Tax Impact
Showing 273–288 of 384 results
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Tax Tips
July / August 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 478
Abstract: This set of news briefs looks at tax traps that can quickly wipe out the potential benefits of an alternative-asset IRA; the often-overlooked manufacturers’ deduction; and whether frequent flyer miles are taxable. Citation: Taproot Administrative Services, Inc. v. Commissioner, No. 10-70892 (9th Cir. 3/21/2012).
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Consider the tax issues when buying or selling a business
July / August 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Those who are buying or selling a closely held business need to consider a wide range of business, legal and financial issues. Although a sale’s terms should never be driven by tax considerations alone, taxes can have a significant impact. This article looks at a couple of important questions: If the business being sold is a corporation, should the parties structure the deal as a stock sale or an asset sale? And how should the purchase price be allocated among various assets? By understanding how taxes affect the economics of a deal, the parties can adjust the purchase price or terms accordingly.
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Tried-and-true tax strategies for tough economic times
July / August 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 587
Abstract: This article discusses three tax planning strategies for tough economic times: converting a traditional IRA to a Roth IRA; selling poor-performing investments to “harvest” the losses to offset net gains; and gifting assets or making intrafamily loans. But no strategy is right for everyone, so it’s important to work with a tax advisor to maximize opportunities while avoiding pitfalls.
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Estate tax uncertainty — Why you need to act soon
July / August 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1133
Abstract: It’s essential to review one’s estate plan as soon as possible, because many federal gift, estate and generation-skipping transfer (GST) tax-saving strategies may no longer be available next year. This article discusses scheduled changes to exemption amounts and tax rates and the elimination of exemption portability, along with the possibility of reduced or even eliminated benefits associated with short-term grantor retained annuity trusts, intentionally defective grantor trusts and family limited partnerships (FLPs). But taxpayers can take steps to build flexibility into their plans, regardless of what Congress may or may not pass. A sidebar lists the president’s estate tax proposals.
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Tax Tips
May / June 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 452
Abstract: This issue’s “Tax Tips” looks at the tax implications of cross-border telecommuting; how to restrict distributions to a beneficiary through a trusteed IRA; and the importance of conducting a cost segregation study before certain asset acquisitions. Citations: Peco Foods, Inc. v. Commissioner, T.C. Memo. 2012-18 (1/17/2012).
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Make the most of real estate losses: Keep good records
May / June 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 533
Abstract: The passive activity loss (PAL) rules make it difficult for rental real estate owners to deduct their losses unless they qualify as real estate professionals. And that demands accurate timekeeping records. This article discusses the PAL rules and what’s required to qualify as a real estate professional. Citation: Vandegrift v. Commissioner (T.C. Memo 2012-14, 1/12/2012).
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How can an estate plan be kept vital after death?
May / June 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 878
Abstract: When a loved one passes away, one might think that the options for his or her estate plan have also been laid to rest. But that isn’t the case. There are postmortem tactics the deceased’s executor (or personal representative), spouse and beneficiaries can employ to help keep his or her estate plan on track. This article discusses qualified terminable interest property (QTIP) trusts; qualified disclaimers; exemption portability; the spouse’s right of election; special-use valuations; and alternate valuation dates.
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Deduct vs. capitalize — New regs offer guidance
May / June 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1005
Abstract: When one is spending money on tangible business property — such as buildings and equipment — it’s important to pay attention to whether these expenditures are classified as maintenance or repair, for this can have a big impact on taxes. Sometimes, though, it’s hard to tell the difference between these types of costs. This article discusses new IRS regulations that provide guidelines on the improvement vs. repair question, taking into account special rules for buildings. A sidebar looks at whether deducting the costs of "refreshing" the appearance and layout of stores is permitted. Citation: Welch v. Helvering (290 U.S. 111)
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Tax Tips
March / April 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 489
Abstract: This issue’s “Tax Tips” discusses why the IRS is narrowing its definition of a limited partnership for passive activity loss purposes; how the VOW to Hire Heroes Act enhances the Work Opportunity tax credit for employers that hire unemployed military veterans through the end of 2012; and how to preserve tax deductions when mixing business with pleasure.
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Tax planning in litigation — How to ensure optimal tax treatment
March / April 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 452
Abstract: For those who are a party to a lawsuit or other legal proceeding, the taxability or deductibility of damages can have a big impact on the financial outcome. But, as this article explains, a little tax planning can help ensure the desired tax treatment. Much depends on the nature of the underlying claim: that is, whether compensatory damages are received as a result of personal physical injuries or physical sickness, injury to property, or illegal discrimination.
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Exploring the ins and outs of NOLs
March / April 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 642
Abstract: A net operating loss, or NOL, occurs when a business’s operating expenses and other deductions for the year exceed its revenues. And, although the name would seem to indicate that operating in a “loss” situation is negative, some benefit actually can come from a year in which there’s an NOL: a tax deduction. This article shows how an NOL can be carried back or forward and discusses the benefits that either method provides, depending on one’s particular situation.
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Family businesses — Now’s the time for estate planning
March / April 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1089
Abstract: The combination of historically low gift tax rates, historically high exemption amounts and favorable interest rates makes it an ideal time for family business owners to share the wealth. This article shows how a grantor retained annuity trust (GRAT) and a sale to an intentionally defective grantor trust (IDGT) can separate ownership succession from management succession and thus help owners transfer business ownership without giving up control, while also funding retirement. A sidebar discusses additional options for transferring family business interests to the younger generation.
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Tax Tips
January / February 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 467
Abstract: This issue’s “Tax Tips” clarifies ambiguous regulatory language that has created confusion about the early-withdrawal penalty for retirement plan distributions. It shows how a charitable remainder trust can be a powerful investment tool, and why, in this difficult economy, an installment sale might help buyers and sellers close a sale of a business. Citation: (Watson, TC Summ. Op. 2011-113)
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3 essential estate planning strategies not to be ignored
January / February 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 574
Abstract: This article discusses three essential estate planning strategies: taking advantage of the annual gift tax exclusion; using an irrevocable life insurance trust (ILIT) to buy and hold one’s life insurance policy; and placing assets in a credit shelter trust.
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S corporation shareholder-employees: Are your salaries high enough?
January / February 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 355
Abstract: Because S corporation shareholder-employees aren’t subject to self-employment taxes on their share of the corporation’s income, minimizing their salaries and maximizing income distributed to them in the form of dividends can save significant payroll taxes. But the IRS casts a wary eye on such salaries. This short article explains what to do to keep salaries reasonable; otherwise, the IRS may recharacterize a portion of dividends as wages and present the company with a bill for unpaid payroll taxes, interest and penalties.
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Get ready for new Medicare taxes
January / February 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1365
Abstract: Beginning in 2013, higher-income taxpayers are scheduled to be subject to additional Medicare taxes, including a 3.8% tax on investment income. This is a dramatic departure from current Medicare taxes, which are limited to wages and self-employment income. This article explains how the new taxes will work, and defines what will and what won’t constitute investment income. It also lists strategies for reducing or eliminating the new tax. One sidebar notes that, in many cases, the taxes will have a bigger impact on married couples than on single taxpayers. Another sidebar offers a table showing how income and capital gains tax rates will change in 2013.