Anyone who buys a lottery ticket but hasn’t filed a 2010 tax return should kick themselves twice – if you are due a refund from the IRS you only have until April 15 to file that return and get your winnings (I mean refund.) Michael Cohn in AccountingToday will give you all the details: http://www.accountingtoday.com/news/IRS-Looks-Distribute-Unclaimed-Tax-Refunds-70036-1.html?utm_campaign=daily-mar%2020%202014&utm_medium=email&utm_source=newsletter Now topping the list of refunds by state is (surprise, surprise) Texas, California and New York – those three states account for 25% of the total refunds. So you have a little less than a month to get the returns filed and get your money – now get to it! For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: Early Retirement Plan Withdrawals and Your Taxes
This tip from the IRS about retirement plan early withdrawals gives points of what will happen when you do take early money out before 59 1/2: http://content.govdelivery.com/accounts/USIRS/bulletins/ab9ff0?reqfrom=share Now remember that rules and exceptions for Qualified Retirement Plans (401Ks, Defined Benefit Plans, 403Bs and Keogh plans) are different from IRAs and SEP IRAs – they have a whole different set of rules and exceptions. Just make sure you know the rules before taking money out before 59 1/2, as the taxes and penalties on early withdrawals can make your head spin (that is why it is set up like this; Congress and the IRS don’t want you to take the money out early!) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a CPA in Burbank: Tax Court Says Don’t Bet on It to Gambling CPA
Well, look what we have here – a CPA is arguing that he has a way to deduct his gambling losses as a professional gambler, but practices as a CPA? See this article in AccountingToday by Roger Russell, then get on the plane to Vegas (or in this case, the track): http://www.accountingtoday.com/news/tax-court-says-dont-bet-on-it-to-gambling-cpa-70014-1.html?utm_campaign=daily-mar%2018%202014&utm_medium=email&utm_source=newsletter Now what I don’t understand is his claim of deducting a portion of the paramutual ‘takeout’ which is the obligation of the track (he has no obligation) – how did he think he was entitled to any deduction there. Also, how does he consider himself a ‘professional gambler’ if he practices as a CPA? A weird case all around! For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa