Paperless – Is It a Realistic Goal
by Barry C Picker, CPA/PFS, CFP Paperless, paperless, paperless. It’s all the rage. We have to get rid of paper. Don’t get me wrong, I’m all for it. I would love to get all the stuff in [...]
Tax Effect of Supreme Court DOMA Decision
The Supreme Court decision in Windsor v. US has effectively struck down Section 3 of the Defense of Marriage Act retroactively. As such, anyone affected can file amended joint returns for all [...]
Will your Mutual Fund be Giving you a Tax Headache?
It’s been a good year for the stock market; many portfolios are showing a decent gain. This is true for mutual funds also.But mutual funds have a little tax quirk – they must [...]
Tax Court Allows Deduction to Daughter for Amounts Paid by Mother
Executive Summary Mother paid medical expenses directly to provider, and also paid daughter’s real estate taxes. IRS denied deduction to daughter since the daughter did not pay the expenses. Tax [...]
Five Rules For Inherited IRAs
Before they inherited $3 million in retirement accounts from their father last year, the three middle-aged siblings didn’t know it was possible for heirs to stretch out the tax benefits of such [...]
Successful Investing: Don’t let your IRAs languish
Later retirement could mean different IRA options. Be sure to explore them all.
Roth Withdrawals: A Huge Plus and a Few Pitfalls
As of January 1 of this year, even upper-income Americans can have a Roth IRA.
Surviving Spouse Cannot Rollover IRA into Her Own Name
Executive Summary Surviving spouse (S) was not treated as the payee of the decedent’s (H) IRA, and thus could not take the IRA and roll it over into an IRA in her own name. Facts H died in [...]
Willis – Bankruptcy Court Rules Individual IRAs not Exempt in Bankruptcy
EXECUTIVE SUMMARY A bankruptcy court in Florida has ruled that an individual’s IRAs are not exempt from the claims of creditors due to the individual’s transactions with the IRA. FACTS [...]
IRS Penalizes Taxpayer for Bad Maneuver
Iin a recent private letter ruling, that could best be described as not taxpayer friendly, the Internal Revenue Service has ruled that a transfer of assets from one IRA to another IRA, while the [...]