This blog addresses money that business owners may owe PA (or another state) and money that may be owed to you. The first part of the blog is addressed to business owners, and the last paragraph discusses what will be of interest to individuals who may unknowningly have money owed to them and how to find it. [Read more…] about Abandoned Property – Money Owed to You?
Archives for March 2012
The IRS announced on February 7, 2012 (SBSE-05-0212-020) that it is changing its procedures regarding its initial review of OIC. [Read more…] about IRS Offer in Compromise (OIC) Procedures
Would you like to fund a Roth IRA regardless of your income or whether you are covered by your employer’s retirement plan?
You want to contribute to an IRA for your retirement. You wish to do so in a very efficient manner for tax planning. You have done your research and find that contributing to a Roth IRA is the way to go for a multitude of reasons. Your enthusiasm begins to wane after you call your tax advisor and are told that you are ineligible to make a contribution to a Roth IRA because you exceed the income limitations to contribute to a Roth. In other words, you make too much money. You then ask your tax advisor if you could make a tax deductible contribution to a traditional IRA. You are further disappointed to learn that because of the amount of money you earn or because of the contributions made to your employer’s retirement plan, you are ineligible to make a tax deductible contribution to a traditional IRA. Your tax advisor tells you that you are eligible to make a contribution to a traditional IRA. While it is explained to you that the earnings of the traditional IRA grow tax deferred, other aspects of a traditional IRA such as required minimum distributions when you are age 70.5 do not appeal to you.
There is another alternative available to you. [Read more…] about IRA PLANNING – HOW TO MAKE THAT PROHIBITED ROTH CONTRIBUTION