Tax benefits are available to taxpayers who generate their own electricity from solar power generation systems whether the system is for personal or business use.
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Topics
Tax Planning; Tax Minimization
The close of deferral: Planning for the QOZ end game
Many investors in qualified opportunity zones face a large upcoming tax hit when their QOZ deferral ends. They should consider harvesting stock market losses in advance of it.
Planning for the AMT
Strategies can include accelerating income recognition or deferring deductions, certain tax elections, and optimal use of AMT net operating losses.
Higher threshold for Form 1099-K reporting among AICPA priorities
In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.
Seller beware: Repossessions in real estate installment transactions
Sellers financing a sale of real property are subject to gain recognition under Sec. 1038 if they repossess the property upon the buyer’s default.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
The time value of capital losses
Capital gains in the forecast? Stockpiling losses may make sense. For certain investors, systematically harvesting capital losses in a portfolio in anticipation of future capital gains can be a beneficial strategy, significantly increasing the quantity of gains that can eventually be offset, as this article illustrates using historical market data.
Sec. 163(j) planning considerations
Businesses can explore several options to mitigate the interest deduction limitation under the Tax Cuts and Jobs Act.
Bitcoin ETFs: The known and unknown
As bitcoin exchange-traded funds enter the investment marketplace, tax advisers and their clients should note key considerations for digital assets.
Avoiding passive loss limitations on rental real estate losses
Strategies for using the $25,000 offset for rental real estate losses can include keeping income within its phaseout range and contributing the loss activity to a closely held C corporation.
Tax planning for the TCJA’s sunset
It is important to know which provisions are expiring so taxpayers can be prepared to maximize their tax savings in case the provisions sunset as currently scheduled.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
A UNICAP exception for real estate development
This item focuses on how real estate owners that develop, hold, and rent their own property can benefit from an exception to Sec. 263A uniform capitalization requirements if they qualify as “small businesses.”
Massachusetts state tax implications for sales of PTE interests
When the sale of an interest in a PTE is contemplated, planning for state sourcing and taxability of the gain should both be considered so the owners avoid a large — and sometimes unexpected — state income tax liability.
Mitigation of excess gain on inherited property
This item focuses on the rules to seek an adjustment: correcting excess gain on inherited property.
Is it a trade or business? Or a hobby or investment?
Many Code provisions apply only to a “trade or business.” This article discusses the various tax consequences when an activity fails the relevant test and is instead deemed a hobby or investment.
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Tax planning for bond transactions
Bonds offer tax advantages and can help protect a portfolio against inflation.
Tax planning issues to consider when assisting clients in a divorce
Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.
Tax consequences of real property foreclosures
Real property foreclosures can produce various tax consequences depending on whether the debt is recourse or nonrecourse.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
