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Dean, Dorton & Ford is a full service accounting and business advisory firm providing services to clients of all sizes in a variety of industries. Founded in 1979, the firm has grown to be one of the largest Certified Public Accounting firms based in the Commonwealth of Kentucky.
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Joseph K. Ford
Sadly, our long-time
colleague, Joe Ford, died of complications
from cancer on February 4th at his home
in Lexington.
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IRS Audit Activity
This time last year, we reported that the IRS has significantly
increased its enforcement efforts. This trend
continues. Here are some figures for the fiscal
year ended September 2006:
- The number of field audits increased nearly
23% over the prior year.
- Audits of individuals with income of $1 million
or more increased 33%. Taxpayers in that category
had a 1 in 16 chance of being audited.
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- Audits of individuals with income of $100,000
or more increased by18%, to more than 257,000,
reaching their highest level in more than a
decade.
- Audits of S corporations increased 34%, to
almost 14,000, and audits of partnerships increased
15%, to almost 10,000.
Medicare Premiums Now
Tied to Income
The flat monthly cost for the standard Medicare
Part B premium in 2007 is $93.50. For the first
time, however, a supplemental premium applies
to those whose modified adjusted gross income
("MAGI") for the second preceding year
exceeds certain levels. more...
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