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Feds Bust Up Massive Refund Fraud Ring

A massive case of organized tax and bank fraud culminated September 27, 2013 with the unsealing of four federal grand jury indictments accusing 55 people of participating in one or more illicit schemes, including the theft of more than 2,000 identities that were used to claim more than 420 million in bogus IRS tax refunds. As a result the IRS paid out more than $7 million, even issuing payments in the names of dead people.

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One Wrong Move and the Entire IRA is Taxed | Tax Tip of the Week | No. 217

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.

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IRS Issues Tax Guidance for Same-Sex Marriages | Tax Tip of the Week | No. 216

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.

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