Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080



Paul Sullivan, CPA

Sullivan & Company


Call our Testimonial Hotline & give us your feedback at:


800-609-9006 extension 6779


Roth IRA Conversion Rules Change in 2010


Beginning in 2010, the rules that currently prevent a taxpayer with more than $100,000 in income from converting a regular individual retirement account (IRA) into a Roth IRA are eliminated.


The benefit of a Roth IRA is that withdrawals from the IRA are not taxable. If you currently have an IRA with significant gains, it is possible that it is beneficial for you to convert to a Roth IRA in 2010. Any appreciation after 2010 would become tax free when you withdraw amounts in future years.


To move forward, initially check the fair market value and cost basis of your IRA. With this information, feel free to give our office a call to discuss your individual situation.


You may speak to Bill Isaacs, CPA at Extension 119 or Paul Sullivan at Extension 102.



Advantages of Keeping Good Records

You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Good record-keeping will help you remember the various transactions you made during the year, which in turn may make filing your return a less taxing experience.


Normally, tax records should be kept for three years, but some documents - such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property - should be kept longer.


In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.


Find out what the 6 TYPES of documents are by clicking here to read the full article.  It and more are on our web site, available to you at any time.



Would You Give Us a REVIEW on The Internet?


More and more people turn to the Internet to find supplies, vendors and even accountants to use and hire.  You probably use Google or another search engine to do the same in your business.


One way to HELP yourself to be 'found' is to have your clients, customers or patients give you a REVIEW on one of the popular review sites online.


More reviews encourages search engines to push your local listing to the top of the page where people will more likely click on it. 


We're doing the same here at Sullivan & Company and would like to ask you to give us a review on our Insider Pages listing.  Just click on this link and give us a review. 

And if you haven't yet, please give us a testimonial or feedback on our performance.  It only takes 60 seconds.  Just dial 800-609-9006 extension 9006 and follow the instructions.



Call our offices if you have any questions about these or any other accounting related issues, at 301-657-8080. 


Regards, Paul Sullivan, CPA



September 2009 Articles

Click here to review

Feature Articles

A SIMPLE Retirement Plan for the Self-Employed

Should You Invest in Life Insurance?

Employee Relocation in a Tightening Market

10 Things You Should Know About Identity Theft


Tax Tips

8 Tips for Taxpayers Who Owe Money to the IRS

What Income is Nontaxable?

Moving Soon? Let the IRS Know

Gift Taxes

Tips for Recently Married or Divorced Taxpayers


QuickBooks Tips

Tune Up Your Business Plan with QuickBooks


Financial Planning Tips

Create a Living Will

Update Your Will

Review Budget vs. Actuals