TXI
Tax Impact
Showing 1–16 of 348 results
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Tax Tips – Get ready for new cryptocurrency reporting requirements
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 443
Abstract: These brief tips explain cryptocurrency reporting requirements; detail why rental real estate owners need to understand purchase price allocations; and explore why employers need to be cautious when providing employees with group term life insurance.
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Are you making the most of your 401(k) plan?
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 616
Abstract: One of the smartest ways to save for retirement is to annually max out 401(k) plan contributions. If one’s employer offers matching contributions, it’s advisable to contribute at least enough to qualify for the maximum employer match. However, the timing of one’s contributions can have an impact on eligibility for matching contributions. This article explains the ins and outs of “front-loading” contributions vs. spreading contributions out evenly over the year.
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Business succession and estate planning go hand-in-hand
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 707
Abstract: A business owner’s most valuable asset likely is his or her company. Thus, addressing it in an estate plan is critical if, for example, the person dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a smooth transition of the business to the owner’s children or other family members after retirement.
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Research credits – IRS tightens documentation requirements for refund claims
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 760
Abstract: In recent guidance, the IRS has imposed strict new documentation requirements on businesses that file refund claims for federal research credits. Currently, businesses may claim the research credit on an originally filed return or an amended return. This article explains that the new requirements apply to the latter, although it’s possible that the IRS will attempt to enhance the documentation requirements for originally filed returns down the road. A sidebar explores research expense deductions.
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Tax Tips – How closely held business owners can defer estate taxes
March / April 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 443
Abstract: These brief tips explain the specifics of when an estate’s executor can defer the payment of estate taxes for up to 14 years; detail the ins and outs of using alternative IRA investments; and discuss the fact that for 2022, the annual gift tax exclusion was increased by $1,000 to $16,000.
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Are scholarships taxable?
March / April 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 558
Abstract: For parents faced with the soaring cost of higher education, a scholarship can provide welcome financial relief. Most parents assume that scholarships are tax-free, but that’s not always the case. This article explains that only specific items under a scholarship are tax-free.
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Asset values and the COVID-19 pandemic – Depressed values can affect your estate plan
March / April 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: A variety of estate planning strategies require having accurate valuations of assets. Indeed, the tax implications of these strategies depend on the fair market value of one’s assets when they’re transferred. The values of many assets may be temporarily depressed because of the COVID-19 pandemic. This article explains why now may be an ideal time to gift them, either directly to family members or to irrevocable trusts. Hiring a qualified valuation expert is essential to updating one’s estate plan for this limited-time opportunity.
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Corporations: Watch out for the PHC tax
March / April 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 896
Abstract: Since the Tax Cuts and Jobs Act reduced the top federal corporate income tax rate to 21%, an increasing number of business owners are contemplating establishing their businesses as C corporations or switching their pass-through entities to C corporation status. However, entity choice is a complex decision that involves consideration of several financial, tax and legal factors. This article details one factor that a closely held C corporation shouldn’t overlook: potential liability for the personal holding company (PHC) tax. A sidebar explains the accumulated earnings tax (AET).
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Tax Tips – Watch out for tax scams
January / February 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 436
Abstract: These brief tips detail specific tax scams to be on the lookout for; explain the benefits of an ABLE account; and discuss recent Multistate Tax Commission guidance on the Interstate Income Act.
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Employer-provided child care credit helps businesses help their workers
January / February 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 536
Abstract: The COVID-19 pandemic has led to a significant increase in the number of employees working from home. Given the convenience of remote work, especially for parents of young children, employers of in-person workers are under increasing pressure to provide child care. Fortunately, the tax code provides an incentive, in the form of the Section 45F employer-provided child care credit. This article details the qualification for the Sec. 45F credit.
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Wealth protection – How to shield assets from creditors’ claims
January / February 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 632
Abstract: Generally, most people concentrate their asset-protection efforts on insulating their personal wealth from frivolous lawsuits or other claims. But if a significant portion of a person’s wealth is invested in a business, it’s equally important to protect its assets from unreasonable or excessive creditor claims. This article examines several asset-protection strategies available for a wide range of assets.
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Got crypto? Beware of tax surprises when dealing with cryptocurrencies
January / February 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 987
Abstract: In recent years, interest in cryptocurrencies, such as Bitcoin and Ethereum, has exploded. Once viewed as a novelty, these currencies are increasingly entering the mainstream as an investment or an alternative currency. For those who’ve jumped on the cryptocurrency bandwagon, it’s important to understand the tax implications. This article explains potential tax liabilities when using cryptocurrency. A brief sidebar details the tax reporting requirements.
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Tax Tips – IRS guidance on the 100% business meal deduction
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 425
Abstract: These brief tips detail recent IRS guidance regarding 100% business meal deductions and explain how a “mega backdoor” Roth IRA works.
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Selling your home? Be sure you understand the home sale exemption
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 606
Abstract: Sky-high demand for homes, driven in large part by rock-bottom interest rates, has created a seller’s market. Those thinking about selling their homes will want to determine whether they qualify for the home sale exemption. This article details the exemption’s requirements.
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How tax-affecting can benefit estates with pass-through entities
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 662
Abstract: For those with larger estates, asset valuation should be an important aspect of their estate plans. This is especially true if a closely held business is part of the estate. The valuation of the business for gift and estate tax purposes is critical to determining how much of the estate goes to one’s family and how much goes to the government. This article defines the term “tax-affecting” and describes how a tax-affecting strategy can reduce a pass-through entity’s value.
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Independent contractor vs. employee – Is your business classifying workers properly?
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: The “gig economy” has affected nearly every industry and profession. From a business’s perspective, there are tax and other advantages of classifying workers as independent contractors rather than employees. But it’s important to remember that workers aren’t independent contractors simply because a company says they are. This article examines how a worker’s status is determined and explains the tax advantages of both classifications. A sidebar discusses the need for companies to consider all applicable standards, both federal and state, as part of the classification process.