Shrinking Talent Pool Posing Challenges For Local CPA Firms

If your local Orlando business is having a hard time finding an affordable accounting firm to work with, you’re not alone. According to a recent article in the Orlando Business Journal, large Orlando accounting firms who would like to increase their staff are having trouble finding new hires and retain old ones due to the smaller pool of local professionals.

Beware Of the 1-per-12-Month IRA Rollover Limitation

This article discusses the new interpretation of the 2015 one-per-12-month-period rollover rule, the 60-day limit and the types of plans included.

The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the distribution.

Tax Smart Gifting

Frequently, taxpayers think that gifts of cash, securities or other assets they give to other individuals are tax deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are interrelated with estate tax laws, and Uncle Sam does not want you giving away your wealth before you pass away to avoid inheritance taxes.