How to avoid costly tax traps with inherited IRAs
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Tax planning
Tax planning for Millennials
An underserved market awaits CPAs attuned to younger taxpayers’ perspectives.
Planning opportunities for the final tax return
Many tax attributes vanish at the end of life, and clients are well-advised to include them in their final arrangements.
Planning to mitigate risk in tax planning engagements
A professional liability claim may occur if a client’s expectation and the results of the tax services do not coincide.
Reducing investment taxes in 2017
The start of a new year allows clients to take a fresh look at their investment strategy.
Trusts and estates: Uses and tax considerations
Wealth planning with these often highly advantageous tools must be weighed against possible drawbacks of income tax accounting.
Best places to retire? It’s complicated
This column offers ideas and describes what’s involved in helping clients make a well-informed choice.
What to do when a client wants to give an LLC or limited partnership unit to charity
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.
Don’t let your clients miss out on the IRD deduction
Many practitioners still have some questions about when and how the IRD deduction is used.
How to report clients’ fantasy football winnings
There is little if any authority for the proper reporting on tax returns.
Your clients may know less about retirement planning than you think
To make sure you and your clients are on the same wavelength, start by getting a comprehensive look at their retirement goals and plans.
ABLE: A tax planning tool for people with disabilities
The new accounts offer valuable tax planning opportunities.
Benefits of an employee stock ownership plan in succession planning
Practitioners should be aware of the many advantages of using an ESOP when a business owner is near retirement.
Charitable bailouts can save your C corporation clients big on taxes
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.
Transfer taxes: 5 questions to ask clients with international ties
Planning to lessen estate, gift, and generation-skipping transfer taxes increasingly requires considering clients’ foreign connections.
2015 inflation-adjusted items and tax tables issued
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
QDROs demand the attention of CPAs
Expertise in qualified domestic relations orders and dividing retirement benefits in divorce can be a valuable accounting and tax specialty.
Electing to aggregate rental activities: Better late than never
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
One-IRA-rollover-a-year rule will be effective in 2015, IRS says
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
The lure of a Sec. 475 election
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.
