This article discusses some specific issues to consider for tax year 2019.
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Personal Financial Planning
Top 5 things for clients to consider now that they are divorced
After a divorce is finalized, the client must consider some key questions: What can I afford? How do I make my cut of the pie last? Will I be able to retire?
Split-dollar agreements and estate inclusions: Estate of Cahill
As a recent Tax Court case demonstrates, when dealing with property interests in certain cases, advisers must carefully consider whether Sec. 2036(a) can cause an estate inclusion of the property interests.
Tax advantages of QOZ investments
Sec. 1400Z-2 offers three ways for a taxpayer to benefit from investing directly or via a passthrough entity in a qualified opportunity zone.
Business entity selection after the TCJA: Post-death considerations
This discussion considers some of the key differences
that affect post-mortem planning when looking at entity selection.
Retirement plan contribution limits increase for 2020
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
Employing family members
Wages and benefits paid to a family member who is a bona fide employee can help reduce a business’s tax liability.
IRS issues 2019 to 2020 per-diem rates for traveling away from home
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Unexpected tax bills for simple trusts after tax reform
Post-TCJA, expenses that are miscellaneous itemized deductions are taken into account in computing trust accounting income but are now nondeductible in computing taxable income and distributable net income for the trust.
HRAs can be integrated with individual health plans
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Taxpayer can deduct settlement payment to ex-husband
The Eleventh Circuit holds a taxpayer is entitled to a deduction under Sec. 1341 for a payment made
to reimburse her ex-spouse for a portion of a settlement in an excess-compensation lawsuit.
Trust planning opportunities available with swap powers
The inclusion of swap powers is a common method of qualifying a trust as a grantor trust for income tax purposes while still removing assets from the
grantor’s taxable estate.
Current developments in individual taxation
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
Estate planning for digital assets
A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries.
Estate planning for the other 99%
The implications of the TJCA’s large increase in the estate and gift tax exemption are complex and affect estate planning for everyone, not just the small percentage of the population who will still file estate tax returns.
Using trusts to shift income to children
Use of a Sec. 2503(c) or minor’s trust allows for transfers of property (and income shifting) to children, while parents maintain control of the property at least until the child reaches age 21.
Financing opportunities for medical expenses incurred by children with special needs
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
Spotlight on life settlement transactions: Getting the best value
The sale of life insurance policies, commonly referred to as life settlement transactions, is becoming an increasingly popular and heavily marketed way for policy owners to realize the value in their life insurance policies. This article discusses the financial and tax ramifications of life settlement transactions and how CPAs can help clients obtain the best results from them.
De-mystifying geriatric care managers
CPA financial planners can use these approaches to help clients avoid delays and expensive mistakes in providing top-quality care for loved ones dealing with issues from aging or dementia.
Missed opportunities in estate planning: Beyond wills and trusts
An estate plan is incomplete without a detailed list of instructions that explains how to carry it out.
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.
