Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

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Tax-free Exchanges of Life Insurance Policies

Use a Reverse Mortgage as a Cash Resource

S Corporation Profiles

“Dirty Dozen” Tax Scams

Important Information

 

 

 

Tax-free Exchanges of Life Insurance Policies

A periodic life insurance review is essential to ensure life changes have not altered the original intent for purchasing a policy, cover new or additional requirements, address concerns about the financial soundness of the insurer, and deal with various other issues.

Use a Reverse Mortgage as a Cash Resource

When an older homeowner has significant equity in his or her residence and needs funds, but lacks the resources to make monthly payments on a conventional mortgage, a reverse mortgage might provide a solution.

S Corporation Profiles

In certain business and tax scenarios, electing S corporation status for your business can be advantageous. In other scenarios it may not be beneficial.

"Dirty Dozen" Tax Scams

IRS Commissioner Doug Shulman recently stated "taxpayers should be careful and avoid falling into a trap with the Dirty Dozen. Scam artists will tempt people in-person, on-line and by e-mail with misleading promises about lost refunds and free money. Don't be fooled by these scams."