Tax & Business Alert
Showing 625–640 of 664 results
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Home sale gain exclusion restrictions for second homes
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 558
Abstract: Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the ownership and use tests for the exclusion were satisfied. However, the Housing Act changed the method for recognizing post-2008 gain on the sale of a principal residence formerly used as a vacation or second home. This article offers a couple of examples of how it works.
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Maximizing the deduction for start-up expenses
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 245
Abstract: Individuals starting a new business or acquiring the assets of an existing business often incur start-up expenses, which can be considerable, in the investigation and acquisition phase before actual business operations begin. This article explains the circumstances in which those expenses can be deducted.
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Substantiating charitable contributions
November 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 420
Abstract: One of the most popular tax deductions for individuals is the one allowed for donations to charitable organizations. Unfortunately, this deduction has also been among the most abused. Thus, perhaps it is not surprising that Congress has responded to the problem by regularly enacting more rules around documenting donations. This article discusses the substantiation requirements for charitable donations.
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Recent graduates’ job search and moving expenses
November 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 461
Abstract: This article offers a refresher on which expenses are and are not deductible in connection with landing that first postgraduation job. It discusses job search expenses such as employment agency fees, resumé preparation expenses, and travel and transportation expenses, along with the time and distance expenses that must be met to qualify for a moving deduction.
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Noteworthy 2013 health care provisions
October 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 411
Abstract: The 2010 health care act included several significant tax changes. This article lists two provisions that could impact numerous taxpayers — the $2,500 cap on health care Flexible Spending Account contributions and a higher threshold for itemized medical expense deductions — and notes what to do to minimize them.
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Fringe benefit rules for 2% S corporation shareholders
October 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 548
Abstract: Employee fringe benefits paid on behalf of a 2% S corporation shareholder are subject to special rules. A 2% shareholder is one who owns more than 2% of the corporation’s outstanding stock on any day of the corporation’s tax year, considering direct and constructive ownership. This article explains which fringe benefits are subject to these special rules.
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College loan repayment plan application is simplified
October 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 96
Abstract: This brief article notes that federal college loan borrowers repaying their loans under the Income-Based Repayment plan are about to find that the process has gotten simpler.
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Asset protection characteristics of LLCs
September 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 401
Abstract: Limited liability companies (LLCs) offer the personal financial protection equivalent to that provided by corporations. This means that members of an LLC generally are not liable for its debts or liabilities. But if the LLC fails to file articles of organization, state law may provide that the conduct of business activity causes the persons acting through the LLC (the LLC members) to lose their liability protection. This article examines the liability and asset protection characteristics of LLCs.
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Cash management strategies for a secure retirement
September 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 554
Abstract: How much does it take to live comfortably during retirement? Unfortunately, there is no one-size-fits-all answer; everyone has different goals and objectives. However, this article lists some ideas to help build that retirement nest egg, including forced savings, allocating less to other parts of one’s financial plan, and using a reverse mortgage.
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Additional 0.9% Medicare surtax in 2013
September 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 154
Abstract: The Patient Protection and Affordable Care Act provides that, beginning in 2013, a new 0.9% Medicare surtax will be imposed on wages and self-employment income in excess of specific modified adjusted gross income (MAGI) threshold amounts. This brief article mentions some of the specifics.
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New 3.8% Medicare contribution tax on unearned income
September 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 658
Abstract: Beginning in 2013, the 2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act, imposes a Medicare contribution tax on unearned income (Medicare contribution tax) on individuals, estates and trusts. For individuals, the tax is 3.8% of the lesser of (a) net investment income or (b) the excess of modified adjusted gross income (MAGI) over the applicable threshold amount. This article examines the details and offers three examples of the potential tax impact.
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Age-55 qualified retirement plan exception
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 379
Abstract: The taxable portion of a pre–age-59½ withdrawal taken from a qualified retirement plan or traditional IRA can be hit with a 10% early withdrawal penalty unless one of several exceptions applies. However, the list of exceptions is not identical for qualified plans and IRAs. This article looks at one case in which a taxpayer was hit with the 10% early withdrawal penalty when he rolled over his retirement plan money into an IRA and then took an early withdrawal. The U.S. Supreme Court disagreed with his contention that this shouldn’t have happened because the differing lists of penalty exceptions for qualified plans and IRAs were “illogical.”
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New tax rule for local lodging expenses
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 576
Abstract: The IRS recently issued long-awaited regulations that permit certain not-away-from-home lodging expenses to be deducted by workers if they are not reimbursed by their employer. Alternatively, if paid for by the employer, the expense can be treated as a tax-free working condition fringe benefit (WCFB) or tax-free accountable-plan reimbursement. This article looks into the details.
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Social Security statements
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 130
Abstract: This brief article notes that the Social Security Administration recently announced that Social Security statements may now be viewed online.
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IRS limits employer identification number requests
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 96
Abstract: This one-paragraph article notes that, to ensure fair and equitable access and to ensure that the employer identification number (EIN) system continues to operate effectively, the IRS is now issuing only one EIN per responsible party each day.
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MRD reminder
July 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 67
Abstract: This one-paragraph article reminds taxpayers turning age 70½ that they’ll be required to take their first minimum required distribution from a traditional IRA.