Impact of business interest expense limitation regs. on partner redemptions
This item analyses two related examples of partner redemptions — with and without Sec. 163(j) basis adjustments — to highlight and clarify both the existing and new issues.
Results for "K-2 and K-3"
The unique benefits of 529 college savings plans
This article discusses them, provides examples, and addresses recent tax developments that have expanded the definition of taxfree qualified educational distributions from these plans.
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Navigating partnership continuations
This item discusses the rules and authorities related to partnership continuations and when they may apply.
The new PLESA under SECURE 2.0
Pension-linked emergency savings accounts are intended to allow low- and-middle-income employees to accumulate by payroll deduction easy-to-access funds that they can use in an emergency.
Corporate AMT: Unanswered questions about its foreign tax credit
Key issues related to the corporate AMT FTC are unsettled and could have a significant effect on a taxpayer’s corporate AMT liability.
Current developments in taxation of individuals
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the 12 months ending October 2022.
Recent changes to the Sec. 179D energy-efficient commercial buildings deduction
The energy efficient commercial buildings deduction under Sec. 179D provides taxpayers with an incentive to make certain commercial building property more energy efficient.
Significant state conformity issues for corporate taxpayers
This item reviews the most significant provisions of the TCJA and CARES Act affecting state corporate tax regimes and discusses state conformity issues that should be addressed by corporate taxpayers.
Key tax and retirement provisions in the Secure 2.0 Act
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
Document Summaries for the week of Dec. 19, 2022
IRS PROCEDURE IRS complied with written supervisory approval requirement of Sec. 6751 The Tax Court held that the IRS established compliance with the written supervisory approval requirement of Sec. 6751(b)(1) when determining accuracy-related penalties under Sec. 6662(a) against the taxpayers for the 2011–2014 tax years. In particular, the court found
Inflation Reduction Act includes 15% corporate minimum tax on book income
For applicable corporations that report over $1 billion in profits to shareholders, the act includes a 15% corporate alternative minimum tax based on book income.
The AICPA’s tax policy and advocacy work: 2022 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
Sec. 163(j) business interest limitation: New rules for 2022
This item discusses how the rules for calculating ATI have changed for 2022 and beyond and how this affects the deductibility limit.
Tax planning for bond transactions
Bonds offer tax advantages and can help protect a portfolio against inflation.
Taxpayer marital status and the QBI deduction
This article provides an analysis in four scenarios of whether the QBI deduction will cause a marriage penalty or bonus and discusses whether the existence of a marriage penalty or bonus affects couples’ decision to marry.
Employer-provided and company-owned vehicles
General or special methods of valuing employer-provided vehicles are available for determining the employer’s and employee’s tax treatment of this fringe benefit.
10 good reasons why LLCs should not elect to be S corporations
The owners of an LLC may be tempted to have the LLC elect to be treated as an S corporation for federal tax purposes. However, there are a host of issues that should be considered before making this move. In this article, the authors discuss 10 reasons why it may not be beneficial for an LLC to make an S corporation election.
Publicly traded partnerships: Investors’ tax considerations
Interests in publicly traded partnerships (PTPs) can be a valuable part of an investor’s portfolio, but because these investments are partnership interests, the tax reporting for them can be complex, and losses passed through by PTPs may be limited. This article discusses the tax compliance and loss limitation issues involved with, and tax planning considerations for, holding interests in PTPs.
