Tax Alerts
Tax Briefing(s)





Peer review is a process of self-regulation for the accounting profession.  The purpose of the peer review program is to enhance the quality of accounting, auditing and attestation services by CPA firms.  As a member of the AICPA, Reynolds & Rowella participates in the profession’s program to maintain certain quality standards in our processes and procedures.  Our participation includes a review by an independent CPA who inspects our systems and the financial reports we produce.

We are pleased to announce that R&R has just undergone and passed its peer review, with no deficiencies being reported. We pride ourselves on being committed to the highest level of quality professional services to our clients, and this review is one indication that we are accomplishing our commitment.  Our clients can expect this same level of service to continue into the future, and they can indeed expect more from us.


The results of the mid-term elections create a new dynamic in Congress with Republicans poised to take control of both the House and Senate in January. Prospects for tax reform may have brightened for 2015. In the meantime, the lame-duck Congress must deal with some urgent tax bills, most notably the tax extenders.


When accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions take place. The following timing rules, among others, should be considered especially important as year-end approaches:


The upcoming filing season is expected to be challenging for taxpayers and the IRS as new requirements under the Patient Protection and Affordable Care Act kick-in. Taxpayers, for the first time, must make a shared responsibility payment if they fail to carry minimum essential health care coverage or qualify for an exemption. At the same time, there is growing uncertainty over one of the key elements of the Affordable Care Act: the Code Sec. 36B premium assistance tax credit as litigation makes its way to the U.S. Supreme Court.


As most people know, a taxpayer can take a distribution from an IRA without being taxed if the taxpayer rolls over (contributes) the amount received into an IRA within 60 days. This tax-free treatment does not apply if the individual rolled over another distribution from an IRA within the one-year period ending on the day of the second distribution.


Under Code Sec. 6020, the IRS has the authority to prepare and file a substitute tax return for a taxpayer who fails to file a timely return. If a taxpayer does not file a return or cooperate with the IRS on a substitute return, the IRS can prepare and sign a substitute return based on the information it has.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2014.