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A client recently told CPA Moms that she inherited her father's IRA valued at $150,000.  Another CPA told her that she had to take all the money out of the IRA at once. When she did, it ended up costing her $45,000 in taxes!

This CPA Moms "stretching" information could have saved a lot of money on inherited IRAs.

  • Where to Deduct Tax Preparation Fees
    Where should an individual taxpayer deduct tax preparation fees? The obvious answer might be on Schedule A of Form 1040 as a miscellaneous deduction. Are tax preparation fees deductible only on Schedule...
  • Tips For Preparing Your Taxes from the Internet
    When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your...
  • INHERITING IRAs A TRICKY PROCESS
    As the first generation of investors in traditional individual retirement accounts begin to die, an increasing number of surviving spouses or children are inheriting those IRAs. Unfortunately, in the process...
  • You -- not IRS -- should benefit from inherited IRA
    Handled correctly, an inherited traditional individual retirement account can be a tidy windfall. But if you don't follow IRS regulations to a "T," you could end up paying significant penalties and taxes....
  • Three Reasons To Hire A Tax Attorney
    There are many people marketing themselves as tax pros, but few can offer the superior advantages of a tax attorney. MBAs, licensed and credentialed accountants, or your next door neighbor with a tax software...
  • Estate Tax: What It Is And How It Is Filed
    According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing...
  • Estate Tax Repeal or Revision?
    In 2010 the estate tax will be repealed and the gift tax rate will fall to 35%. However, this repeal is effective only for that year and the estate tax will be reinstated in some form the very next year...
  • An Estate Planning Primer
    An estate is the total value of everything we own--and business and personal assets can add up quickly. Everyone has an estate. And realize it or not, everyone also has an estate plan. An estate plan can...
  • Tax Time - Mental Blockage
    Do you get a mental block every time of the year when it is tax time and it is time to face your figures?For many people, tax time means tax block, it's that ongoing aversion to sitting down getting out...
  • What Is An Inheritance Tax And When Is It Applied?
    When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...
  • Working or contracting abroad
    Are you heading overseas to find your dream job, or have you been offered an opportunity to work in another country; if so, there are some tax matters to organize and resolve when you take on overseas...
  • Top Tax Jobs Online
    At any single point in time, there are thousands of tax jobs posted all over the internetTax-Jobs-Online.com is powerful gateway to help job seekers find great tax jobs on the internet. If you are looking...
  • Last Will And Testament Considerations
    Interest in a Last Will and Testament and other end of life planning documents skyrocketed during the coverage of Terri Schiavo's case, but interest didn't always lead to action. It isn't that people laugh...
  • Spanish Inheritance Tax - The Basics
    Inheritance tax is a huge concern for anybody who owns property in Spain. It is a vast subject but I will attempt to clarify for you the basics. For more in-depth information, you will need to do further...
  • The tax ramifications of an inherited Roth IRA
    "Be sure to read the fine print." It's neither complex, nor profound advice. Yet, it isn't easy advice to follow when you are navigating your way through pages of IRS rules and regulations governing the...
  • A Quick Guide To Payroll Tax
    The term Payroll tax actually includes the Social Security tax, Medicare tax and Federal income tax. The Social Security tax provides benefits for retired workers, the disabled their dependents and it...
  • Tax planning for individuals not domiciled in the UK
    IntroductionIndividuals who reside in the UK, but were born elsewhere and have foreign parents, or who may be thinking of moving to the UK, may not be subject to the full range of UK taxes. Special rules...
  • What Is The Fair Tax And Why Should You Care?
    The U.S. Federal Income Tax Code is a tax on the income of American companies and citizens enacted by the government. The U.S. Constitution gives Congress the power to impose taxes, duties, imposts, and...
  • Why Do I Need A Tax Attorney?
    It is unfortunate but true, that many people do not even consider consulting a tax attorney until they open their mailboxes one day and there is that dreaded letter from the IRS. A tax attorney is a lawyer...
