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IRS Extensions for Those Affected by Boston Marathon Bombings

Taxonomy: 
Tax & Accounting
Body: 

The IRS has provided a three-month extension of time to file and pay tax for individuals who were affected by the Boston Marathon explosions that occurred on April 15, 2013.  Those affected include persons who were participating in the race as well as spectators.  The closure of streets after the explosion to allow investigation and pursuit of suspects disrupted business activity in the area and potentially the ability of some taxpayers and return preparers to access their files.

IRS Releases the Dirty Dozen Tax Scams for 2013

Taxonomy: 
Tax & Accounting
Body: 

The following was released by the IRS last week.  Be sure you take the time to review these facts to protect yourself.

The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

New Jersey Limited Liability Act Changes

Taxonomy: 
Tax & Accounting
Body: 

The following was produced by Shah & Associates, P.C.

Since New Jersey adopted the Revised Uniform Limited Liability Act (“New Act”) in September of 2012, many advisors have been left wondering about how it might affect their clients.  The New Act makes sweeping changes in a variety of categories that may catch unprepared businesses off-guard.

Passive Business Activity

Taxonomy: 
Tax & Accounting
Body: 

Passive Business Activity

Internal Revenue Code Section 469

The passive activity loss rules have developed into a complicated set of guidelines since their inception.  If you keep in mind the and have a general understanding of the principles that drive loss limitations in this area, you will have a good foundation for selecting investment strategies that allow you to take full advantage of the passive activity rules.

Here is a basic breakdown of the rules and how they may relate to you.

What is a passive activity? 

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