The IRS has recently updated its audit technique guide for exams of independent consultants. With the explosive growth of the consulting industry over the past decade, especially here in Silicon Valley among tech companies, the IRS is now focusing its efforts more closely on these types of audits. Read more
The DAM Cancer Golf Classic
The David Andrew “Pooh” Maddan Foundation, a nonprofit 501(c)(3) charitable organization is hosting it’s third annual golf classic on Friday, September 23, 2011 at the Presidio Golf course in San Francisco.
To date the Foundation has raised over $220,000 and provided assistance to more than 50 young adults to support them in their fight against cancer.
To learn more about the Foundation or the Golf Classic, please visit their website, http://www.dam-cancer.org/.
Thinking of converting your traditional IRA to a Roth IRA?
One advantage of this downturn in the market may be to convert your traditional IRA to a Roth IRA. Remember that you only pay tax on the value at the date of conversion (less your after tax contributions).
Did you already convert your traditional IRA to a Roth IRA in 2010?
If so you may still change your mind until October 17, 2011, even if you already filed your 2010 tax return. If the value of your Roth IRA has decreased since the original conversion, you should consider reversing back to a traditional IRA. After waiting 30 days, you may again convert the presumably lower value to a Roth IRA.
The rules for Roth IRA conversions and reversals are complex. Please contact your LMGW advisor before taking any action.