Whether as bullion, coins, funds, stocks, or derivatives, gold holds an age-old fascination. Smart investing takes into account how gains are taxed.
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TOPICS
Tax
IRS proposes scrapping COD nonpayment testing period
The Service says the 36-month period for reporting cancellation-of-debt income is ineffective and prone to confusion.
QLACs protect against outliving retirement savings
With longer retirements due to increasing life expectancies, today’s retirees have to worry about outliving their retirement savings.
Charitable trusts and the streamlined exempt-status application
It is not unusual for a tax adviser to suggest that a client involved in estate tax planning leave some assets to a charity.
Drawing the line: Providing tax advice related to the Affordable Care Act
CPAs who provide tax planning services may be well-positioned to provide clients with PPACA-related advice regarding the tax and cost issues associated with selecting health insurance plans. But other matters go beyond the scope of the CPA’s expertise.
Regulations tightening Form 5472 filing requirements are finalized
The IRS finalized proposed regulations issued last June requiring corporations to file Form 5472 with their timely filed tax returns or pay a large penalty.
Transfers of installment obligations would trigger gain or loss under proposed rules
The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.
President signs tax extenders into law
President Barack Obama signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
New law creates tax-favored savings accounts for disabled taxpayers
The tax extenders legislation passed on Tuesday includes a provision allowing states to create tax-favored accounts to allow disabled taxpayers to save money to pay for their disability-related expenses.
Congress passes tax extender legislation
Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.
Final rules govern reporting of specified foreign financial assets
Final regulations issued on Thursday explain how taxpayers whose specified foreign financial assets are great enough to trigger the Sec. 6038D reporting requirement can comply with the rules.
Standard mileage rates will change slightly in 2015
The IRS issued the standard mileage rates for business use of an automobile, and for driving for medical or moving purposes, for 2015.
Interplay of the rental real estate grouping election and real estate professional exception
The IRS Office of Chief Counsel (OCC) advised on the interaction of the rental real estate grouping election and the real estate professional exception to the passive activity loss rules.
Changes proposed to allocation rules for rollovers
Disbursements containing both pretax and after-tax contributions may be treated as a single distribution.
Vision, dental, and long-term-care benefits qualify as limited excepted benefits
Final regulations drop requirement of an additional premium or contribution and address employee-assistance programs.
Tax phishing goes global with FATCA
Scam artists impersonating the IRS have been requesting foreign financial account holders’ personal and account information, the IRS warned in a news release.
CPA practitioners sue to stop PTIN fees
Plaintiffs say the $64.25 first-time fee and $63 annual renewal provide no special benefit under federal law.
AICPA identifies problems with IRS’s electronic signature rules
Verification through records checks and authentication questions may risk clients’ data security and be impractical for some.
IRS sending EITC due-diligence warnings
The IRS is sending warning letters to tax preparers it believes may not be complying with due-diligence requirements for the earned income tax credit (EITC).
Gains as gross income unaffected by Home Concrete
Taxpayers’ reported gross income included the gains from investment sales, not the gross proceeds, when determining the applicability of the six-year statute of limitation.
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From The Tax Adviser
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AI risks to the Sec. 7525 practitioner privilege
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Navigating the QSBS rules in pass-through structures
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Sec. 338(h)(10) elections in business acquisitions
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