The National Conference of CPA Practitioners is warning that the complexities of the Affordable Care Act may negatively affect millions of taxpayers in the upcoming tax season.

Virtually all Ohio small business owners and investors will be eligible for a 75% tax deduction on the first $250,000 of business income when they file their 2014 Ohio tax return. This is an increase from the 50% deduction they took on their 2013 tax returns.

The IRS has issued new rules for taking after-tax money out of a 401(k), and they are taxpayer-friendly.

In July, the Securities and Exchange Commission, or SEC, issued new rules for money market funds.

I recently attended a seminar on estate planning. The attorney presenting the class provided a nicely summarized list of important information that everyone should have prepared prior to their death. She called this list a “FROG File” (For Your Own Good).

The Internal Revenue Service has released the spring 2014 edition of its quarterly Statistics of Income Bulletin, with statistics up through 2011 indicating there are still people who earn over $200,000 a year who pay no federal income taxes, although the number of them has been decreasing.