2022
Showing 49–64 of 467 results
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401(k) plan early access: How to avoid penalties
November / December 2022
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 876
Abstract: Early withdrawals from 401(k) plans are allowed under certain circumstances, but in most cases they’re subject to a 10% penalty — on top of ordinary income taxes. However, if you need to tap retirement funds early, it’s possible to avoid penalties in limited situations. This article looks at hardship withdrawals, the Rule of 55, taking a series of substantially equal periodic payments (SOSEPPs) and other options. A sidebar explains how a change in IRS guidelines makes taking SOSEPPs more attractive.
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Tax Tips – Should you file a joint return when your spouse dies?
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: These brief tips explore whether a surviving spouse should file a joint tax return the same year the other spouse dies; reports that the Inflation Reduction Act (IRA) expanded the research credit for small businesses; and explains how the IRA extends the limit on excess business losses through 2028.
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Health care expenses: What’s deductible?
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 596
Abstract: For many people, unreimbursed medical bills and other health care costs are a significant expense, especially as they get older. Fortunately, many of these expenses are tax-deductible. This article details the types of health care expenses that are deductible. It also discusses the deductibility of self-employed health insurance costs.
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Gifts that give back – Evaluate the tax benefits of individual and trust charitable donations
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 590
Abstract: When donating to charity, a major decision one needs to make is whether to donate assets held in a trust or those that he or she holds individually. This article examines the tax consequences of making individual asset donations vs. donating trust property and details the circumstances under which donations by a trust are deductible.
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Make the most of the general business credit
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 831
Abstract: Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC). This article explains how the GBC works. A brief sidebar lists specific individual tax credits included under the GBC.
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Use a rebuttal expert to break valuation deadlock
November / December 2022
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 413
Abstract: Financial experts use a variety of methods and inputs when valuing a business. So it’s common for two experts working in good faith to reach different conclusions. In such situations, litigating parties must find a way to resolve their differences. This article discusses how a rebuttal report can help them do just that — as well as reduce overall valuation costs.
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FRE 702 amendment would clarify expert testimony standard
November / December 2022
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 550
Abstract: Federal Rule of Evidence (FRE) 702 is expected to soon be amended. If approved, the changes would take effect on December 1, 2023. This article describes two critical amendments to the rule that aim to address the misapplication of the standards for admitting expert testimony by many federal courts.
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Hiring an expert to help prove — or refute — accountant liability
November / December 2022
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 642
Abstract: In lawsuits involving business failures, it’s common for shareholders and other plaintiffs to name the business’s accountants or auditors as defendants. An accountant’s liability depends on several factors, but it’s first important to know the applicable professional standard he or she uses. This article discusses those standards, along with the accountant’s level of responsibility for the financial statements.
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Help wanted: Qualified appraisers – Do you need a business valuation for year-end gifts of stock?
November / December 2022
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 888
Abstract: The combination of current tax laws and a rocky economy makes this an advantageous time for many business owners to gift shares of closely held stock to family members. This article explains the benefits stock gifts can provide to both the givers and recipients and why a reliable valuation from a qualified appraiser is essential. A sidebar discusses how GRATs can be used to transfer interests in a family business.
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Estate Planning Red Flag – You own property jointly with a child or other family member
November / December 2022
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 339
Abstract: There’s a common misconception that owning assets jointly with a child or other heir is an effective estate planning shortcut. While this strategy has a certain appeal, it can invite a variety of unwelcome consequences that may quickly outweigh any potential benefits. This brief article details the advantages and disadvantages of owning property jointly with a child.
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Should you use retirement accounts to fund gifts?
November / December 2022
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 577
Abstract: Generally, a significant portion of a person’s wealth can be found in IRAs and other tax-deferred retirement accounts. Traditionally, these accounts have been viewed as off limits when it comes to funding lifetime gifts, given the negative income tax implications. But things are a little different now. Why? Because the federal gift and estate tax exemption is scheduled to be cut roughly in half at the end of 2025. Faced with the prospect of a higher estate tax bill, many affluent people are establishing irrevocable trusts or implementing other gifting strategies to lock in the higher exemption amount before it disappears. This article explains why, in some cases, it may make sense to use retirement accounts to fund these gifts, provided the estate tax benefits would outweigh the income tax costs.
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Shield life insurance proceeds from estate tax with an ILIT
November / December 2022
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 638
Abstract: Life insurance can provide peace of mind, but it’s important to not own the policy at death. The policy’s proceeds will be included in the taxable estate and may be subject to estate tax. To avoid this result, a common estate planning strategy is to draft an irrevocable life insurance trust (ILIT) to hold the policy. This article explores the benefits of including an ILIT in an estate plan.
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Rising rates spark interest in charitable remainder trusts
November / December 2022
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 941
Abstract: For those who wish to leave a charitable legacy while generating income during their lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the gain. This article details how CRTs work and explains why they’re particularly effective in today’s high interest rate environment. A sidebar looks at a common tax scam associated with CRTs.
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Sullivan v. Loden – Estate planning attorney sued for undervaluing family business
November / December 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 454
Abstract: A recent federal district court case illustrates what can happen when business valuations are prepared by attorneys rather than qualified valuation professionals. This article explains what happened when a disgruntled heir sued her deceased mother’s attorney for malpractice, alleging that previous gifts of stock had been undervalued. Sullivan v. Loden, No. 21-cv-123-DKW-RT, U.S. District Court, D. Hawaii, May 4, 2022.
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Focus on fraud in M&A transactions
November / December 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 555
Abstract: Due diligence is a critical part of the merger and acquisition process — and one key area of concern is fraud risk. Financial statement manipulation can sometimes make the target appear more valuable than it really is. Likewise, weak fraud policies, internal controls and cybersecurity practices can be ticking time bombs for an unwary buyer. This article explains how a forensic accountant can help evaluate a target’s fraud risk and look for signs of earnings manipulation and other accounting irregularities.
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Human capital: What’s it worth?
November / December 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 652
Abstract: In today’s tight labor market, human capital is critical to the success of a business. Although it’s not usually reported on the balance sheet, human capital can be a valuable asset. This article describes when human capital might need to be valued, different types of human-capital-related assets, and how these assets are valued based on reproduction and replacement costs.