplified Home Office Deduction, Relief for Reclassifying Workers
The Internal Revenue Service is marking Small Business Week, May 12 to 16, by holding two free webinars for small businesses and encouraging them to check out several key tax benefits and a special relief program for employers who reclassify their workers as employees.
IRS Reminds Those with Foreign Assets of U.S. Tax Obligations
The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014.
10 Things to Know about IRS Notices and Letters
Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons. Here are ten things to know in case one shows up in your mailbox.
Timing Rules for Traditional and Roth IRAs
Regular contributions to Roth IRAs The deadline for establishing and making a contribution to a Roth IRA is the unextended tax return due date for the tax year to which the contributions relate.
