The start of a new year allows clients to take a fresh look at their investment strategy.
Wealth planning with these often highly advantageous tools must be weighed against possible drawbacks of income tax accounting.
This column offers ideas and describes what’s involved in helping clients make a well-informed choice.
Many charitable organizations will not accept a gift of an LLC or limited partnership units because the entity’s business is not part of their charitable mission.
Many practitioners still have some questions about when and how the IRD deduction is used.
There is little if any authority for the proper reporting on tax returns.
To make sure you and your clients are on the same wavelength, start by getting a comprehensive look at their retirement goals and plans.
The new accounts offer valuable tax planning opportunities.
Practitioners should be aware of the many advantages of using an ESOP when a business owner is near retirement.
This technique can help the donor achieve his or her charitable objectives, avoid capital gains tax, and distribute excess cash that has been accumulated in the corporation tax-free.
Planning to lessen estate, gift, and generation-skipping transfer taxes increasingly requires considering clients’ foreign connections.
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts (Rev. Proc. 2014-61). Among the inflation-adjusted amounts that have increased are the personal exemption, which increases from $3,950 in 2014 to
Expertise in qualified domestic relations orders and dividing retirement benefits in divorce can be a valuable accounting and tax specialty.
Taxpayers that own several rental properties have to make many decisions when it comes to reporting income or loss from those properties. Among them is whether it would be more beneficial for the income or loss to be characterized as active rather than passive. If the taxpayer wants active characterization
Following up on its promise earlier in the year to follow the Tax Court’s holding that the limit of one rollover per year applies on an aggregate basis and not on an IRA-by-IRA basis, the IRS withdrew a proposed regulation from 1981, Prop. Regs. Sec. 1.408-4(b)(4)(ii), which had provided otherwise
A mark-to-market election can be very beneficial for securities or commodities traders. Here’s how to determine who qualifies for the election and who should make it.
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2014-30). Individuals who participate in a health plan with a high deductible are permitted a
The American Taxpayer Relief Act of 2012 raised the top income tax rate to 39.6%, and a new 3.8% tax on net investment income also applies beginning in 2013. Both taxes apply to trusts and estates with income in excess of $11,950 in 2013, in contrast to much higher thresholds for individuals. This new tax regime necessitates drafting wills and trusts to give executors and trustees maximum discretion so they can reduce these taxes.
Taxpayers have a short window in which to act if they want to take advantage of the Sec. 1202 provision that allows exclusion of 100% of the gain realized on the sale or exchange of qualified small business stock (QSBS). Unless the law is amended, for QSBS acquired after Dec.
The practice of extracting natural gas from shale through hydraulic fracturing, commonly referred to as “fracking,” is becoming more widespread throughout the country. It is essential for practitioners to understand the tax issues that could arise for clients who own property with shale gas deposits. From 2001 to 2011, Americans