July 2010 E-Newsletter - Fischer, Hayes and Associates, Certified Public Accountants


Tax Law Overview – Passive Activity Rules By James E. Martinez, CPA, JD
Are losses from your business or rental activities able to be used to offset income from your other activities? Before you can answer this question, you should have a reasonable understanding of the passive activity rules. This article provides a brief overview of the passive activities and explains why the passive activity rules can be a thorn in the side of taxpayers. Read Article Here

Also in this Issue


	Home Buyer Tax Credit Extended by Congress By James E. Martinez, CPA, JD Although it will only affect a limited number of home buyers, the expected extension of the home buyer credit is welcome news for certain taxpayers. Read More
	Internal Controls for Small Businesses By Dean L. Allen, CPA, CVA, CFFA You may have noticed in the news that employee embezzlement is on the rise. Many business owners are not aware that the scope of a typical accounting engagement with our firm, including bookkeeping, does not include specific business services relating to the disclosure of employee fraud. Read More
	Roth IRA Conversions – New Opportunities for 2010 and Thereafter By Todd H. Garrett, CPA Roth IRAs have become a very popular retirement planning vehicle for many individuals. Their popularity is primarily caused by the two major advantages that Roth IRAs have over traditional IRAs. Read More
	Circular 230 Notice/Disclaimer: This notice is required by IRS Circular 230, which regulates written communications about federal tax matters between tax advisors and their clients. To the extent the preceding correspondence and/or any attachment is a written tax advice communication, it is not a full “covered opinion.” Accordingly, this advice is not intended and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS.