In a recent tax court decision, an individual was as determined for tax purposes to be the owner of assets in segregated asset accounts held for the benefit of private placement variable life insurance policies.
Personal Financial Planning
Without a tax professional’s being actively involved in planning, the benefits of tax-aware management are unlikely to be achieved.
CPAs are in a unique position to have a profoundly positive influence on the financial consequences of Baby Boomer divorces.
The regulations would authorize states to offer specially designed tax-favored accounts for the disabled.
This item addresses basic asset protection issues and describes Ohio’s new asset-protection trust statute.
This article provides an outline of the basic tax-compliance rules, as well as tax planning strategies, for nonresident aliens.
Roth IRA conversions may be valuable to retirees who have not fully considered the tax impact of required minimum distributions from traditional IRA accounts.
The CPA profession has naturally evolved toward personal financial planning (PFP). This is borne out by the results of the recent AICPA PFP Division survey on the economic benefits of implementing a PFP practice in a CPA firm, among other things.
New IRS rules provide that longevity annuity payments will not be required to begin prematurely, thus adding flexibility to retirement planning and helping to protect individuals from outliving their savings.
Advisers must consider a number of issues when helping a client navigate through a divorce. Emotions are at their peak, but careful thought and planning must take place before the divorce agreement is finalized, to prevent future financial and legal headaches. This item discusses the five top issues that financial advisers and CPAs should consider throughout a client's divorce negotiations.
Understanding the tax changes under ATRA alone does not prepare practitioners for how dramatically their role in the estate planning process has changed.
The IRS recently issued regulations authorizing a new type of annuity contract for certain tax-favored retirement plans and IRAs: Qualified longevity annuity contracts.
This item highlights eight principles of succession. It is important that tax advisers not only provide guidance on the tax implications of their clients' succession plans, but that they also help their clients understand these important business succession principles.
New taxes and higher rates have dramatically increased the complexity of planning for many taxpayers; however, long-standing techniques for managing income and deductions and taking best advantage of tax-favored vehicles for retirement saving still hold sway.
In tax practice, CPAs occasionally encounter self-employed clients who have difficulty keeping up with their quarterly estimated tax payments. The problem of making adequate estimated tax payments is particularly difficult for the self-employed because they generally do not have taxes withheld and remitted to the government, as do most employees with wages reported on Form W-2.
Homeowners should not overlook the opportunity to generate cash flow by using the equity in their residence. Not only are home-equity loans a relatively cheap source of financing (considering the after-tax effective borrowing rate), but also the repayment terms are often more generous than those on unsecured loans.
This exhibit accompanies the Personal Financial Planning column in the June 2014 issue of The Tax Adviser.
The prolonged low-interest-rate environment can have a dramatic effect on universal life insurance policies.
Married same-sex couples must now file their federal income tax returns as either married filing jointly or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.
The PFP Executive Committee issued a statement to provide guidance to members and help them uphold the highest levels of integrity, professionalism, objectivity, and competence.