A current movement in state taxation is the introduction of a gross receipts or modified gross receipts tax in place of a net income tax.
August 2008 - The Tax Adviser
PERSONAL FINANCIAL PLANNING
Tax Planning for Elderly Clients
With the rapid increase in the number of elderly clients, tax practitioners will need to become familiar with the special issues that affect tax compliance and planning for the elderly.
INDIVIDUALS
Planning Opportunities with the Sec. 121 Partial Exclusion
The partial exclusion of gains on the sale of a primary residence continues to be an attractive benefit for taxpayers.
PRACTICE & PROCEDURES
Applying AICPA Business Valuation Standards in Tax Practice
the AICPA issued Statement on Standards for Valuation Services (SSVS) No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset, effective for all engagements accepted on or after January 1, 2008. The new standards apply to any AICPA member, or a nonmember CPA practicing in a state that has adopted SSVS No. 1, who is engaged to estimate the value of a business, business ownership interest, security, or intangible asset.
employee benefits & pensions
An Analysis of the New Roth 401(k)/403(b) Plans
The Roth 401(k)/403(b) provisions combine characteristics of Roth IRA and traditional 401(k)/403(b) plans in one retirement program.