Form 1099 Alert

After all these years of filing requirements for Form 1099, the Internal Revenue Service has finally clarified its position regarding LLCs. The question regarding Form 1099 filing requirements for business entities that pay more than $600 to an LLC has been one which has been asked of us numerous times. We now have an answer […]

New IRA Rollover Rules

The Internal Revenue Code generally provides that an amount distributed from an IRA will not be included in gross income of the IRA owner to the extent the amount is rolled into an IRA of the owner, no later than 60 days after the distribution. This is often referred to as the “60 day rollover […]

Kiddie Tax Expansion to Full-Time Students Ages 18-23

As you probably know, after a bitter battle with Congress, an Iraq funding bill was recently signed into law. This legislation also included various changes to the tax laws including significant changes that can affect families with children under age 24. These changes involve the so-called kiddie tax and as a practical matter will first […]