Personal Financial Planning

Topics

September 26, 2022

IRS raises per diem standard rates for business travel

Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.

September 1, 2022

Virtual currency grantor trusts and ETFs: Tax compliance

The unique characteristics of this new asset class present a host of additional issues unique to digital asset transactions.

September 1, 2022

Mutual fund-to-ETF conversion: Tax implications

The conversion of a traditional mutual fund to an ETF can have significant tax benefits, depending on the nature of the fund’s activities and the makeup of the fund shareholder base.

September 1, 2022

Using I bonds for education savings

I bonds provide a flexible, tax-advantaged method for saving for children’s education.

August 1, 2022

Bargain sales to charities: What are they and how do they work?

When considering a sale of the property, one planning opportunity that a taxpayer may explore is a bargain sale to a charity.

June 1, 2022

Considerations for philanthropic vehicle decisions

Philanthropic giving involves consideration of several structures and depends on factors including client control, level of contribution or investment, and the ability and willingness of the client’s family to participate in administrating the endeavor.

April 1, 2022

How an HSA can be viewed as a flexible tax-favored investment

This article shows how clients can benefit from viewing a health savings account as a flexible tax-favored investment strategy.

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.

March 1, 2022

Retirement transition: Crucial decisions

A CPA’s advice becomes even more vital once a client retires since poor decisions about Social Security, Medicare, and other retirement funding strategies will hamper clients for the rest of their lives.

December 1, 2021

Indirect gift tax considerations for 2021

It is important to consider some of the less-obvious gifts when you are advising clients who are intent on using up their full $11.7 million basic exclusion amount before the end of the year.

December 1, 2021

Seven strategies to accelerate income in response to increasing rates

Due to concern about tax rate increases, some taxpayers may be looking to accelerate income. While income acceleration does not make sense in all circumstances, this article outlines seven strategies for accelerating income when it does.

December 1, 2021

Planning with charitable lead trusts

Today’s low interest rates make charitable lead trusts a more powerful option for tax-efficient estate planning.

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.

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.

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 11, 2021

Helping a client benefit from an intentionally defective grantor trust

These trusts can be advantageous to wealthier clients, but their future use in estate planning is threatened by current legislative proposals.

November 4, 2021

IRS makes retirement account inflation adjustments for 2022

The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.

November 4, 2021

Using donor-advised funds in 2021 (and beyond)

Donor-advised funds have increased in popularity because of recent legislative changes that affect charitable giving.

November 1, 2021

Recent developments in estate planning: Part 2

This second part of an annual update examining developments in estate, trust, and gift taxation covers recent court cases, proposed regulations, and other IRS guidance on estate tax.

November 1, 2021

The grantor trust rules: An exploited mismatch

This article discusses the history of the grantor trust rules, how they are exploited to avoid taxes, and ways the rules might be reformed to prevent them from being used for tax avoidance.