Tax / Estate & Wealth Planning
Showing 1713–1728 of 2177 results
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Asset valuation: A key component of your estate plan
September / October 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 567
Abstract: When one makes a noncash gift, a professional valuation can reduce the chances that the IRS will challenge the gift tax return, thus decreasing the possibility of unplanned tax liability. This article examines the three-year statute of limitations during which the IRS can challenge the value that’s reported on a gift tax return, along with the penalties for making “substantial” or “gross” misstatements.
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Are you part of a nontraditional couple? — Unmarried and same-sex married couples face estate planning hurdles
September / October 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 820
Abstract: The federal gift and estate tax laws, as well as the laws in most states, were designed with “traditional” marriages between a man and woman in mind. For those who don’t fall within that category because they and their partner aren’t married or because they’re part of a same-sex marriage, thorough planning is required to meet their estate planning goals. This article looks at the legal environment as it pertains to same-sex marriages, the importance of estate planning documentation for nontraditional couples, and gifting strategies.
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Mining the generation gap — Estate planning strategies for you and your parents
September / October 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1159
Abstract: Shifting income to family members in lower tax brackets can be a powerful tax-reduction strategy that applies not only to children, but to parents as well. As this article explains, under some circumstances it can be beneficial to transfer appreciated, income-producing assets to parents with the understanding that they’ll be returned upon the parents’ deaths. Another is to have them convert or roll over traditional IRA or qualified retirement plan balances into a Roth IRA. A sidebar discusses the expansion of the “kiddie tax.”
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Tax Tips
September / October 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 486
Abstract: This issue’s “Tax Tips” discusses new tax provisions that are scheduled to go into effect in 2013, now that the Supreme Court has upheld the 2010 health care law. It also reveals that local lodging expenses can be deductible under certain circumstances, and notes a Supreme Court decision that an overstatement of basis is not a “substantial omission” of income.
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Rules of the house: The tax ins and outs of refinancing
September / October 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 708
Abstract: Many homeowners have come face to face with the issue of refinancing their mortgages in recent years. What they may not have realized, when starting the process, is that they also have to deal with certain tax issues related to the refinancing, such as the impact of a straight replacement loan vs. cash-out refinancing. This article explains those concepts and their tax impact, while also taking a look at the tax treatment of “points.”
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GST tax requires special planning — Sharing wealth with grandchildren and beyond
September / October 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1114
Abstract: Designed to ensure that assets are taxed at each generational level, the generation-skipping transfer (GST) tax generally applies — in addition to gift or estate taxes — to transfers that skip a generation. But the GST tax rate is scheduled to go up, and the tax exemption to be sharply reduced, beginning in 2013, making tax planning especially urgent. This article looks at the three types of generation-skipping transfers; how automatic allocation of the exemption to certain transfers can be hazardous for some; and the benefit of a “dynasty” trust. A sidebar discusses the possible advantages of splitting a trust in two.
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Multistate taxation — Give your business a nexus checkup
September / October 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 714
Abstract: Whether a business is subject to another state’s income, franchise, sales and use, or other taxes depends on whether it has a substantial connection — or “nexus” — with that state. But the rules regarding nexus vary from tax to tax, state to state and even locality to locality, so understanding and complying with multistate tax obligations can be a challenge. This article discusses what might trigger nexus and looks at legislative attempts to make multistate tax compliance easier. In the meantime, to avoid unexpected tax liabilities, it may be beneficial for businesses to work with their tax advisors to conduct periodic nexus checkups.
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Identity theft occurrences becoming more prevalent … and macabre
September / October 2012
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 346
Abstract: Because of the recent recession and continued economic uncertainty, thieves are more desperate than ever to tap into accounts. And, thanks in part to the prevalence of online transactions, they have the technical wherewithal to accomplish the task. As this brief article explains, identities of the dead and tax returns of the living are being targeted. The article lists several steps to take to help deter identity theft.
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Handling a windfall — Sudden money creates new financial planning challenges
September / October 2012
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 686
Abstract: Whatever the source of the money — an inheritance, legal settlement, insurance payout or early retirement package — financial windfalls should be handled with care. The first question to consider is whether the “windfall” is indeed that — a bonus or employer stock options are things earned through hard work, and should be treated as part of an overall financial plan, rather than “mad money” to spend freely. This article offers several suggestions to avoid making impulsive decisions.
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Own a family business? — Succession planning demands a look at ownership transfer strategies
September / October 2012
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 837
Abstract: There are many considerations to take into account when considering how to best transfer ownership interests to family members. This article discusses choosing a successor and how to divide wealth between those who are active in the business and those who aren’t. It also examines gift and estate tax implications, along with alternative but complex strategies such as family limited partnerships and intentionally defective trusts.
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Bond portfolios require diversification, too
September / October 2012
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 926
Abstract: During the past few years, extreme stock market volatility has spawned a newfound appreciation for bonds. However, even though diversifying one’s investment portfolio with bonds makes sense, there are right and wrong ways to go about it. This article discusses how to achieve true diversification and explains why bond funds may be a better option for some than purchasing individual bonds. And, although many income-starved investors have sought solace in high-yield bonds, a sidebar notes the risks.
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Age-55 qualified retirement plan exception
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 379
Abstract: The taxable portion of a pre–age-59½ withdrawal taken from a qualified retirement plan or traditional IRA can be hit with a 10% early withdrawal penalty unless one of several exceptions applies. However, the list of exceptions is not identical for qualified plans and IRAs. This article looks at one case in which a taxpayer was hit with the 10% early withdrawal penalty when he rolled over his retirement plan money into an IRA and then took an early withdrawal. The U.S. Supreme Court disagreed with his contention that this shouldn’t have happened because the differing lists of penalty exceptions for qualified plans and IRAs were “illogical.”
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New tax rule for local lodging expenses
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 576
Abstract: The IRS recently issued long-awaited regulations that permit certain not-away-from-home lodging expenses to be deducted by workers if they are not reimbursed by their employer. Alternatively, if paid for by the employer, the expense can be treated as a tax-free working condition fringe benefit (WCFB) or tax-free accountable-plan reimbursement. This article looks into the details.
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Social Security statements
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 130
Abstract: This brief article notes that the Social Security Administration recently announced that Social Security statements may now be viewed online.
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IRS limits employer identification number requests
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 96
Abstract: This one-paragraph article notes that, to ensure fair and equitable access and to ensure that the employer identification number (EIN) system continues to operate effectively, the IRS is now issuing only one EIN per responsible party each day.
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Estate Planning Pitfall — You haven’t covered all your bases since your divorce
August / September 2012
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 296
Abstract: This brief article lists several estate planning and financial arrangements that are easily overlooked following a divorce, including retirement accounts, jointly owned assets, and powers of attorney.