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READ ACCOUNTING UPDATES AND TAX NEWS FROM MPS

Stay up to date on the latest news with the MPS|CPA newsletters and our tax and accounting alerts.

NEWSLETTERS

Dealing With an IRS Audit – April 2017

IRS data indicate that fewer than 1% of all individual income tax returns are audited each year. That’s true, but some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that’s where larger amounts of underpaid taxes might be found.

April 2017|Categories: Newsletters

Playing Defense as Stock Prices Soar – March 2017

As of this writing, major U.S. stock market indexes are at or near record highs. This bullish run might continue…or it might end with a severe slide. Here are some strategies to consider.

March 2017|Categories: Newsletters

After-Tax Dollars in Traditional IRAs – February 2017

Workers under age 70½ can deduct contributions to a traditional IRA, as long as they are not covered by an employer’s retirement plan. The same is true for those workers’ spouses.

February 2017|Categories: Newsletters

Be Cautious With Hard-to-Value IRAs – January 2017

A new year begins with celebrations, resolutions, and dual IRA opportunities. Most workers and their spouses have until April 18, 2017 (April 19 in some states), to contribute to an IRA for 2016. At the same time, contributions to 2017 IRAs are now permitted; the earlier money goes into the account, the more time for tax-deferred investment buildup.

January 2017|Categories: Newsletters

Seeking a Stable Retirement – December 2016

Anecdotally, retirement finances formerly were based on a “three-legged stool.” After people stopped working and no longer had earned income, their cash flow would come from Social Security, personal savings, and a pension from a former employer. This pension would have been a traditional defined benefit plan, paid out for the retiree’s lifetime and perhaps for that of a surviving spouse.

December 2016|Categories: Newsletters

More Certainty for Year-End Tax Planning – November 2016

Recently, year-end tax planning has been challenging. Many tax code provisions expired, and it was uncertain whether they would be renewed, with Congress’ action potentially not coming until extremely late in the year.

November 2016|Categories: Newsletters