With potential tax hikes looming, CPAs can help clients manage capital gains taxes with the right strategy.
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Personal Financial Planning
Individual tax update
This semiannual update surveys recent federal tax developments involving individuals.
Replacing your ‘how’ with a ‘why’ approach to PFP services
You must know why your clients are seeking your advice before building a financial plan that fits their needs.
Commercial real estate: Debt restructuring and planning
As many companies continue to work remotely and demand for office space dries up, landlords and banks may be forced to renegotiate debt agreements or foreclose on assets, which could have significant tax consequences.
ARPA expands tax credits for families
The American Rescue Plan Act made significant changes to the child tax credit and child and dependent care credit for the 2021 tax year, making the credits larger for most taxpayers and more widely available.
Sorting the tax consequences of settlements and judgments
This article discusses issues taxpayers should consider during a litigation or arbitration process.
ARPA-adjusted 2021 individual credit amounts set
The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year.
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.”
Planning considerations for cross-border compensatory equity
Compensatory equity, such as company stock, held by employees that was acquired in connection with the performance of services may result in unexpected issues.
Planning with revocable trusts after the grantor’s death
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.
Using a family LLC for estate planning
LLCs can help families achieve key business and
tax objectives, while also providing liability protection and concentrating management power in
the hands of less than all of the owners.
Cafeteria plans may be amended during pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
Final rules for interest expense deductions affecting hedge funds
The final regulations provide relief to hedge funds
and their passive investors, although the regulations may increase the administrative burden
and reporting requirements on hedge fund managers.
Senate Budget resolution supports mobile workforce legislation
The resolution creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
2021 child tax credit, EITC, and premium tax credit limits updated
The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.
Practical highlights of recent tax research
This article looks at recent academic research of interest to tax practitioners.
Like-kind exchanges of real property: New final regs.
This article provides background on like-kind exchanges and examines how final regulations define real property for purposes of like-kind exchanges.
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.
Developments in individual taxation
This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.
Helping clients emerge from the pandemic
CPA financial planners can navigate clients through uncertainty and change, and lead them through a reevaluation of savings goals, retirement planning, health care needs, and other basic parts of their financial plan.
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.
