This article offers guidance on helping clients take advantage selling personal goodwill as a tax strategy.
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Individuals
Accounting for Income Tax: A Student Research Project
In a research project, students completed an in-depth study of the consolidated financial statements and accompanying footnotes of a publicly traded, multinational company based in the southeastern United States. This project is easily adaptable for use in both undergraduate and graduate accounting and tax programs.
Automobile Depreciation Limits Issued for 2014
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Retroactive Tax Planning After Windsor
Married same-sex couples must now file their federal income tax returns as either married filing jointly or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.
Income From Partnership Is Community Property
The Tax Court held that a taxpayer was taxable on her community property share of the income from a partnership that her husband funded without her consent with community property.
Final Rules on Substantial Risk of Forfeiture Are Released
The IRS finalized regulations that clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83.
IRS Issues 2015 Inflation Adjustments for HSAs
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
Foreign Housing Expense Limitations Issued for 2014
On Monday, the IRS provided its annual list of inflation-adjusted limitations on foreign housing expenses for 2014.
Guidance Issued on Application of Windsor to Retirement Plans
Administrators of qualified retirement plans must recognize the same-sex spouses of legally married participants as of June 26, 2013, under guidance issued by the IRS.
Taxpayers Can Claim Charitable Contributions for Typhoon Relief on 2013 Returns
The IRS announced procedures under the Philippines Charitable Giving Assistance Act, which allows taxpayers to take deductions for cash contributions to qualified charities for the relief of victims of Typhoon Haiyan on their returns for the 2013 tax year.
Plan Administrators Can Assume Certain Rollovers Are Valid
The IRS ruled that a plan administrator for a plan that is qualified under Sec. 401(a) may reasonably conclude in the situations described in the ruling that a potential rollover contribution is valid under Regs. Sec. 1.401(a)(31)-1, Q&A-14(b)(2).
IRS Modifies Innocent Spouse Equitable Relief Procedures
Procedures for obtaining equitable relief from a joint tax liability under Secs. 6015(f) and 66(c) were recently modified.
Impact of Sec. 1411 on S Corporations and Their Shareholders
One of the more significant changes to the tax landscape in recent years is the new 3.8% tax on net investment income under Sec. 1411. This tax, which was further clarified in recently finalized regulations, will affect many entities and taxpayers including S corporations and their shareholders. This discussion outlines noteworthy aspects of these rules pertaining to S corporations and their owners.
Ellis, the Case of a Misdirected IRA
Potential entrepreneurs need to be aware of the tax complexities of using retirement funds as startup capital.
Director Fees May Be Subject to Self-Employment Tax
The Tax Court in Blodgett, T.C. Memo. 2012-298, provided useful information to determine corporate directors’ income classification when the initial answer may be unclear.
Individual Taxation: Digest of Recent Developments: Part II
This is the second of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Americans Living Abroad and the Net Investment Income Tax
This article describes how the net investment income tax may affect Americans living abroad.
President Orders New Retirement Savings Vehicle
President Barack Obama in his annual State of the Union speech announced a new retirement savings account to be made available to employees through their employers.
Transition Relief Offered on Minimum Essential Coverage and Shared-Responsibility Penalty
Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A individual mandate under 2010’s health care reform legislation.
Abuse Victims Who File Separate Returns Are Eligible for Premium Tax Credit
Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
