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.
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Personal Financial Planning
Bills dealing with tax administration, disaster victims pass House
The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.
Beyond the forms: The tax return as a beacon for financial planning
CPA personal financial planners’ ability to discern the story inherent in a client’s tax returns brings unique value to the relationship.
IRS issues proposed regs. on catch-up contributions
The proposed regulations apply to catch-up contributions under a 401(k) or similar workplace retirement plan that generally are allowed for workers who have attained age 50.
Tax planning for physicians
These typically high-earning individuals can benefit from advice on retirement plans and reducing taxes through such means as, for self-employed physicians, forming an S corporation.
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.
Tax strategies for cash and cash equivalents
Advisers can help clients compare features and after-tax returns of these liquid investment vehicles, including tax-exempt accounts, bonds, and bond funds.
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.
Recent developments in estate planning
This annual update on trust, estate, and gift taxation covers recent IRS guidance and administrative issuances, relevant legislative proposals by Treasury, and selected court decisions for the period ending June 2024.
Financial planning for the rest of life
Retirement planning tends to focus on saving during the working years, but even more thought should be given to the period after a client retires.
A retirement savings head start: 529-to-Roth rollovers
The recently enacted ability to transfer $35,000 of funds from a Sec. 529 plan to a Roth IRA can not only rescue funds “trapped” as education funding once they are no longer needed but can also provide a generous head start on beneficiaries’ assets for retirement.
Recent CCA raises concerns for irrevocable grantor trust modifications
A Chief Counsel Advice memo holding that adding a tax reimbursement clause to an irrevocable grantor trust will constitute a taxable gift by the beneficiaries to the grantor raises a host of questions that taxpayers and advisers should consider before modifying a trust.
Deferring income using annuities
Before purchasing a variable annuity, advisers and their clients should consider whether a stock index mutual fund may be a better alternative.
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.
The financial planning process: A distinct opportunity
Implementing PFP services can enhance a firm’s value with more comprehensive client engagement and greater employee satisfaction.
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.
Recent developments in estate planning: Part 2
This second installment of an annual update on trust, estate, and gift taxation covers gift and generation-skipping transfer taxation plus inflation adjustments and legislative proposals in the president’s proposed budget for fiscal 2024.
529 plans and education funding
Advisers can help clients decide whether a Sec. 529 plan supports their family’s educational plans and, if so, the type, funding amounts, and options.
The economics of tax-loss harvesting
Securities disposed of at a loss can often be netted against gains, lowering a taxpayer’s overall tax liability. This article analyzes which taxpayers most stand to benefit and under what circumstances.
Enhance your tax practice with PFP services
Combining the complementary services of tax and personal financial planning yields a more holistic practice and greater client satisfaction.
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.
