Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.
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District Court lowers penalties for Form 3520 nonfiling to zero
The ruling provides guidance by a federal district court on the application of the civil penalties for unfiled Forms 3520 for foreign trusts.
Inherited IRA strategies after the SECURE Act
This article discusses alternatives to the stretch IRA.
Quiz: Individual income tax rates in the modern era
The Revenue Act of 1913 ushered in the modern era of federal income taxation. How much do you know about changes in income tax rates since then?
Lawmakers propose tax changes for virtual currency
Members of Congress have introduced a bill that would provide a de minimis exemption for personal transactions where the gains are less than or equal to $200.
Maximizing deductions on like-kind exchanges using cost segregation
This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
Choosing which tax return to file when married taxpayers own a business
Filing rules for businesses owned by spouses contain several exceptions to the partnership filing rules, and this article discusses when the exceptions apply, how to implement them, and if they are worth the effort to elect.
Foreign gifts: A common example of undisclosed foreign transactions
Here’s what may happen when a foreign gift has not been disclosed.
SECURE Act changes rules to encourage retirement savings
The act contains changes to existing law, mostly designed to encourage retirement savings and to make it easier for employers to offer retirement plans.
Alert for IRAs holding master limited partnerships
The Forms 990-T prepared by the accountant hired by the broker may be wrong, and not usually in the client’s favor.
Tax-efficient dispositions of assets
This article discusses ways taxpayers can structure transactions according to the form that has the most beneficial tax result.
Opportunity zone managers and investors must act before year-end
The QOZ program will generally require year-end action on the part of the fund managers.
Test your IRS IQ
How much do you know about the IRS? Take this pop quiz to find out.
Maximizing the QBI deduction with UBIA property
This article examines the calculation of the UBIA of qualified property; offers guidance on special situations such as like-kind exchanges and the Sec. 754 election; and presents planning opportunities to maximize the UBIA of qualified property.
When do payments to clergy move from gifts to remuneration?
Are gifts to clergy taxable income for federal income tax purposes? The answer involves a careful consideration of the surrounding circumstances.
Health savings accounts can save taxpayers money
Combined with higher standard deductions under the TCJA, most people do not have enough medical expenses and other qualifying itemized deductions to exceed the standard deduction.
The solar energy credit: Where to draw the line?
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
A cautionary tale of opportunity zone deferrals
This article provides an overview of the rules for determining the 180-day period to qualify for the full benefits of a qualified opportunity zone investment.
Financing opportunities for medical expenses incurred by children with special needs
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
Taxation of sexual harassment settlements post-TCJA
Because of the considerable tax consequences, the new law will encourage plaintiffs and defendants to refrain from including a nondisclosure agreement in their sexual harassment settlements.
