March

Showing 33–45 of 45 results

  • ABLE accounts for disabled individuals

    March 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 410

    Abstract: The Achieving a Better Life Experience Act (ABLE) of 2014 establishes a new type of tax-advantaged account for disabled individuals, allowing them to save money for future needs while remaining eligible for government benefit programs. This article discusses details of the act, including who is eligible and contribution limits.

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  • When is a marriage terminated for tax purposes?

    March 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 401

    Abstract: This article explains the situations in which a marriage is considered terminated for tax purposes. In some divorce situations, where the “abandoned spouse” rule does not apply, a spouse may be reluctant to file a joint return due to the joint and several tax liability resulting from joint returns. In some instances, completing the divorce and terminating the marriage may in fact save income taxes.

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  • Taxpayer Advocate reports to Congress

    March 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 299

    Abstract: National Taxpayer Advocate Nina E. Olson recently released her annual report to Congress, urging the Internal Revenue Service to adopt a comprehensive Taxpayer Bill of Rights (TBOR) — a step she said would increase trust in the agency and, more generally, strengthen its ability to serve taxpayers and collect tax. This article looks at why she feels the IRS is not performing up to its potential level of effectiveness.

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  • Passive activity loss limitations

    March 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 506

    Abstract: The passive activity loss (PAL) rules were introduced by the Tax Reform Act of 1986 and were designed to curb perceived tax shelter abuses. However, the PAL rules are far-reaching and affect activities other than tax shelters. Additionally, these rules limit the deductibility of losses for federal income tax purposes. This article explains what constitutes a passive activity and particularly how the rules affect rental activities.

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  • Minimum required distribution reminder

    March 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 81

    Abstract: This brief article notes that taxpayers who turned 70½ in 2013 need to prepare to take their first minimum required distribution or face a steep penalty.

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  • Lifetime vs. testamentary contributions

    March 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 463

    Abstract: Many taxpayers with charitable intentions struggle with the decision of whether to donate property to charity during their lifetimes or to make a charitable bequest in their wills that will be fulfilled from property included in their estates (testamentary bequests). While taxpayers frequently base their choice between lifetime charitable gifts and testamentary bequests on nontax considerations, this article discusses the tax implications of their decision.

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  • Filing status for separated, divorced or divorcing couples

    March 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 111

    Abstract: People who are in the process of divorce might still be married for tax purposes. This brief article notes the five tax filing categories for individuals.

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  • Direct IRA contribution provision extended

    March 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 259

    Abstract: The American Taxpayer Relief Act of 2012 extended the IRA rules that allow taxpayers age 70½ or older, who have one or more IRAs and a desire to make charitable contributions, to receive tax-free treatment of distributions when they’re donated to charity. This brief article explains the details.

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  • Business provisions of the new tax act

    March 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 543

    Abstract: The 2012 American Taxpayer Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and businesses. On the business side, two of the most significant changes provide incentives to invest in machinery and equipment by allowing for faster cost recovery of business property. This article looks at the legislation as it pertains to enhanced small business expensing (Section 179 expensing) and an extension of additional first-year depreciation.

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  • New Roth IRA conversion option

    March 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 151

    Abstract: A provision in the recently enacted 2012 American Taxpayer Relief Act permits an individual to convert any portion of their balance in an employer-sponsored tax-deferred retirement plan account into a Roth IRA account under that plan. But this brief article notes some caveats.

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  • American Taxpayer Relief Act of 2012

    March 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 784

    Abstract: The American Taxpayer Relief Act of 2012 provides relief for most taxpayers, but will increase the tax bill for high-income folks. The Act includes, among other items, permanent extension of the Bush-era tax cuts for most taxpayers; revised tax rates on ordinary and capital gains income for high-income individuals; modification of the estate tax; a permanent fix of the AMT for individual taxpayers; limits on deductions and exemptions of high-income individuals; and numerous retroactively reinstated and extended tax breaks for individuals and businesses. This article discusses several of the Act’s provisions impacting individual taxpayers.

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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.

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  • Tax planning following a job loss

    March 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 211

    Abstract: Taxpayers dealing with a layoff or termination frequently overlook the tax consequences of events associated with their unexpected job loss. Yet, properly handling the tax aspects of this life-changing event could prevent a negative financial impact. This article discusses the tax treatment of severance pay, job placement assistance, moving expense reimbursements and distributions from a qualified retirement plan.

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