IRS changes

Accounting
IRS
linkedin
Personal tax returns
CJBS
by Michael W. Blitstein, CPA  IRS has thrown in the towel on pursuing some innocent spouses for back taxes.  The Service historically required a taxpayer who claimed it was inequitable to be held liable for unpaid tax attributable to their spouse, to seek relief within two years of the date IRS began its collection activity. […]
January 24, 2012
2 MIN READ
Accounting
Retirement Planning
Tax deductions
CJBS
by Michael W. Blitstein, CPA  Internal Revenue Service has announced the following limitations for 2012 retirement plans: Employee Deferrals: IRA account – 100% of earned income up to $5,000; age 50 and older catch up $1,000 SIMPLE – 100% of earned income up to $11,500; age 50 and older catch up $2,500 401(k) – $17,000; age 50 and […]
November 21, 2011
1 MIN READ