The advantage of owning a traditional IRAs is that they grow tax-deferred and are only taxed when you take a distribution. Typically, if you take a distribution prior to age 59.5 you will pay a 10% premature distribution penalty. You must also take Required Minimum Distributions (RMDs) when you reach age 70.5. The rules of inherited IRAs, however, are very specific and need to be understood by anyone planning to leave an IRA—or if you plan to inherit and IRA.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) on September 4, 2013 ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

All employers are required to provide employees with notices describing the health insurance marketplaces. This is one of the many provisions of the Affordable Care Act that was not delayed.

Ohio Governor John Kasich and the Ohio General Assembly recently approved a new two-year state budget that includes some significant state tax law changes. The first change became effective September 1, 2013. The following are the highlights of the new tax laws:

Earlier this year, the maximum bankruptcy exemption amount for IRAs increased from $1,171,650 to $1,245,475. This exemption amount is subject to cost-of-living adjustments (COLAs). Since most Americans don’t have IRA balances anywhere near $1 million, the IRAs of almost everyone will be fully protected from their creditors if they declare bankruptcy.

If you need to file a Form 1065 (partnership return), Form 1120S (S corporation return) or Form 1041 (fiduciary return) the deadline to file your 2012 return is September 16, 2013. This assumes you had filed for an extension prior to April 15, 2013.