Understanding the Wash Sale Rule
In the case of any loss claimed to have been sustained ... T
hose are the first words of Internal Revenue Code Section 1091, which you may know as the wash sale rule.
That particular sentence goes on for another 111 words. Yet you may sell a security and still not be sure whether the rule applies. That's true despite the information reporting form you receive from your broker at year-end.
It might help to understand
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"Gilbert Associates provides an easy and efficient way to collect the items and information needed to prepare the Form 990 for non-profits, which reduces the amount of time it takes to prepare the return."
- Aaron Thornsberry, St. Hope Public Schools
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Tax-advantaged retirement plans like 401(k)s are subject to numerous rules and regulations. They can be especially tricky when you change jobs. We discuss how to avoid getting hit with unnecessary taxes and penalties and how you can avoid potential tax traps.
We also briefly discuss when is the best time to update your trust.
If you are confused or need further explanation, give us
a call, w
e're here to help.
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Tax-Smart Options for Your Old Retirement Plan When You Change Jobs
There's a lot to think about when you change jobs, and it's easy for a  401(k) or other employer-sponsored retirement plan to get lost in the shuffle.
But to keep building tax-deferred savings, it's important to make an informed decision about your old plan.
First and foremost, don't take a lump-sum distribution from your old employer's retirement plan. It generally will be
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Is It Time to Update Your Trust?
Do you have trust issues? If you've established a trust as part of your estate plan, the answer may be yes - and you might be unaware of those issues. Fortunately, getting your trust back on track can be straightforward. Here are three areas to review
Funding. Setting up legal documents to establish a trust is only part of the process. You also need to add
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Gear Up for New Partnership Rules
No one likes to hear "audit" and "IRS" in the same sentence. But when  the rules change, you need to be prepared - and change is definitely what has happened to IRS partnership audit rules. Here's an overview.
Under the old rules, the IRS audited partnerships using three sets of procedures based primarily on the number of partners. Those procedures have been replaced with
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