Eight states allow the formation of series LLCs (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah). A series LLC consists of a “master” LLC with one or more series of members, managers, interests or assets. Although contained within the master LLC, each series can have separate rights, powers and
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Personal financial planning
Waiving the 60-Day IRA Rollover Rule
Onerous consequences can result when taxpayers fail to follow through with an IRA tax-free rollover. Generally, the entire amount distributed from an IRA or other qualified trust or eligible retirement plan must be deposited in another such account within 60 days. Otherwise, it is included in the taxpayer’s gross income
2010: The Year of the Roth Conversion?
This year will be the Year of the Tiger, according to Chinese custom, but it also could be remembered by investors as the Year of the Roth Conversion, a decision that can have a large impact on investors’ ability to build wealth during their lifetime and preserve wealth for beneficiaries.
Study of Financial Picture Reveals Struggles, Risky Habits
A study examining personal financial habits shows many Americans are struggling to cover their mortgage and other monthly bills, don’t have rainy day funds, and have yet to do the math on how much money they’ll need to retire. Roughly 49% of those surveyed reported having trouble paying their monthly
House Passes Financial Regulatory Reform Bill
House lawmakers voted Friday to approve The Wall Street Reform and Consumer Protection Act, a series of financial regulatory measures. The AICPA advocated for the profession on several provisions in the bill. The bill gives the PCAOB authority to inspect and regulate audits of all broker-dealers. It gives the PCAOB
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IRS ISSUES REGS ON SIX-YEAR LIMITATIONS ON BASIS OVERSTATEMENT The IRS issued proposed and temporary regulations (TD 9466, REG-108045-08) Sept. 24 to clarify that an overstatement of basis can create a substantial omission of gross income under IRC §§ 6229(c)(2) and 6501(e) for purposes of the six-year extended period for
President Signs Unemployment Bill With Tax Items
On Friday, President Obama signed into law a bill that includes changes to the first-time homebuyer credit, increased NOL carrybacks for small businesses, and mandatory e-filing for most tax return preparers. The bill cleared Congress on Thursday. The Senate had unanimously agreed to the bill, the Worker, Homeownership, and Business Assistance
Court Negates Tax Planning Transaction
A district court held that a partnership’s reported capital loss stemming from nonperforming loans lacked economic substance and denied the claimed tax benefits. D. Andrew Beal owned a bank that was in the business of acquiring nonproducing loans (NPLs) at extreme discounts. With an associate and China Cinda Asset Management
Tax Consequences of Mortgage Discharge
In the current real estate climate of decreased property values and excess inventories, many rental property owners are facing reduced cash flows due to vacancies. At the same time, the fair market value of their property may be close to or even less than the amount owed on the mortgage
“Unforeseen Circumstances” Exclusion From Gain on Sale of Home
Despite the recent downturn in the American housing market, one of the highest-value assets owned by most taxpayers remains their home. While many taxpayers have seen the value of their home decline, those in locales where home values have remained relatively strong—such as parts of some Southern and Midwestern states—could
Coalition Urges Congress to Ban Tax Strategy Patents
A coalition of various organizations, including the AICPA, has written to members of Congress to ask for a ban on the patenting of tax strategies. The letter says tax strategy patents “pose a significant threat to taxpayers and their advisers,” and urges Congress to prohibit them. In the past few
IRS Releases Annual Inflation Adjustments, Many Unchanged for 2010
The IRS has released its annual revenue procedure updating the tax bracket amounts and making inflation adjustments for various credits and other tax items (Revenue Procedure 2009-50). Because inflation has been minimal, many of the numbers are unchanged from 2009 or have only been adjusted slightly. The Social Security Administration
Excerpts From the Personal Financial Planning Round Table
Editor’s note: These are Web-exclusive excerpts from the JofA‘s round table discussion with members of the AICPA’s Personal Financial Planning Section. Also read “Lessons Learned From the Financial Crisis,” Oct. 09. PARTICIPANTS’ PERSPECTIVES ON GETTING INTO PERSONAL FINANCIAL PLANNING Lyle Benson: We’re all living examples of CPAs who made the
ARRA Changes 2009 Estimated Tax Rules
For tax years beginning in 2009 only, the American Recovery and Reinvestment Act of 2009 (ARRA) reduced the amount of estimated tax that individual taxpayers with income from small businesses must pay. As 2009 draws to a close, practitioners should make sure their clients are aware of and taking advantage
The Generation-Skipping Transfer Tax: A Quick Guide
Sooner or later, every estate planner comes face to face with the generation-skipping transfer tax (GSTT). Many practitioners do not feel up to the challenge because this particular tax has a reputation for being as treacherous as the sea. But after you boil down all the complications, you’re left with
PFP Practice Portal Provides Easy Access to Resources and Tools
The AICPA’s Personal Financial Planning Section recently launched a resource to help members add value to new, existing or growing personal financial planning practices or wealth management firms. The PFP Practice Portal features information on technology, regulations, networking groups, the PFS credential, professional responsibilities, education and practice management. It also
Recovery Act Reminders for 2009
Given the breadth and variety of tax relief provisions in the American Recovery and Reinvestment Act (ARRA) of 2009, PL 111-5, one or more could affect your clients’ individual returns for the 2009 tax year. Many are intended to provide relief for taxpayers in financial distress, stimulate consumer spending or
Employee Benefits
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) provided transition relief for plan administrators of 403(b) plans who make a good faith effort to comply with applicable annual reporting requirements for the 2009 plan year. The guidance in the EBSA’s Field Assistance Bulletin (FAB) no. 2009-02 allows 403(b)
Lessons Learned From the Financial Crisis
Since the onset of the economic crisis last fall, many CPAs who are personal financial planning specialists have been working overtime to reassure clients overwhelmed with fear about the future and safety of their investments and to reassess and reorient investment portfolios when necessary. Members of the AICPA’s Personal Financial
Charitable Remainder Trust Update
Although many investment assets have lost value in the past year, individuals coming to CPAs for estate planning advice often hold highly appreciated assets, and many want to make significant charitable gifts. For that reason, charitable remainder trusts remain a popular method of reducing assets subject to estate tax. They
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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
