Tax and Business Alert - May 2015



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.

DEDUCTING BUSINESS BAD DEBTS
If debt collection is a problem for a business, deducting uncollectible (bad) debts from its tax bill may somewhat lessen the sting of simply writing the debt off its books. This article discusses what constitutes bona fide debt and describes two types of bad debt deductions: business and nonbusiness. Read more...

TIPS ON HANDLING A WILL
This article offers a list of things to consider regarding wills, including consulting an attorney, storing the will in a safe place, and including provisions for alternate dispositions of property. Read more...

FILING 2014 FOREIGN BANK AND FINANCIAL ACCOUNT REPORTS
This article offers a list of things to consider regarding wills, including consulting an attorney, storing the will in a safe place, and including provisions for alternate dispositions of property. Read more...

REPORTING A NAME CHANGE
The names on a tax return must match Social Security Administration records. This article explains what to do in the event of a name change. Read more...

TAXATION OF COLLEGE FINANCIAL AID
A variety of types of student financial aid are available: for example, scholarships, fellowships, grants, work-study arrangements and student loans. But the economic characteristics of financial aid, rather than how it is titled, will determine its taxability. This article explores tax law as it applies to the various forms of aid. Read more...

IRA ROLLOVERS
An IRA rollover occurs when a taxpayer receives a distribution from one IRA and within 60 days deposits the assets into another IRA. This transfer to the receiving IRA is called a rollover contribution. A one-rollover-per-year rule used to apply on a per-IRA basis. However, starting in 2015, it applies to an individual's IRAs in the aggregate. This article explains the details and why trustee-to-trustee transfers are preferable. 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. © 2015