  • What is Unclaimed Inheritance? Am I owed Any?
    Are you aware there is over $35 BILLION in unclaimed money in the United States and some of it is unclaimed inheritance. This article will tell you what unclaimed inheritance is and how to find out if...
  • Say what? You Don't Have An Estate Plan . . . !
    If you haven't taken the time to prepare your estate plan, you're not alone. According to a survey conducted by FindLaw.com, a whopping 55% of Americans haven't even taken the time to have a will prepared,...
  • Inheritance Tax in the UK
    Inheritance tax in the UK is payable when a large valued estate is handed over to a person, persons or business entity. Inheritance tax is usually due, or will potentially be due, when a person dies. There...
  • Converting an Inherited IRA to a Roth IRA
    It depends on who you inherited the IRA from. If you inherited it from your deceased spouse, you may roll over the funds into your own IRA and if you chose, convert your traditional IRA to a new Roth...
  • Why, What and When You Need Estate Planning
    Sitting down with a financial advisor to plan the transfer of all of your personal assets upon the event of your death to your chosen beneficiaries is called estate planning. Successfully planning your...
  • The Basics Of Estate Planning
    Estate Planning may be a word that is encountered by many citizens especially the elderly. What is Estate Planning? What benefits does it provide to people?Estate Planning is a method of arranging and...
  • Estate: Protect Your Beneficiary's Inheritance
    An inheritance is the precious fruit of years of labor. It is an expression of love. Nowadays, more than ever, an inheritance is something that should be protected. All too often, inheritances are squandered...
  • Inheritance in O/R Mapping
    Object oriented applications usually have inheritance as an important part of their design, including in their domain objects. However, the corresponding data model has no built-in mechanism for specifying...
  • Fraudulent Tax Shelters - KMPG Goes Down Hard
    In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...
  • Inheriting an IRA: Big Money at Stake
    Thirty years ago, Congress gave Americans a major tax-advantaged retirement savings tool to help us achieve long-range financial goals. Over the years, IRAs (individual retirement accounts) have grown...
  • Estate planning basics
    Greek philosopher Heraclitus had remarked that 'you cannot step into the same river twice' i.e. time will never be the same... 'Change' is the only constant factor and 'Death' is the only certain thing...
  • Tax Deduction Software - Calculate Your Earnings
    We all love computers and the fact that it exists to make our jobs simpler. And they have invaded the field of taxation like never before.A multitude of tax deduction software is available in the market...
  • Inheritance taxes explained
    Reduce inheritance taxes by giving gifts!The inheritance tax is the same thing as the estate tax in the United States, but with a different name depending on the country that you are talking about. The...
  • Inheritance Tax, A Concise Guide
    With ever-increasing property prices, more and more people's assets are now worth more than the inheritance tax threshold of £285,000, which has never been increased in proportion to the recent property...
  • How to transfer a retirement account
    Make sure you know where you intend on moving your money in advance!
    As you probably know, an individual retirement account requires that you decide where your money is going to be invested in order to...
  • Top 10 U.S. Cities With The Lowest Taxes?
    A recent survey by the District of Columbia government identified top 10 cities in the U.S. that have the lowest overall tax burden. The survey was conducted on the state and local tax burden of families...
  • Need a Copy of Your Tax Return Information?
    Taxpayers have two easy and convenient options for getting copies of their federal tax return information -- tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
  • Inherited IRA Accounts
    What happens if a relative passes away and you suddenly inherit an IRA account? Do you pay tax on the value of the account when you inherit it? Should you just transfer the funds into your own IRA, or...
  • Tax Problem Help
    Tax Problem HelpMillions of people every year seek tax problem help. Some of the common tax problems are caused by unpaid taxes, unfilled returns or missing records. Many of the people seeking tax problem...
  • The New Rage: Incentive Trusts
    Today's baby boomers want more out of their estate planning than just passing along an inheritance to their children. They also want to pass along their values - and they're using incentive trusts to do...