Tax & Business Alert
Showing 641–656 of 664 results
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Deferring taxable gain with a like-kind exchange
July 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 460
Abstract: Nontaxable exchanges of real estate give taxpayers an alternative to taxable dispositions and can provide federal income tax benefits. This article lists situations in which nontaxable like-kind exchanges should be considered, offering a specific example of one such instance: when a taxpayer wants to generate retirement income.
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2013 HSA limitations
July 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 198
Abstract: Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies who do not have access to health insurance. This brief article explains how an HSA works and provides 2013 figures for deducibles, out-of-pocket expenses, and tax deductions.
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Charitable donations of publicly traded securities
July 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 500
Abstract: Taxpayers with appreciated securities positions may be able to save on federal taxes by donating the actual securities (for example, stocks) held more than one year (long-term gain securities) to a qualified charity rather than selling the securities and donating the cash proceeds. This article explains why, and offers a specific example. But it notes that planning is essential in determining when to donate appreciated stock.
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“Dirty Dozen” tax scams
June 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 553
Abstract: The “Dirty Dozen” are the 12 most prevalent scams detected by the IRS. Taxpayers should take precautions to avoid these and other suspicious activities of scam artists. This article describes the scams that make up the IRS’s 2012 Dirty Dozen listing.
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S corporation profiles
June 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 539
Abstract: In certain business and tax scenarios, electing S corporation status for a business can be advantageous. In other scenarios it may not be beneficial. This article discusses some of the more common scenarios taxpayers may encounter in making their decision to elect S corporation status or use another entity structure for their business.
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Use a reverse mortgage as a cash resource
June 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 387
Abstract: When an older homeowner has significant equity in his or her residence and needs funds, but lacks the resources to make monthly payments on a conventional mortgage, a reverse mortgage might provide a solution. This article explains how a reverse mortgage works and notes who may benefit, but warns that expenses associated with a reverse mortgage are high.
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Tax-free exchanges of life insurance policies
June 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 432
Abstract: A periodic life insurance review is essential to ensure life changes have not altered the original intent for purchasing a policy, cover new or additional requirements, address concerns about the financial soundness of the insurer, and deal with various other issues. However, replac-ing a life insurance policy can create adverse federal income tax consequences. But there’s a way to do so while ensuring that any gain or loss is not recognized currently for income tax purposes. This article explains how this “1035 exchange” works.
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Reporting barter transactions
May 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 397
Abstract: Bartering is one of the most ancient forms of commerce and involves the trading of a service or product for another. Typically, no cash is exchanged in the transaction, and business owners can save cash by bartering to get the products and services they need. In any case, the fair market value of the goods and services exchanged must be reported as taxable income by both parties. This article looks at the procedures involved, whether the transaction takes place informally or through a barter exchange company.
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Excluding a residence sale gain following divorce
May 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 738
Abstract: A residence is often a married couple’s most significant asset. As a result, monetary and tax considerations for property settlements related to the marital residence are usually extremely important to divorcing taxpayers. In dividing up the marital estate, the marital residence is usually disposed of in one of three ways: The residence is sold as part of the divorce proceedings; ownership is transferred incident to the divorce; or there is a delayed sale of the residence. This article offers examples of how each arrangement works.
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IRS’s information on exempt charitable organizations
May 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 119
Abstract: The IRS recently launched a new online search tool entitled “Exempt Organizations Select Check.” This article explains how the tool can be used to seek information on exempt charitable organizations.
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Tax ramifications of owning a second home
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 438
Abstract: Regardless of whether one uses a second home for personal or for investment purposes, planning for its tax implications will enable ownership of the property in the most tax-efficient way possible — or, if the purchase is somewhat tax driven, maximization of the allowable deductions the property generates. A second home can fall into one of three categories for tax purposes, depending on how it is used: personal residence, vacation home, or rental property. This article discusses the tax ramifications of each.
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Roth IRAs for kids
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 624
Abstract: For those who have a child who works, it’s worth encouraging him or her to use some of the earnings for Roth IRA contributions. This article offers examples of how even modest contributions can grow to large amounts, and explains why a Roth IRA is generally preferable to a traditional IRA for those in this age group.
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IRS reopens Offshore Voluntary Disclosure Program
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 71
Abstract: This one-paragraph article notes that the IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) to help taxpayers hiding offshore accounts get current with their taxes.
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Taxpayer Advocate’s report
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 216
Abstract: In her annual report to Congress, National Taxpayer Advocate Nina E. Olson identified the combination of the IRS’s expanding workload and declining resources as the most serious problem facing taxpayers. The result, the report says, is inadequate taxpayer service, erosion of taxpayer rights, and reduced tax compliance. This article discusses her concerns.
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50% disallowance rule for meals and entertainment
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 339
Abstract: Generally, only half of otherwise allowable business meal and entertainment expenses are deductible on one’s federal tax return. This article describes specific expenses that are or are not included and discusses the tax treatment of expense reimbursements or allowances under an accountable vs. a nonaccountable plan.
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Reporting foreign financial assets
March 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 522
Abstract: The IRS has implemented new regulations designed to uncover information on foreign assets owned by U.S. taxpayers. Where taxpayers have an interest in one or more specified foreign financial assets exceeding certain threshold amounts, additional information must be included in their tax return. This article explains “specified foreign financial assets” and the types of information that must be reported.