Monthly Archives: November 2014

Supreme Court Denies Bankruptcy Protection for Inherited IRAs

Your retirement funds are protected from creditors even if you file for bankruptcy, with only a few limitations. This protection extends to funds in all government-qualified pension plans, including IRAs (traditional and Roth), 401(k)s, 403(b)s, Keoghs, profit sharing, money purchase, and defined benefit plans. A recent U.S. Supreme Court decision has held, however, that an inherited IRA is not a… (more…)

Investors Should Be Aware of Inversions

Some U.S. companies are using corporate inversions to reduce their taxes. Investors in companies that do an inversion may find that their own taxes are increased. Our Bergen County CPA office offers you insight to this. When the U.S. company becomes the subsidiary of the foreign company, it issues replacement shares. Typically, the new shares are equal to the former shares… (more…)

Switching Funds Can Bring a Tax Surprise

Many mutual fund companies allow you to switch funds without a penalty or commission, as long as you stay within their family of funds. There’s a catch though. Unless the funds are in a tax-deferred retirement account, you could owe income tax each time you make a switch. When you move money between funds, the IRS considers it a sale.… (more…)

Use the 80-20 Rule to Increase Your Business Profits

How well do you know your customers? Which ones are the most profitable? Which ones take most of your time? It’s worth taking the time to find out. If your business is like most, the 80-20 rule applies. That is, 80% of your profits come from 20% of your customers. Our Bergen County CPA office offers you insight to this. If… (more…)