TXI
Showing 289–304 of 384 results
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Tax Tips – Return required even for tax-exempt gifts – IRS to eliminate “high-low” method? – Watch out for charities that lose their exemption
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 508
Abstract: This issue’s “Tax Tips” explains that a gift tax return must be filed for all gifts that exceed the annual gift tax exclusion, even if no tax is owed. It looks at IRS intentions to discontinue the “high-low” method as an alternative for substantiating business travel expenses. And donors who wish to take advantage of charitable deductions should watch out for charities that lose their exemption.
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Lending to or borrowing from your company the right way
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 626
Abstract: It’s not unusual for owners of closely held businesses to move money into and out of the company for various purposes, and there are significant tax advantages to characterizing these transactions as loans. But to enjoy those advantages, it’s necessary to treat advances and withdrawals as bona fide loans and document them as such. This article shows how to do so.
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Why jointly owned property may not be a good idea
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 760
Abstract: Many well-meaning parents think they can avoid estate planning by simply jointly owning their property with their children. But this may not be such a good idea. For one thing, the value of the gift will be counted toward the parents’ lifetime gift/estate tax exemption. For another, the heir may owe capital gains tax if the property is sold. The transfer could even lead to a denial of Medicaid benefits down the road. This article explores the pitfalls.
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Tax treatment of debt forgiveness – Watch out for tax bills delivered “COD”
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 970
Abstract: For many debtors receiving financial help, the initial feeling of relief is quickly replaced by surprise and confusion when they discover they owe taxes on cancellation-of-debt (COD) income. This article explains what qualifies as COD income, and what debts qualify as exceptions or exclusions. A sidebar explains how some COD income can be excluded under the Mortgage Forgiveness Debt Relief Act of 2007.
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Tax Tips – Good news for gift card sellers- Watch out for audit red flags – Know the facts before you invest in municipal bonds
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: This issue’s “Tax Tips” discusses IRS rulings regarding deferral of gift-card income; “red flags” that may trigger an IRS audit; and why municipal bonds touted as “tax-free” might not necessarily be so — and why, even if they are, it’s important to calculate the taxable equivalent yield to determine whether it’s a good deal.
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Want to defer tax? – Consider a Sec. 1031 exchange
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 812
Abstract: A Section 1031 exchange allows investors to defer the gain on real or personal property used in a business or held for investment if, instead of selling it, they exchange it solely for property of a “like kind.” Alternatively, a reverse exchange may be the answer for those who come across an ideal investment property that they’d like to trade into, but who have no time to sell an existing property. This article provides details, but also lists five potential traps investors should be wary of.
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Act now – QSBS offers gain without the pain
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 613
Abstract: Time is running out for a remarkable tax break for investors. If they invest in qualified small business stock (QSBS) by the end of 2011 and hold it for more than five years, they’ll be able to sell the stock tax-free. Lawmakers have proposed making this tax break permanent, but unless they act before year end, investors will need to move quickly to take advantage of it. This article describes the benefit of QSBS, but also warns about the complexities involved.
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How an intrafamily loan can help you transfer wealth
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 962
Abstract: Lending money to loved ones can be a tax-smart strategy for transferring wealth to family members, particularly in today’s low-interest-rate environment. This article explains why, and shows the process. However, there can be risks, including an IRS challenge if the transaction isn’t treated as a legitimate loan. A sidebar offers a specific example of an intrafamily loan in action.
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See the big picture – A holistic approach to tax planning
January / February 2010
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 800
Abstract: For many people, tax planning is something they begin to think about in December. During the year, they concentrate on running their business and managing their investments. Then, late in the year, they make a series of last-minute moves — such as accelerating expenses, deferring income or shifting income to family members — in an effort to reduce their tax bills. By failing to start planning early and look at the big picture, however, these taxpayers often miss opportunities to increase their overall wealth. This article explores a holistic approach that begins well before year end and considers the overall impact of various tax, business and financial planning decisions and identifies the strategies that are most likely to enhance net worth. (Updated 7/7/11)
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Tax Tips – Can you deduct an expense if someone else pays it? – Borrowing against a life insurance policy – Going green with less green
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 464
Abstract: This issue’s “Tax Tips” answers whether an expense is deductible if someone else pays it, explains the tax consequences of not paying back a loan against an insurance policy, and describes a recent IRS Revenue Procedure that makes it easier and cheaper for commercial building owners to claim tax deductions for energy-efficient improvements placed in service in previous years.
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Tick, tock, tick, tock – Time is running out to disclose “hidden” foreign accounts
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 639
Abstract: From time to time, the IRS offers “deals” to taxpayers that have unreported income from undisclosed foreign accounts and other foreign assets. The current program — the 2011 Offshore Voluntary Disclosure Initiative — expires Aug. 31. This article notes what the law requires and lists the benefits of voluntary disclosure — as opposed to the penalties for failing to disclose.
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Have you researched the research credit?
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 887
Abstract: In 1981, a tax credit for increasing research activities was introduced. Congress has renewed this “temporary” credit multiple times over the last three decades, and it currently extends through Dec. 31, 2011. The credit isn’t just for scientists or engineers, but is actually available to companies in a wide range of industries. This article explains what activities qualify and how much the credit can be worth. A sidebar notes that last year’s Small Business Jobs Act lifted certain restrictions on claiming the research credit for eligible small businesses.
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Succession planning – Transferring ownership to the next generation
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 835
Abstract: One important step in the succession planning process is determining the best way to transfer ownership interests in a family business to the next generation. Who should be the successor? How should wealth be divided between those who work in the business and those who don’t? This article offers ways to address these questions, and considers the gift and estate tax implications. It also shows how business interests can be transferred through family limited partnerships, self-canceling installment notes or employee stock ownership plans.
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Tax Tips – Don’t skimp on S corporation salaries – Now’s the time for giving – Consider a charitable IRA rollover
May / June 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 488
Abstract: This issue’s “Tax Tips” discusses why it’s important that S corporations establish and document reasonable salaries for shareholder-employees; why it may be best to make large gifts now to take advantage of the current high tax exemption; and why those 70½ or older should consider a charitable IRA rollover.
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The icing on the cake – A QPRT allows you to save estate taxes on your home while still living in it
May / June 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 872
Abstract: Now may be a good time to consider a qualified personal residence trust (QPRT), which allows a person to transfer their home to their children or other family members at a deeply discounted gift tax value. By doing so, they can remove the home’s value and any future appreciation from their taxable estate. And they can continue to live in the home indefinitely, which can be an excellent strategy if the property’s value is depressed and is expected to increase. But, as this article explains, it’s important to be aware of the requirements of a QPRT, along with capital gains tax ramifications.
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How to maximize deductions for LLC and LLP losses
May / June 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 593
Abstract: Limited liability companies (LLCs) and limited liability partnerships (LLPs) are popular business structures because they combine the tax advantages and flexibility of a partnership with the liability protection of a corporation. But until recently, the IRS treated owners as limited partners for purposes of the passive activity loss (PAL) rules. But federal courts have ruled that LLC and LLP owners should be treated as general partners, making it easier for them to deduct losses. However, the owners must establish that they “materially participated” in the business. This article lists seven tests, any one of which can establish material participation.