The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

Mistakes in enrolling for Medicare can be costly. If you fail to pay for Medicare Part B on time, you will wind up paying the late enrollment penalty (LEP)-for life. You can also experience a gap in health care coverage, meaning you'll have to pay bills that Medicare otherwise would have taken care of. Understanding the details of Medicare enrollment can help prevent relatives from making such errors. There are three Medicare enrollment periods — here are some basics:

by Kelly Erb

Many of you may know that the BBC has temporarily dropped "Top Gear" from the line-up after presenter Jeremy Clarkson had, according to the BBC, "a physical altercation accompanied by sustained and prolonged verbal abuse of an extreme nature" with a producer. That's clearly not appropriate workplace behavior. Even worse? It wasn't his first offense.

As a result of his behavior, Clarkson was handed a pink slip. The March 15 episode of the show was yanked and four other programs slated for air were suspended (those episodes may be aired eventually). And now, it seems that "Top Gear" as we know it, is over.

Learn how to protect yourself from IRS Scammers!Aggressive, threatening phone calls from criminals impersonating IRS agents continue to top the IRS' list of "Dirty Dozen" scams. In the scam, criminals alter caller ID numbers to make it look like the IRS is calling. They use fake names and badge numbers and demand money from unsuspecting taxpayers.

The callers also try to trick taxpayers into revealing personal information by telling the taxpayers that they have a refund due, but additional information is needed (like a bank account number) to process the refund.

We have had a couple of clients call us after receiving phone calls like these so I wanted to emphasize a few things to be aware of:

The IRS will NEVER:

Late last week, the National Football League (NFL) announced that it would voluntarily give up its tax exempt status. Most folks are surprised to find out it was exempt from taxes at all — but it was.

The NFL has been tax exempt since 1942 under section 501(c)(6) of the Internal Revenue Code which grants tax exempt status to organizations with a goal "to promote the common business interest" with activities "directed to the improvement of business conditions of one or more lines of business as distinguished from the performance of particular services for individual persons."