Tax Planning; Tax Minimization

Topics

March 17, 2022

Opportunity zone program still plenty viable for clients with gains

The federal opportunity zone program creates jobs and improves communities, and the tax benefits for investors remain substantial.

February 1, 2022

Letter ruling provides clarity on Sec. 1202 definition of brokerage services

In determining whether a corporation was engaged in brokerage services, the IRS ignored definitions of the term in other areas of the tax law and instead resorted solely to the plain meaning of the term as found in a dictionary.

December 1, 2021

Importance of purchase price allocation in real estate transactions

In a year when real estate prices are soaring in many areas of the country, these easily overlooked allocations can have a significant tax impact.

December 1, 2021

Cryptoassets: What to keep in mind in 2022

This article discusses four things for financial and tax advisers to keep in mind when working with clients holding cryptoassets.

November 18, 2021

Investors are (legally) shielding crypto gains in opportunity zones

The opportunity zone program offers a solution for deferring gains and allows investors to diversify into real estate or operating businesses.

November 1, 2021

Net investment income tax: C corporation shareholders who are also employees

Chief Counsel Advice found that a taxpayer who was both a shareholder and an employee of the dividend-issuing corporation did not qualify for the exception to the net investment income tax for dividend income derived from a trade or business.

November 1, 2021

Qualified small business stock exclusion: Who’s eligible?

This discussion explores the question of how to determine whether a company is engaged in a qualified trade or business.

October 28, 2021

Finding the right capital gains tax strategy for your client

With potential tax hikes looming, CPAs can help clients manage capital gains taxes with the right strategy.

July 1, 2021

Taxation of qualified tuition plan contributions and distributions

Taxpayers can avoid unplanned taxes and penalties by carefully following rules for contributions to and
distributions from tax-favored education savings vehicles and making sure distributed funds are used for “qualified higher education expenses.”

March 1, 2021

Determining whether to file a joint return in the year of death

A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.

March 1, 2021

Developments in individual taxation

This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.

February 11, 2021

It is not too late for 2020 QOF tax deferral opportunities

This article discusses the applicable deadlines for individuals for investing in a QOF and obtaining tax deferral.

January 1, 2021

The impact of filing status on student loan repayment plans

This article discusses income-based plans and how married couples with student loan debt may minimize their current loan payments by filing separately instead of jointly.

December 1, 2020

QBI deduction: Interaction with various Code provisions

This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.

December 1, 2020

Student loan debt: Tax and other considerations

This article examines the student loan burden in the United States, reviews programs designed to assist borrowers with repayment, and discusses debt forgiveness issues.

November 1, 2020

Using trusts in divorce tax planning

A trust set up as part of a divorce settlement can ensure economic protection of the couple’s long-term obligations and provide tax benefits.

October 15, 2020

2020 employer opportunities: Give more while spending less

This article focuses on two opportunities beneficial to both employers and employees: (1) Sec. 139 disaster relief payments and (2) Sec. 127 educational assistance payments.