Non-Taxable Fringe Benefits, Estate Taxes and Proposed Regs on IRAs for 2015.
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John Jones Leads Local Team to Rural Nicaragua

Mission days were July 28-30 in the San Juan River region of southeastern Nicaragua. We specifically worked in the village of Los Chiles. This village had never had an "eye brigade" come in before, but was one of the larger villages in the region. It is difficult to get to which is why they had not had a team in. Our daily one-way commute, assuming all things functioned, was an hour on the boat and an hour on a windy bumpy road. Day 1 though our boat was late and the truck was late due to an accident. The replacement vehicle was an old Nicaragua school bus. Overall, our transport time that morning which included three bus breakdowns was about four hours. One evening heading back to the lodge while on the river, our boat's engine froze up. After drifting downriver in the dark, we were guided into the trees and brush close to shore while they worked on the engine. In the distance we could see a tropical storm heading our way. Fortunately we were rescued before the storm made it to us. We examined about 715 people, dispensed over 600 pair of prescription eye glasses along with 400+ sunglasses, 500 Bibles and lots of toys for the kids. It was a wonderful and heart-warming time for the seven travelers from Sonoma County and St. Mark Lutheran Church, plus three from the Midwest.

John Jones, Managing Partner, Linkenheimer LLP

For the pictures of the trip and more information on the San Juan Rio Relief Organization

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Proposed Regulation on IRAs May Occur January 1, 2015

Individual retirement accounts and individual retirement annuities (IRAs) may see a change beginning January 1, 2015 depending on the outcome of a new proposed ruling by the Tax Court. Currently, IRAs are subject to a one rollover-per-year limitation and the owner has 60 days from the distribution to place the amount in another IRA or the amount is considered gross income. The new ruling would limit a rollover to an aggregate basis – a distribution cannot be rolled over if a rollover occurred in the preceding one-year period.

This proposed ruling would not affect an IRA owner's ability to transfer funds from one IRA trustee to another.

The Internal Revenue Service (IRS) is prepared to follow the Tax Court ruling and will provide transition relief during implementation. "However, in no event would the regulation be effective before January 1, 2015."

Avoid a $250 Penalty and Possible Suspension

File Your Statement of Information on Time

The California Secretary of State’s office has changed to a new postcard format for their 'Statement of Information' filing reminders. Please, do not overlook or discard your annual reminder.  You will receive this postcard approximately 90 days prior to the filing due date.

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Non-Taxable Fringe Benefits

How to Provide Employees with Non-Taxable Fringe Benefits

We are frequently asked about ways businesses can efficiently reduce their tax liability. Providing the owners of the company and their employees with tax-free Fringe Benefits is an effective way to reduce the corporation's tax liability without increasing the owners' or employees' tax liability.

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Multi-State Tax Exposure

Does Your Business have Multi-State Tax Exposure?

Each state uses a concept called "nexus" to determine if your business needs to file an income tax return, or collect and remit sales tax. The definition of nexus can differ from state to state, however there are some general situations where nexus exists:

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