IRS

January 14, 2015 Accounting, Audit, Taxes

Beware Of the One-per-12-Month IRA Rollover Limitation Beginning In 2015

Article Highlights: 60-Day limit New interpretation New one-per-12-month-period rollover rule Types of plans included The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the distribution. Early in 2014, in a tax court case, the court ruled that taxpayers could only have one IRA rollover per 12-month period. This was contrary to the IRS’s long-standing one rollover per every IRA account every 12 months. This far more liberal position was also included in published IRS guidance. However, contrary

January 7, 2015 Accounting, Advisory & Consulting, Compliance, Taxes

What to Do if You Receive a Dreaded IRS Letter

Article Highlights: CP2000 Series Notices Automated Frequently Issued In Error What You Should Do   hen the IRS thinks it has found an issue with your tax return, it will contact you via mail with a CP series notice (most commonly CP2000). Please note that the IRS will never call or e-mail you initially about a tax delinquency. This is a trick used by scammers that has become quite prevalent. Most commonly, these notices will include a proposed tax due and any interest or penalties. The notice will include an explanation of the examination process and how you can respond. These automated notices are sent out year-round and are quite