Preliminary numbers are coming out about the impact of the Affordable Care Act and what it means for Ohio.

Aaaah……The week after tax season (and the first full weekend home in two and a half months) is the best week in a tax accountant’s life!

If you haven’t filed your tax return by now, you should probably consider filing for an extension. It is a lot easier to file for an extension than it is to amend a return later for a mistake you made trying to rush your return to completion. Even more costly is if the IRS finds a mistake you made and assesses underpayment penalties and interest.

In Bobrow v. Commissioner (TC Memo 2014-21), the Tax Court ruled that the one-rollover-per-year rule applies to all of a taxpayer's IRAs rather than to each IRA separately. This ruling conflicts with IRS Publication 590 which gives the following example:

The Internal Revenue Service is giving the Mega Millions jackpot some serious competition, with tax refunds totaling $760 million ready to be handed over to an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.

Laws were passed a couple of years ago that permanently set the federal tax exclusion amount on estates at $5,000,000. The law also stipulated the exclusion amount should be indexed for inflation each year. The exclusion amount for 2014 is $5,340,000. This means there is no federal estates taxes if the deceased has an estate less than $5,340,000 and no federal estate tax return needs to be filed.