The Short and the Long of It

The balance sheet is one of the main financial reports for any business. Among other things, it shows what a company owns, what they owe, and how much they and others have invested in the business. One of the characteristics of a balance sheet is how it

Read more

BEWARE: The “New” IRA Rollover Rule

In 2014, a U.S. tax court reinterpreted the rules on rollovers between IRA accounts. A rollover is when an IRA holder withdraws money from a Traditional or Roth IRA and redeposits the money into the same type of IRA within 60 days.  During this period, the taxpayer

Read more

Outrageous Tax Deductions

We are all on the look-out for ways to save money on our taxes. Here are five deductions taxpayers tried to take and were denied: THE COST OF TRAFFIC CITATIONS – Just because you are running late to a business meeting doesn’t make the cost of a citation

Read more

Are We In For A Tax Filing Season Nightmare?

The Internal Revenue Service is slated to begin processing tax returns for the 2014 calendar year on January 20, 2015, while dealing with the Affordable Care Act and another round of congressional budget cuts. The IRS commissioner implored taxpayers to call the IRS with questions, only as

Read more