The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
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Personal Financial Planning
Guidance on how to take CARES Act distributions from qualified plans
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
Qualified opportunity zone rules are relaxed
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
Four financial planning opportunities to take advantage of in 2020
Advisers to high-net-worth clients should emphasize strategies that take advantage of lifetime gifting, charitable planning, and Roth accounts, as well as low interest rates and depressed asset values.
3 common misconceptions about defined benefit plans
There are choices in setting up a plan, and the plan sponsor should understand the advantages and disadvantages of different plan design choices.
HSA contribution limits increase for 2021
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Inherited IRA strategies after the SECURE Act
This article discusses alternatives to the stretch IRA.
Social Security recipients will automatically receive stimulus payments
The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.
Final regulations govern QOZs
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
SECURE Act changes rules to encourage retirement savings
The act contains changes to existing law, mostly designed to encourage retirement savings and to make it easier for employers to offer retirement plans.
Optimal choice of entity for the QBI deduction
The enactment of the Sec. 199A QBI deduction adds a new consideration to the form of entity analysis because the QBI deduction available to a business owner may vary depending on a business’s entity form. This article discusses the differences in calculating the QBI deduction for S corporations and LLCs in a variety of scenarios.
IRS proposes more regulations on payments in lieu of charitable deductions
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
Seize the increased basic exclusion amount
Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.
Recent developments in individual taxation
This semiannual update of recent developments in the area of individual taxation includes cases on hobby losses, innocent-spouse relief, material participation in a business, discharge of indebtedness, and self-employment tax, as well as IRS guidance on charitable deductions, cryptocurrency, and other topics.
Private foundations and donor-advised funds: A new CPA best practice
An ‘outstanding practice’ combines personal financial planning with tax compliance to help clients maximize charitable deductions, provide solutions for difficult financial situations, avoid
capital gains tax, and create a family legacy.
Alert for IRAs holding master limited partnerships
The Forms 990-T prepared by the accountant hired by the broker may be wrong, and not usually in the client’s favor.
Qualified opportunity zone regs. finalized
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
Opportunity zone managers and investors must act before year-end
The QOZ program will generally require year-end action on the part of the fund managers.
Guidance issued on payments to charitable organizations
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
Stock option planning: Generating value
The right plan for generating the best “value” for clients who receive stock options depends on the types of options granted and clients’ ultimate goals.
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.
