Tax and Business Alert - June 2014



Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.

IRS TOUGHENS THE ONE-YEAR WAIT BETWEEN IRA ROLLOVERS
To receive tax-free treatment, the amount withdrawn from an IRA must be redeposited into the same or another IRA no later than 60 days after the taxpayer received the distribution. For years, the IRS has held that the one-year waiting period between IRAs applies separately to each IRA, but has now adopted the Tax Court's recent unfavorable interpretation of the one-IRA-rollover-per-year rule, which considers all the taxpayer's IRAs together for the limitation. The new, stricter interpretation will not be applied to any rollover involving a distribution that occurs before January 1, 2015. So there is still a little time to take advantage of the current, more liberal, rules. Read more...

EXPENSES QUALIFYING FOR THE CHILD CARE CREDIT
A nonrefundable credit is available if a qualifying child care expense is incurred so that parents can work. This article explains which expenses qualify. Read more...

MIDYEAR TAX PLANNING IDEAS
Midyear is a good time for tax planning. This article addresses questions pertinent to those who are considering a gift to a relative or charity, who are self-employed, or who need to update their estate plan. Read more...

TIPS FOR BUSINESSES THAT OUTSOURCE PAYROLL DUTIES
Though most payroll service bureaus provide very good service, there are, unfortunately, some who do not have their clients' best interests at heart. And the client is responsible for the service bureau's errors or omissions. This article offers some steps a company can take to protect itself against unscrupulous service bureaus. Read more...

IRS WARNS TAXPAYERS TO BEWARE OF PHISHING SCAMS
Phishing is a scam typically carried out by unsolicited e-mail and/or bogus websites posing as legitimate sites luring unsuspecting victims to provide personal and financial information. This article explains what to watch out for and how to report suspicious communications. Read more...

This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. The information contained in this newsletter was not intended or written to be used and cannot be used for the purpose of (1) avoiding tax-related penalties prescribed by the Internal Revenue Code or (2) promoting or marketing any tax-related matter addressed herein. © 2014