President Obama Directs Treasury to Create New myRA Accounts

Dear Tax Payer, As promised in his State of the Union address, President Obama has taken executive action and directed the Treasury Department to create a new retirement savings vehicle called a “myRA.” A White House spokesperson described a myRAs as being simple, safe, and affordable starter savings accounts to help low- and moderate-income taxpayers…

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Foreign Earned Income and Housing Cost Exclusions for U.S. Citizens and Resident Aliens Living Abroad

Dear Tax Payer, If you are lucky enough to be offered the opportunity to take a job overseas, there are some important tax rules for the exclusion of income and living expenses that you should be aware of that can have a determining effect on your decision. Please read the following article that explains these…

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Standard Mileage Rates for Business, Medical & Moving Decrease 0.5¢ Per Mile 2014

Dear Business Client, The IRS just released the new mileage rates for business use, medical and charity use. The business use rate will decrease from 56.5 cents per mile to 56 cents per mile effective January 1, 2014.  Below is an article related to the 2014 mileage rate changes and how it may affect your business. …

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Last Minute Year-End 2013 Tax-Saving Moves for Corporations

Dear Business Tax Payer, As year-end approaches, corporations could benefit from the following “last minute” tax-saving moves, including adjustments to income to preserve favorable estimated tax rules for 2014, deferral of certain advance payments to next year, and fine-tuning bonuses to make the most of the Code Sec. 199 domestic production activities deduction. The following…

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