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In a recent case, the Tax Court ruled that code Sec. 408(d) (3) (B), which deals with limitations on rollover contributions to an individual retirement account (IRA), applies to all of a taxpayer's IRAs not to each individual IRA. The IRS has announced that it will follow the Tax Court holding that all of a taxpayer's IRAs must be grouped together for purposes of the one-rollover per year limitation. However, the one-year wait period applies separately to all traditional IRAs and all Roth IRAs.
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Most closely-held or family-owned business owners know that a good transition plan is crucial to the health and success of their business and their families. Family business owners can’t just walk away from their businesses and expect them to continue to grow and thrive in their absence unless they have proactively established a transition plan.
During 2014, the Financial Accounting Standards Board (FASB) issued its long-awaited Accounting Standard Update, ASU 2014-09 Revenue from Contracts with Customers. Most business entities will be affected by the new revenue measurement and recognition rules and increase in disclosures, but the impact will likely vary depending on industry and current accounting practices.
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