Blog posts from: 2014
Where’s My Cancelled Check?
The Check Clearing for the 21st Century Act (Check 21 act), P.L. 108-100, was signed into law on October 28, 2003 and went into effect on October 28, 2004. For most consumers, this means that they now receive scanned images...
Physician practices can avoid employment tax overpayment with “common paymaster”
Many of our clients are physician groups where the employee (a physician or nurse, say) is dually employed by the group as well as a hospital or other related entity. The related entities, the hospital and the physician practice,...
Guest Author Jennifer Oertel: Is the L3C Right for Your Social Enterprise?
By Jennifer Oertel, Partner Not For Profit Team Leader Jaffe Raitt Heuer & Weiss P.C. L3Cs were designed to encourage private foundations to pursue their missions through investments in social enterprises. Private foundations are subject to many restrictions, including that...
Social Security to resume benefits statement mailings
If you missed opening the mailbox to see your future estimated payments from the SSA, take heart--the paper statements, a victim of budget cuts several years ago, are reappearing soon! Starting this September, the Social Security Administration (SSA) will resume...
Shocking new IRS ruling narrows taxpayers’ one free IRA rollover
IRS Tax Court just ruled that the long-standing one-rollover-per-year rule applies to all of a taxpayer’s IRAs rather than to each IRA separately. Trustee to trustee transfers are not considered rollovers, so there's still no limit on those. To review,...
IRS reports increase in criminal investigations surrounding refund fraud
Tax Day has just passed, meaning millions of last-minute filers are waiting anxiously for their tax refund. For some, that check won't be in the mail, thanks to identity theft and refund fraudsters who steal refunds and tax IDs. The...
SR Client Question: Can scholarship money awarded to my child be taxed?
Recently, we have been working with a client with a child who received Scholarships and Grants for college in excess of their qualified tuition and fees. Great news for Mom and Dad, right!? Yes, but unbeknownst to the client, this...
A checklist for victims of tax return fraud
We have had two clients in the last two week be victims of a fraudulent return filed with the State. The clients were indirectly notified by receiving an audit notice from the State requesting information related to the client’s 2013...
S Corps should beware how elections are made
IRC section 179 (Election to Expense Certain Depreciable Business Assets) is an example of legislative grace given taxpayers by Congress. It allows taxpayers to elect to expense the cost of certain types of tangible personal property that would otherwise be...