Category Archives: Retirement Accounts

The portion of the BLOG is devoted to retirement taxation.

What is Income?

IRC § 61 states all income from whatever source derived is taxable, unless specifically excluded by another Code section. IRC stands for Internal Revenue Code.  If you ever tried to read it, you’ll know why they call it code!   § is … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Retirement Accounts, Sub S Corporations | 529 Comments

STATES with NO INDIVIDUAL INCOME TAX

Alaska Florida Nevada South Dakota Texas Washington Wyoming Tennessee and New Hampshire tax only dividend & interest income.

Posted in General, Income Tax, International Taxation, Retirement Accounts | 12 Comments

Taxpayer Beware – IRS does not email

The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations, or personal tax issues.If you receive such an e-mail, it’s a scam.

Posted in Ask Question or Comment, General, Income Tax, International Taxation, LLC's, Payroll Tax, Retirement Accounts, Sub S Corporations | 119 Comments

IRPAC – when did this start?

IRPAC (Information Reporting Program Advisory Committee) was established in 1991 as a result of an administrative recommendation contained in the final conference report for the Omnibus Budget Reconciliation Act of 1989.  The recommendation suggested that the IRS consider “the creation … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 1,435 Comments

IRS Names… guess who to IRPAC!

Wednesday, January 26, 2011 IRS Names 10 New Members to IRPAC   The Internal Revenue Service today announced the selection of 10 new members in 2011 for the Information Reporting Program Advisory Committee (IRPAC). “Members of IRPAC provide industry perspective … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 165 Comments

Estate Tax for 2011?

  A 2-year estate tax rate set at 35% with an exemption for estates valued at up to $5 million

Posted in General, Income Tax, Retirement Accounts | 4 Comments

Alimony can be used as Compensation for IRA purposes.. yup!

Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes. For a summary of what compensation does and does not include, see Publication 590 – Table 1-1 on page 4.

Posted in Ask Question or Comment, General, Income Tax, Retirement Accounts | 2,439 Comments

ROTH IRA in 2010

Some confusion out there about Roth changes.  The following are effective in 2010…. The tax that has to be paid when you  CONVERT a REGULAR IRA to a ROTH IRA can be paid either all in 2010 all in 2011 OR … Continue reading

Posted in Income Tax, Retirement Accounts | 50 Comments

Simple IRA Maximum Contribution for 2009

If you participate in an Employer sponsored Simple IRA, you can put an max of $11,500 in 2009 PLUS $2,500 for being over age 50.  That total is $14,000 maximum as an employee deferral.  Additionally, the employer has some matching … Continue reading

Posted in Income Tax, LLC's, Payroll Tax, Retirement Accounts, Sub S Corporations | 1,770 Comments

ROTH IRA Maximum Contribuiton for 2009

$5,000 into a REGULAR IRA is the max for a single individual UNDER age 50 who does not participate in an employer sponsored retirement plan and still receive a tax deduction.  Add $1,000 if over age 50.   Can contribute till … Continue reading

Posted in Income Tax, LLC's, Retirement Accounts, Sub S Corporations | 333 Comments