TXI
Showing 225–240 of 384 results
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Tax Tips – IRA rollovers: Handle with care
July / August 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 428
Abstract: In this issue, “Tax Tips” looks at a recent Tax Court determination that the “one-rollover-per-year” limit for IRAs applies on an aggregate basis, as opposed to the “one-per-IRA-per-year” interpretation that the IRS has been following. Also discussed is a case in which the U.S. Supreme Court ruled that severance payments to involuntarily terminated employees were taxable wages for FICA purposes. Finally, it’s noted that the IRS has recently clarified the tax treatment of virtual currency.
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Buying or selling a business? Here’s what you need to know to get the best deal
July / August 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 590
Abstract: Buying or selling a company can be a good move in the right circumstances, but it’s essential to know what’s involved. It’s necessary to research a number of business and financial issues as well as certain legal matters. And, of course, there are numerous tax issues that simply can’t be ignored. This article looks at determining a business structure and allocating the purchase price.
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How to make the most of life insurance
July / August 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 604
Abstract: Contrary to popular belief, life insurance isn’t always tax-free. But, with careful planning, it’s possible to avoid or minimize negative tax consequences and maximize the amount available for one’s family. This article discusses a couple of ways to get the most out of life insurance: 1) transferring a self-owned policy to an irrevocable life insurance trust (ILIT) and 2) avoiding the “transfer-for-value” rule.
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It’s time for midyear tax planning – Timely tips to help keep your tax bill low
July / August 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 866
Abstract: Tax-saving strategies take time to implement, so it’s important to not wait until the end of the year. This article offers several midyear strategies for individuals to consider. These include reducing taxable income, modified adjusted gross income (MAGI), and/or net investment income; contributing to retirement plans; and planning for medical expenses. A sidebar notes that it’s possible to avoid or reduce underpayment penalties by increasing income tax withholding.
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Tax Tips – Business owners: Hire your kids to save taxes
May / June 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 426
Abstract: This issue’s “Tax Tips” offers pointers about hiring one’s own kids to save taxes; rolling over amounts within certain employer-sponsored retirement plans — such as 401(k)s — from a traditional account into a designated Roth account; a Tax Court case that allows a gift’s value for gift tax purposes to be reduced if the recipient agrees to assume the donor’s potential estate tax liability; and meal and entertainment expenses that are 100% deductible.
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Undisclosed foreign accounts: Handle with care
May / June 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 420
Abstract: It’s critical that anyone who owns or controls any foreign financial accounts — such as bank accounts, brokerage accounts, mutual funds or trusts — understand their reporting obligations. This article discusses specific requirements, along with penalties for noncompliance. It also explains how those who have undisclosed foreign accounts can reduce their penalties by entering the IRS’s Offshore Voluntary Disclosure Initiative (OVDI).
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How defined-value gifts can help limit your tax exposure
May / June 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business or family limited partnership (FLP). They must be supported by a business valuation, and there’s a risk that the IRS will claim, years later, that a gift was undervalued for tax purposes. But a “defined-value gift” protects against unexpected taxes down the road. This article looks at how a defined-value clause works and how it can withstand an IRS challenge.
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Capturing the benefits of captive insurance
May / June 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1014
Abstract: A captive insurance company is a private insurer owned and controlled by the business or businesses (or the owners of such entities) it insures. For years, large corporations have used captive insurance companies to control insurance costs. Today, even small, closely held businesses are taking advantage of the many financial, tax and estate planning benefits captives have to offer. This article takes a look at these benefits, but a sidebar notes that, to achieve them, a captive must qualify as an “insurance arrangement,” which involves elements of risk shifting and risk distribution.
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Tax Tips – Get on the fast track
March / April 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 434
Abstract: This issue’s “Tax Tips” notes that the IRS has expanded its Fast Track Settlement (FTS) program to small businesses and self-employed individuals. Also, in a Revenue Ruling, the agency has applied the “rescission doctrine” in ruling that a seller need not recognize taxable gain if the transaction is rescinded during the same tax year as the original sale and the parties are returned to their original positions. Meanwhile, the Tax Court has addressed the issue of who claims the manufacturers’ deduction if a business contracts with third parties to perform qualified production activities.
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Material participation key to deducting LLC and LLP losses
March / April 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 490
Abstract: A limited liability company (LLC) or a limited liability partnership (LLP) offers liability protection and flexibility as well as tax advantages. But, until recently, they also had a significant tax disadvantage: The IRS used to treat all LLC and LLP owners as limited partners for purposes of the passive activity loss (PAL) rules, limiting the owners’ ability to deduct losses in the current year. But this article explains that LLC and LLP owners can now be treated as general partners. This makes it easier for them to deduct losses, because they can meet any one of seven “material participation” tests to avoid passive treatment.
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Why a private annuity is a powerful estate planning tool
March / April 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 564
Abstract: Affluent families looking for ways to reduce their gift and estate tax exposure should consider private annuities. Under the right circumstances, a private annuity can generate significant tax savings. A 2013 U.S. Tax Court decision that approved the use of a deferred private annuity for estate planning purposes has potentially made this tool even more powerful. This article explains how a private annuity works and the advantages of deferral.
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Could the NIIT apply to the sale of your home?
March / April 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 952
Abstract: The 3.8% net investment income tax (NIIT) continues to create confusion. One aspect of the NIIT (also known as the Medicare contribution tax) that’s widely misunderstood is its impact on the sale of a home. The NIIT is not a sales tax. It applies, if at all, only to profits from a home sale, not to gross proceeds. And it doesn’t apply to profits eligible for the Internal Revenue Code Section 121 home sale exclusion. Certain home sales are subject to the NIIT, however. This article looks at how the NIIT applies to home sales (with a sidebar offering an example) and suggests strategies for minimizing the tax.
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Tax Tips – Is your business entitled to a post-DOMA tax refund?
January / February 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 427
Abstract: This issue’s “Tax Tips” notes that, following the Supreme Court’s ruling on the Defense of Marriage Act, employers that previously paid FICA taxes on employer-paid health care coverage and certain other benefits for employees’ same-sex spouses may be entitled to a refund. It points out that, considering today’s higher federal gift and estate tax exemption, an estate plan with an outdated formula clause can create unexpected state tax liability. In addition, it warns that internships should benefit the intern more than the company.
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Provide for your spouse, then your kids, with a QTIP trust
January / February 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 545
Abstract: Some people may want to provide for their spouse after their death but ensure that their children ultimately receive the inheritance they want to provide for them. Or they may have concerns about transferring assets to their spouse outright. Or they might also want to minimize gift and estate taxes. A great option to consider is a qualified terminable interest property, or “QTIP,” trust. This article explains how a QTIP can achieve estate planning goals while offering tax advantages.
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Does the ACA’s individual mandate affect you?
January / February 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 554
Abstract: Recently, the IRS finalized regulations that provide guidance on the Affordable Care Act’s (ACA’s) individual mandate and outline nine classes of people who are exempt from the penalty. This article discusses what is required of individuals and who may be exempt. It also notes the requirements to be eligible for a hardship exemption.
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The tax ins and outs of employee fringe benefits
January / February 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 834
Abstract: So-called “fringe” benefits can actually be a significant component of compensation and a tool for attracting, motivating and retaining talented employees. But the tax treatment of fringe benefits is complex and often misunderstood. To avoid unpleasant tax surprises, it’s important for employers and employees alike to familiarize themselves with the rules. This article discusses the tax treatment of benefits for owner-employers, depending on their company’s business structure, and warns to look out for family attribution rules. A sidebar offers specific examples of tax-free fringe benefits.