TXI
Showing 257–272 of 384 results
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Tax Tips – Don’t miss filing deadlines
March / April 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 408
Abstract: This issue’s “Tax Tips” shows why dropping a tax return in the mailbox on the deadline date is not a guarantee that the return is “timely filed” — and how taxpayers can make sure it is. It also looks at why failing to comply with Internal Revenue Code Section 409A rules can result in accelerated tax liability and stiff penalties in regard to severance plans. And it notes tax benefits for both employers and employees when the owners allow employees to donate unused leave in exchange for employer cash contributions to eligible disaster relief organizations.
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Using financed net gifts to reduce taxes
March / April 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 645
Abstract: Those who have used up their lifetime gift tax exemption may want to consider other wealth transfer techniques. One that’s often overlooked is the financed net gift, in which the recipient of the gift agrees to pay the gift tax, financed by a loan from the donor. This article shows how a net gift saves taxes, and how a financed net gift can preserve the full value of the gifted assets.
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Cost segregation studies: A way to get faster write-offs
March / April 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 588
Abstract: For years, many business owners have taken advantage of cost segregation studies to help them accelerate depreciation deductions on their properties. These studies identify property components and their costs, thus enabling owners to use shorter lives and faster depreciation rates — resulting in substantial tax savings. This article discusses how cost segregation studies work and how the depreciation rules apply.
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Saving for college? Section 529 plans offer a variety of tax benefits
March / April 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 831
Abstract: Of all the vehicles available for college savings, Section 529 plans are perhaps the most versatile. They’re available to anyone, regardless of income level. They offer generous contribution limits. And they provide significant income tax and estate planning opportunities. This article focuses on the income and estate planning benefits of college savings plans, while a sidebar looks at prepaid tuition plans.
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Tax Tips — FICA refunds for severance pay?
January / February 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 469
Abstract: This issue’s “Tax Tips” explains why a business that has recently made significant severance payments might be entitled to a refund of FICA taxes. It shows how taxpayers can help protect themselves against a fraudulent tax return being filed in their name, and discusses an increase in the annual gift tax exclusion.
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Betting on a SCIN — This tool may help you transfer assets at little or no tax cost
January / February 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 623
Estate planning can be a gamble. Tax and estate tax laws change. Family members pass away before their time. But a gamble that can pay off in certain circumstances is the self-canceling installment note — or SCIN. It may allow a person to transfer a business or other assets to family members at little or no tax cost. This article discusses how a SCIN works and how, if it pays off, a family will reap a bounty in the form of income, gift and estate tax savings. But, the article cautions, there’s no guarantee that it will pay off.
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Restricted stock and RSUs: How are they taxed?
January / February 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 820
Over the last seven years, restricted stock and restricted stock units (RSUs) have grown in popularity as incentive compensation tools, while the use of stock options has declined. This article explains why restricted stock and RSUs can be an attractive alternative to options, but also notes the differences between the two instruments and their respective tax implications.
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Tax deal resolves fiscal cliffhanger
January / February 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 918
On Jan. 1, Congress passed the American Taxpayer Relief Act of 2012 (ATRA). This article offers highlights of the law’s individual tax provisions. It looks at changes in income, capital gains, estate and gift tax rates, deductions and exemptions. It also discusses the alternative minimum tax and the extension of a number of tax breaks for individuals. A sidebar lists several business tax break extensions, as well.
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Tax Tips
November / December 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 485
Abstract: This issue’s “Tax Tips” discusses defined-value gifts, which can be used to gift illiquid assets to take advantage of this year’s expiring $5.12 million gift tax exemption, even though it may be too late to obtain an appraisal. Other items show how to make the most of S corporation losses; note a Tax Court clarification of the age-55 exception to the early withdrawal penalty; and warn against overlooking the potential tax implications of company wellness programs.
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Keep on the good side of the IRS — Make sure you classify workers properly
November / December 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 755
Abstract: There are tax and other advantages for a business that retains independent contractors (ICs). If, however, the IRS determines that an employee has been misclassified as an IC, the employer could be subject to back taxes and penalties not only for the taxes it should have paid but didn’t, but also for the taxes it should have withheld. That’s why knowing the difference between an employee and an IC is critical to a business’s bottom line. This article discusses the factors that determine this difference and how to establish procedures for determining worker classification.
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Donating property? — Don’t skimp on the appraisal
November / December 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 624
Abstract: When donating property to charity, it’s critical to comply with tax rules for substantiating the value of the gift. Otherwise, the IRS may deny the entire charitable deduction, even if the valuation is spot-on. This article shows that, with most large donations of property, the property must be appraised by a qualified appraiser. It explains what constitutes a “qualified appraiser” and what must be involved in the appraisal itself. Citation: T.C. Memo. 2012-152, 5/29/12
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Investors: Before you sell, know the basics of basis
November / December 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1067
Abstract: Investors who are selling shares of stock, mutual funds or other investments need to familiarize themselves with the cost basis rules before they call their broker. They also need to understand the different accounting methods available for determining which shares to sell; the method they choose can have a big impact on their tax bill. This article discusses basis and the wash sale rule and examines the tax implications of three specific accounting methods. It also discusses new reporting rules; a sidebar chart shows which securities are subject to these rules.
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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.