TXI
Showing 209–224 of 384 results
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Tax Tips – IRS announces transition rule for IRA rollovers
March / April 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: This issue’s “Tax Tips” discusses a new transition rule for IRA rollovers; whether government settlement payments are deductible; and why so-called “skinny” plans may not be the shelter from the Affordable Care Act’s “minimum essential health coverage” requirement that some employers hope.
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Deferred compensation – Are you in compliance with Sec. 409A?
March / April 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 538
Abstract: Now is a good time for businesses to review their deferred compensation plan documents and practices. The IRS announced last year a limited audit initiative to evaluate compliance with Section 409A, which prohibits deferred compensation arrangements that give participants (including employees, directors and independent contractors) undue control over the timing of benefits. The law and regulations in this area are complex, but this article offers a quick summary of the main requirements.
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529 plans: Fund college costs the tax-advantaged way
March / April 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 656
Abstract: For many taxpayers, the best way to fund a college education is a Section 529 college savings plan, because of the potential tax advantages it offers. Earnings can grow tax-deferred and may be withdrawn free of federal and, generally, state income taxes for qualified expenses. Their contribution limits are much higher than those for other tax-advantaged educational savings vehicles, and they offer estate tax benefits. But, as this article explains, there are drawbacks that should be considered, as well.
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Transferring ownership while retaining control – A GRAT or IDIT can help
March / April 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 914
Abstract: If a large portion of one’s wealth is tied up in a family business, estate planning goals may conflict with succession-planning goals. Fortunately, there are several trust-based tools that allow the transfer of business interests to successors now — minimizing gift and estate taxes — while maintaining control of the business. Two to consider are the grantor retained annuity trust (GRAT) and a sale to an intentionally defective irrevocable trust (IDIT). This article explains how they work. However, both involve some mortality risk, so a sidebar discusses how a “business intentionally defective irrevocable trust,” or BIDIT, aims to eliminate this risk.
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Tax Tips – Take advantage of the 0% capital gains tax rate
January / February 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 418
Abstract: In this issue, “Tax Tips” looks at how high-income earners can take advantage of a 0% capital gains tax rate; how an interest-charge domestic international sales corporation (IC-DISC) can help some businesses slash their tax bill; and how retailers might be able to take advantage of the manufacturers’ deduction.
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Capital gains may be trapped inside your trusts
January / February 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 583
Abstract: Many families today are attempting to reduce their tax bills by distributing trust income to beneficiaries in lower tax brackets. But it’s not always possible to distribute capital gains. If long-term gains remain “trapped” inside a trust, they’ll be taxed at rates as high as 23.8%. But this article discusses steps that might be taken to liberate capital gains from a trust and shift the income to beneficiaries.
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Loans between businesses and their owners – Why you need to dot the “i’s” and cross all the “t’s”
January / February 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 583
Abstract: It’s quite normal for closely held businesses to transfer money into and out of the company. But it’s critical that they make those transfers correctly. If not, they might run up against the IRS — the service looks closely at how such transactions are characterized: Are they truly loans or an advance? This article explains the tax advantages of loans and what’s necessary for them to pass muster with the IRS.
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Multistate taxation: How the laws may trip you up
January / February 2015
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 869
Abstract: People splitting their time between two or more states need to watch out for double taxation. The laws regarding multistate taxation are complex and they vary from state to state. And, while many states offer credits for taxes paid to other states, these credits aren’t always available. This article provides an overview of some of the concepts related to multistate taxation, such as domicile, residence and income source. A sidebar lists a variety of factors that courts and taxing authorities consider when determining domicile.
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Tax Tips – Watch out for tax scams
November / December 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 423
Abstract: This issue focuses on why it’s critical to watch out for tax scams; the alternative simplified credit (ASC) method as an easier way to claim a research credit; and proposed mandatory accrual accounting for some personal service firms.
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International estate planning: Handle with care
November / December 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 555
Abstract: If a spouse is a non-U.S. citizen, different rules apply to the couple’s estate plan. One misstep can lead to unpleasant tax surprises. The tax treatment of noncitizens depends on whether they’re “domiciled” in the United States. And their country of domicile depends on their particular facts and circumstances. In general, however, the IRS views a person as a U.S. domiciliary if he or she lives in the United States — even briefly — with no present intention of moving. This article explains the rules.
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Why substantiating your charitable gifts is so important
November / December 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 730
Abstract: The United States tax code recognizes the need for qualified organizations to reach out to taxpayers to help fund their nonprofit activities. And in return, these patrons receive the right to deduct such charitable gifts on their tax returns. But, the tax code also has very strict rules regarding charitable deductions. This article discusses how, by adhering to IRS guidelines and tax law requirements, a taxpayer can help ensure they don’t lose any deductions.
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It’s not business, it’s personal – Personal goodwill offers opportunities for M&A planning
November / December 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 868
Abstract: Parties to merger and acquisition (M&A) transactions involving closely held corporations may enjoy certain tax benefits if they can allocate a portion of the purchase price to individual shareholders’ personal goodwill. This article explains how it works. Although the IRS doesn’t much like personal goodwill, a sidebar discusses a recent Tax Court case confirming that goodwill remains a viable tax-planning tool under the right circumstances.
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Tax Tips – Don’t get trapped in the alimony gap
September / October 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 439
Abstract: In this issue, “Tax Tips” reminds readers that, generally, alimony is deductible by the payer and taxable to the recipient. It also points out that bonus plans need to be crafted carefully; for example, the popular year end tax-planning strategy of deducting bonuses in the year they’re earned, but deferring payment to the following year, isn’t automatically available to all employers. And reducing withholdings or estimated tax payments for the remainder of 2014 may allow taxpayers to enjoy their 2014 “refund” now.
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Can you defer taxes on advance payments?
September / October 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 545
Abstract: Many businesses receive payment in advance for goods and services. Generally, these payments are included in taxable income in the year they’re received, even if a portion of the income is deferred for financial reporting purposes. But there are exceptions. This article lists some of the items that qualify for limited deferral of income related to advance payments; explains how to defer income if there’s no applicable financial statement; and discusses IRS clarifications for gift cards.
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How to protect your retirement future in an up-and-down economy
September / October 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 621
Abstract: To ensure that one’s retirement nest egg doesn’t crack, it’s critical to abide by several retirement plan fundamentals — especially in today’s uncertain economy. This article looks at the importance of maintaining a cash reserve, contributing to a retirement plan, properly managing taxable accounts, and obtaining long-term disability insurance.
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Shifting gears: Tax law changes turn estate planning on its head
September / October 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 981
Abstract: Recent tax law changes demand new approaches to estate planning. Given the increased estate tax exemption and lower tax rate, traditional strategies, which focus on minimizing estate taxes, may no longer be relevant. In fact, they may result in unnecessary income taxes. This article explains the advantages and disadvantages of keeping assets in one’s estate, noting that an estate defective trust might provide the best of both worlds. A sidebar looks at higher taxes that now exist for top earners.