ROTH IRAs

The news media is full of information pushing the availability for all taxpayers being able to convert their IRAs to a ROTH, effective January 1, 2010.  Previously, both ROTH IRA conversions and contributions were limited to taxpayers with modified adjusted gross...

2010 Estate Planning Amid Uncertainty

The only certainties in life are death and taxes.  However, 2010 has definitely brought some uncertainty concerning federal death tax, which expired December 31, 2009.  Generally, congressional leaders have stated that the death tax will be re-enacted retroactively to...

Code Called ‘Shockingly Complicated’

As reported my Newsmax.com: Code Called ‘Shockingly Complicated’ The U.S. tax code has become so complex that the paperwork burden generated by the Treasury Department — almost all of it from the Internal Revenue Service — now totals a mind-boggling 6.7 billion hours....

Designated Contributions

DESIGNATED CONTRIBUTIONS TO CHARITABLE ORGANIZATIONS             By Dianne K. Briery, CPA                                 (904) 880-3200 In my work with churches and other tax-exempt entities with their accounting, I often see some major issues with the accounting for...

WARNING:

We have become aware of individual receiving phone calls from someone that claims to be from the Internal Revenue Service. The caller provides a case number and requests your social security number. DO NOT provide them with any personal information. THIS IS NOT THE...

HEALTH CARE BILL

As the “health care bill” now stands, a 3.8% Medicare Surtax will come into play in 2013, if no change is made. This MEDICARE SURTAX is on UNEARNED INCOME for taxpayers with MODIFIED ADJUSTED GROSS INCOME (MAGI) in excess of $200,000 for single and...

2012 Tax Newsletter

YEAR-END INDIVIDUAL TAX NEWSLETTER                                                                                                                                Dear Clients,                                                                                        ...

2012 Business Newsletter

YEAR-END BUSINESS TAX NEWSLETTER Dear Valued Client and Colleagues: January 24, 2012 2011-2012 The year of ???? Last year we started this letter with so much uncertainty—this year, very little has changed from the prior year…We asked the question—“1099s for everyone?...

Charitable Contributions and Planning

www.itsdeductible.com – Estimated high and low values for a variety of used items. www.satruck.org – Estimated high and low values for a varity of used items. To find the list, click on “frequently asked questions” in the site’s...

Tax Tip for 8-15-11

For 2011, businesses will be required to report their income derived from charge card sales separately from other income. Charge card companies will be issuing a Form 1099K reflecting the amount of the sales that go through charge cards. We recommend that you change...

RMD vs. Charitable Contributions

For those that have reached aged 70 ½ and are required to take a minimum distribution from your traditional IRA, you have the opportunity to make a charitable donation from your IRA, in lieu of your required minimum distribution. HOWEVER, YOU MUST ACT QUICKLY AS THIS...

Federal Unemployment Rate Decrease

Effective July 1, the FUTA (Federal Unemployment) rate decreased from .8% to .6%. For those employees that have already been paid $7,000 or more prior to July 1, 2011, this has no effect to the employer for 2011. If an employee had not yet been paid $7,000, the...