Is it a trade or business? Or a hobby or investment?
Many Code provisions apply only to a “trade or business.” This article discusses the various tax consequences when an activity fails the relevant test and is instead deemed a hobby or investment.
Tax Planning; Tax Minimization
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Tax planning for bond transactions
Bonds offer tax advantages and can help protect a portfolio against inflation.
Tax planning issues to consider when assisting clients in a divorce
Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.
Tax consequences of real property foreclosures
Real property foreclosures can produce various tax consequences depending on whether the debt is recourse or nonrecourse.
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.
Letter ruling provides clarity on Sec. 1202 definition of brokerage services
In determining whether a corporation was engaged in brokerage services, the IRS ignored definitions of the term in other areas of the tax law and instead resorted solely to the plain meaning of the term as found in a dictionary.
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.
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.
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.
Net investment income tax: C corporation shareholders who are also employees
Chief Counsel Advice found that a taxpayer who was both a shareholder and an employee of the dividend-issuing corporation did not qualify for the exception to the net investment income tax for dividend income derived from a trade or business.
Qualified small business stock exclusion: Who’s eligible?
This discussion explores the question of how to determine whether a company is engaged in a qualified trade or business.
Finding the right capital gains tax strategy for your client
With potential tax hikes looming, CPAs can help clients manage capital gains taxes with the right strategy.
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."
Developments in individual taxation
This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.
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.
It is not too late for 2020 QOF tax deferral opportunities
This article discusses the applicable deadlines for individuals for investing in a QOF and obtaining tax deferral.
The impact of filing status on student loan repayment plans
This article discusses income-based plans and how married couples with student loan debt may minimize their current loan payments by filing separately instead of jointly.
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.
