BLS Insights

Discover the depth of BLS knowledge and information.

Year: 2014

Tax Issues Related to the Personal Residence

December 29, 2014

When we think about our personal residence, we probably do not give much thought to the tax impact associated with it. If we do think about the tax aspect, our focus probably is on the savings related to the mortgage interest and real estate tax deductions.

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Tax Extenders Passed by Congress

December 23, 2014

The President signed legislation passed by Congress which retroactively extends from January 1, 2014 many individual and business tax provisions which otherwise expired at the end of 2013.

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One 60-Day IRA Rollover Per Year Is The Final Answer

December 18, 2014

Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues.

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License Renewal Reminder!

December 15, 2014

The Delaware Division of Revenue (DOR) is reminding businesses that Delaware business licenses expire at the end of December and must be renewed by December 31, 2014 .

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Residency vs. Domicile

December 04, 2014

“Place of residency” and “place of domicile” may appear to mean the same thing, but may have different definitions at tax time. The definitions are similar if you have lived in the same place for many years, but if you recently moved to or maintain a second home in a different state, the two terms may be very different.

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What Goes in the Denominator? Complying with the Allocation Rules for Distributions from Qualified Plans With After-Tax Accounts

November 18, 2014

Compliance starts with understanding. Understanding the rules set forth in Notice 2014-54 assisted us with the application of the rules in a situation in which a participant was entitled to take a distribution from his after-tax account only, in a qualified plan that provides and separately accounts for […]

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Qualified Plan Distributions: IRS Issues Guidance on Allocation of After-Tax and Pretax Amounts

November 05, 2014

Lack of clarity causes frustration. The topic of how to properly allocate the pretax and after-tax amounts attributable to distributions from qualified plan accounts that include Roth 401(a) accounts or after-tax accounts has been a source of much debate in the retirement plan community.

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How to Make the Most of Your Required Minimum Distributions

October 22, 2014

Now that we have discussed the basics of Required Minimum Distributions (RMD) in The ABCs of RMDs. it’s important to see how you can get the most from your money. RMDs may be a mandate, but that does not mean there isn’t room for flexibility when it comes to tax planning.

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The ABCs of RMDs (Required Minimum Distributions)

October 07, 2014

The key to Required Minimum Distributions (RMDs) is to know what they are and how they could affect you. Failing to act could result in significant penalties. Here are a few of the basics: Taxpayers are mandated to begin taking taxable withdrawals from their IRAs and 401(k)s in the year they turn age 70 ½. … Continued

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Identity Crisis – When There is a Need to Change Your Nonprofit’s Name

September 30, 2014

The need for a nonprofit organization to change its name happens quite frequently. The reasons vary: mergers with other organizations, additions of or changes to major programs, to distinguish from prior affiliated organizations or groups, or to improve marketability and fundraising.

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