Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“For more than 30 years I have relied on Jerry to provide me with critical guidance for both investment decisions and tax strategies. His opinions have been crucial in helping me make the best possible business decisions, as well as providing me with sound advice regarding personal tax planning”.
Steve T., Taxpayer

How the new tax law changes Roth IRA conversions

 

By Ed Slott

The new tax law signed in December may affect the way you and your clients evaluate the pros and cons of Roth conversions.

Among the biggest changes: Beginning in 2018, Roth conversions cannot be undone. Lawmakers repealed Roth recharacterizations, which previously enabled Roth conversions to be reversed.

"Overall, I believe we have hit rock bottom for tax rates, making today's Roth conversions even more valuable for clients in retirement."

Consequently, the discussion around Roth conversions will immediately need to change. Clients will require more advice, and their advisors will need to conduct more careful analysis before making any recommendations.

Here are how some of the benefits and drawbacks of Roth conversions have changed under the new tax law.

I.R.S. Says It Will Reject Tax Returns that Lack Health Insurance Disclosure

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By Reen Aberlson

Despite President Trump’s pronouncements, not only is Obamacare not dead, there are signs that his administration is keeping it alive.

In the latest signal that the Affordable Care Act is still law, the Internal Revenue Service said this week that it is taking steps to enforce the most controversial provision: the tax penalty people face if they refuse to obtain health insurance.

You paid off that debt — or did you?

debt fixed jerry jonesYou buy a washing machine on credit and make the loan payments until the debt is paid off. Then you receive a call from someone claiming to be a debt collector for the appliance store. The caller alleges that you still owe a hefty balance on your loan. When you insist you've paid the loan in full, you're bullied and harassed. The caller says if you don't pay up, you'll be charged additional interest and might even be thrown in jail.

Is the call legitimate? Or is this a scam? Three red flags can help you determine the answer.

National Tax Security Awareness Week No. 2: Don’t Take the Bait; Avoid Phishing Emails by Data Thieves

avoid phishing data thieves Jerry jones cpaWith the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry urge people to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund.

The most common way for cybercriminals to steal bank account information, passwords, credit cards or Social Security numbers is to simply ask for them. Every day, people fall victim to phishing scams that cost them their time and their money.

Those emails urgently warning users to update their online financial accounts – they’re fake. That email directing users to download a document from a cloud-storage provider? Fake. Those other emails suggesting the recipients have a $64 tax refund waiting at the IRS or that the IRS needs information about insurance policies – also fake. So are many new and evolving variations of these schemes.

stamp audit partnership law cpa Jerry jonesNew Partnership Audit Procedures Will Have a Profound Impact

The biggest change to partnership tax audits since TEFRA is going to be effective soon.

By Todd Radde, CPA, J.D., LL.M.
October 6, 2016

On Nov. 2, 2015, President Barack Obama signed the Bipartisan Budget Act of 2015 (the Act), P.L. 114-74. The Act contained several significant changes to the procedural rules for federal income tax audits and the judicial process applicable to partnerships and other entities classified as partnerships for federal income tax purposes, such as limited liability companies. The changes are a departure from how partnerships have been treated for federal income tax purposes.

In the past, partnerships were treated as flowthrough entities and were not subject to federal income tax. Under the new rules, partnerships are still flowthrough entities, but any taxes due after an audit can be collected from the partnership, saving the IRS from pursuing individual partners. This change was achieved when the Act repealed the current federal audit procedures for partnerships enacted by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and replaced them with the following rules. The new rules will have a profound impact on existing and new partnerships.

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