AICPA Issues Guidance for 2007 Returns on Trustee Costs

The AICPA has produced guidance for members preparing 2007 fiduciary income tax returns, in keeping with the recent holding of the U.S. Supreme Court in Knight v. Commissioner . The case (101 AFTR2d 2008-380) affirmed that investment advisory fees of estates and nongrantor trusts generally are subject to the 2% of adjusted gross income floor as miscellaneous itemized deductions, except to the extent they are incremental to or different from what an ordinary individual would commonly incur (see “Tax Matters: Supreme Court Upholds Trust Expense Floor ,” JofA , March 08, page 73). The guidance, prepared by the Section 67(e) Task Force of the AICPA’s Trust, Estate and Gift Tax Technical Resource Panel, addresses such questions as the ruling’s application to investment advisory fees, trustee fees, tax return preparation fees and other costs, as well as substantiation requirements for treatment of items. The guidance may be downloaded here . Other case materials and commentary are available at .


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.