This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
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Personal Financial Planning
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.
QBI deduction: Interaction with various Code provisions
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
Demolished structures and qualified opportunity zones
Rev. Proc. 95-27 uses a two-part test to define whether the modification of a building, other than a certified historic structure, is a demolition for
purposes of Sec. 280B.
Six tax planning strategies for low-cost-basis cryptocurrency
Pursue these strategies as part of a multiyear plan to help a client avoid a big tax hit when it comes time to cash in significantly appreciated crytocurrencies.
Achieving a better life experience (ABLE) accounts rules finalized
Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
Investments in qualified small business stock
The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.
CARES Act changes to retirement plans
A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.
Changes to charitable giving rules for 2020
There is a unique opportunity this year for clients
with charitable contribution carryforwards to 2020.
It’s a tough year for year-end tax planning
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
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.
Recent developments in estate planning: Part 2
This second of a two-part article discusses regulations on calculating the basic exclusion amount once the higher estate tax exemption expires after 2025, as well as several court cases and IRS private letter rulings.
Early distributions from retirement plans related to COVID-19
The IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under the CARES Act.
Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
Unclaimed property distributions allowed as self-certified rollovers
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Another alert for IRAs investing in master limited partnerships
This article discusses what is needed to help clients who have an IRA invested in PTPs pay the correct amount of tax.
ABLE account final rules provide wide-ranging guidance
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
Recent developments in estate planning: Part 1
This first part of the annual update covers trust and gift tax issues, including regulations explaining deductions permitted for trusts and estates after the TCJA eliminated miscellaneous itemized deductions for individuals.
Tax incentives for college students: Part 2
This second of a two-part article discusses the taxability of scholarships and who gets the deduction for repaying the student loans.
Tax incentives for college students: Part 1
This article examines planning issues when a student is a young child whose parents are saving for college and when the student is a young adult paying for college.
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.
