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.
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Are gifts to clergy taxable income for federal income tax purposes? The answer involves a careful consideration of the surrounding circumstances.
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.
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
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.
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
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.
Similar to a Rube Goldberg contraption, the Internal Revenue Code is needlessly complex. Here are a few ideas for simplification and a request for readers to suggest others.
The disparate tax treatment between trusts and individuals has grown even more pronounced than it was before the TCJA was enacted.
This article provides an overview of the rules defining a dependent and addresses the issue of a child’s receipt of Supplemental Security Income.
Proper advance planning is imperative to maximize the benefits of the TCJA provisions.
Byrle Abbin, CPA, J.D., a respected, knowledgeable, and outspoken mentor to many estate, gift, and trust tax professionals, died on March 19, 2019. He was 87. He joined the AICPA in 1960 and continued to contribute his intelligence, ideas, efforts, and time to the profession and to many professionals for almost 60 years.
This article discusses the new items practitioners should be aware of.
This article lists the changes together, along with some unexpected nuances.
This article discusses several key factors that CPAs and benefit plan advisers should consider to help successfully integrate plans during a merger or acquisition.
IRS guidance is needed to determine items of business income, gains, losses, and deductions to arrive at the amount of excess business losses.
This article discusses a few key things practitioners should know about FBAR cases.
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
This article discusses the modifications made to Sec. 174 and Sec. 41, which will affect taxpayers’ R&D tax credit claims for tax years after Dec. 31, 2021.
The passthrough of S corporation losses to the extent of the shareholder’s basis in his or her stock and debt can be beneficial, but the resulting reduced basis debt may lead to taxable income on repayment of the debt.