by apexcpas | Jul 4, 2018 | Tax Planning
A recent ruling deals with a married couple who became victims of a Ponzi scheme by investing with a fund manager – not directly with the perpetrator of the fraud. The IRS ruled in 2009 that investors who lost money in Bernard Madoff’s Ponzi scheme and...
by apexcpas | Jul 4, 2018 | Tax Planning
Now that you have filed your tax return, and before you put away your tax files for another year, it’s a good idea to check your withholding for 2012 – especially if you expect a large refund or owe a lot of tax. Neither getting a big tax refund nor...
by apexcpas | Jul 4, 2018 | Tax Planning
With the tax return deadline rapidly approaching, you still have time to make a 2011 contribution to an IRA. While you might choose to contribute to a Roth IRA because of the future tax savings available, a contribution to a traditional IRA may entitle you to an...
by apexcpas | Jul 4, 2018 | Tax Planning
In a new revenue procedure, the IRS has issued the annual tables for the depreciation deductions available to owners of passenger automobiles, trucks and vans first placed in service during calendar year 2012. For passenger automobiles, the deduction limitations for...
by apexcpas | Jul 4, 2018 | Tax Planning
A recent decision of the Tax Court demonstrates a tax risk sometimes encountered by employees of enterprises that have the potential for becoming financially unstable. This case (Patrick J. Sheedy and Karen J. Sheedy v. Commissioner, T.C. Memo 2012-69, March 14, 2012)...