The extension for 2010 and 2011 of IRA qualified charitable distributions may encourage your clients to include them in their financial planning. Yet while it is true that completing a direct contribution from an IRA is pre-tax, this is hardly unique to contributing from an IRA, and in reality other
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Personal financial planning
Rothenberg Earns PFP Distinguished Service Award
Irv Rothenberg received the 2010 Personal Financial Planning Distinguished Service Award. The award, presented at the 2011 Advanced Personal Financial Planning Conference in Las Vegas, is given annually to an AICPA volunteer who significantly contributes to the advancement of personal financial planning as a practice discipline. Rothenberg, founder and managing
Post-Death Estate Planning Issues for 2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act) (PL 111-312) revised tax law for estates of decedents dying in 2010, 2011 or 2012. The new rules apply for 2010 unless an executor elects to use prior law. Elections for 2010 decedents can
Breitbard Honored for Lifetime Achievement in Financial Planning
Stanley H. Breitbard, of Los Angeles, received the first Personal Financial Planning Lifetime Achievement Award for his pioneering work developing the practice area in the CPA profession and for his contributions to improving financial literacy across the country. The award, which was presented at the 2011 Advanced Personal Financial Planning
Senate Passes Bill Addressing Tax Strategy Patents
The Senate voted 95–5 Tuesday to pass the America Invents Act (S 23), which was formerly called the Patent Reform Act. Included in the bill is a provision intended to stop the granting of patents for tax strategies. That provision, in section 14 of the bill, would deem any “strategy
News Highlights for March 2011
Following years of advocacy efforts and a legal battle, CPAs received a permanent exemption from the Federal Trade Commission’s Red Flags Rule with President Barack Obama’s December signing of the Red Flag Program Clarification Act of 2010. The Red Flags Rule, which was released Nov. 9, 2007, under the
Many Baby Boomers See Retirement Delayed at Least Four Years
Half of baby boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the AICPA. That’s even with resurging confidence in the stock market, which, with recent gains, is helping replenish
Multistate Tax Considerations for S Corporations
Many S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Many of these businesses do not realize they have an exposure to a state’s taxes until
Ponzi-Scheme Losses: Indirect Investor and State Tax Issues
Ponzi schemes continue to come to light regularly. After 2008, when Bernard Madoff’s $65 billion Ponzi scheme was exposed, the SEC made comprehensive reforms to better detect fraud within the 11,000 regulated investment advisers and 8,000 mutual funds that it oversees, according to the SEC’s description of those reforms (tinyurl.com/2fu6eog).
Save Time and Trouble With General Asset Accounts
Small and medium-size entrepreneurial businesses are sometimes blessed with a good idea but many similar or identical capital assets and not much time or accounting prowess to keep track of them all individually. Larger businesses may seek more efficient tax treatment for standard capital assets, such as laptop computers issued
Bill Introduced to Address Tax Strategy Patents
On Tuesday, Sens. Max Baucus, D-Mont., and Chuck Grassley, R-Iowa, introduced legislation intended to stop the granting of patents for tax strategies. The Equal Access to Tax Planning Act of 2011 (S 139) would provide that “any strategy for reducing, avoiding, or deferring tax liability” is deemed to be “prior
GAO Concludes Existing Regulation Covers Financial Planners
No additional layer of regulation of financial planners appears to be currently needed, the Government Accountability Office (GAO) concluded in a study and recently released report. The GAO study and report (GAO-11-235) were mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to examine the effectiveness
FDIC Assures That Creditors, Not Taxpayers, Bear Risk of Failures
The FDIC on Tuesday approved an interim final rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act that Chairman Sheila Bair said furthers the statutory intent that “creditors bear the losses of any failure.” The rule clarifies how the agency will treat certain creditor claims under the new
The 20 Most Popular Stories of 2010
2010 was a busy year for regulatory reform and changes to standards that affect the practices and responsibilities of CPAs. It’s no surprise that the JofA’s readers were interested in regulatory reform over the past year, particularly the health care and Wall Street Reform bills passed in March and July,
Social Security “Do-Over” Now Limited
The Social Security Administration issued a final rule that limits beneficiaries’ ability to stop their Social Security retirement payments, repay their cumulative past benefits, and start receiving higher payments available to older applicants. The SSA said the restrictions were necessary to prevent abuse of the option, which has been called
New Investment Adviser Requirements of the Dodd-Frank Act: What CPAs Should Know
The Dodd-Frank Wall Street Reform and Consumer Protection Act, PL 111-203 (Reform Act, tinyurl.com/26zalzn), which was signed into law by President Barack Obama in July 2010, will require sweeping changes to virtually all areas of the financial services industry in the United States and will affect a wide variety of
Divorce Settlement Issues
How can you assist your client and the client’s attorney in realizing a fair and equitable divorce settlement? Here are several critical tax and financial planning issues: —By John Raspante, CPA, (jraspante@grafrepetti.com) and Arthur Garcia, Esq., (agarcia@grafrepetti.com) co-directors of Graf Repetti & Co. LLP’s matrimonial advisers group in New York
Using Refund Splitting to Fund IRAs
Individual taxpayers have the option to split direct deposit federal tax refunds among up to three (open) accounts with up to three U.S. financial institutions that accept direct deposits. Refunds can fund several kinds of accounts, including checking, savings, individual development accounts, IRAs (traditional, Roth and SEP), health savings accounts,
Don’t Neglect to Elect, Part 2
In the hustle and bustle of tax season, practitioners may overlook some of the elective tax benefits available to clients. Although many elections can be made under extension or on amended returns, a little forethought can go a long way. Here’s a follow-up to our June 2010 JofA article (“Tax
Taking the “Sting” Out of S Corporations’ Earnings and Profits
Under current tax law, an S corporation cannot produce earnings and profits (E&P); only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a
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From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
