As we start the 2014 Tax Season in McMurray, we’d like to share some significant tax developments for the year:

• IRS announced proposed rules to the taxation of floating-value money market funds
• IRS revised guidance on IRA rollovers

• Supreme Court ruled that closely held corporations do not have to comply with the contraception mandate under the ACA if it burdens their religious rights
• Supreme Court ruled that inherited IRAs are NOT protected in bankruptcy and that severance pay IS SUBJECT to employment taxes