Tax Planning
The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.
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.
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
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.
This second of a two-part article discusses the taxability of scholarships and who gets the deduction for repaying the student loans.
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.
The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
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.
The act contains changes to existing law, mostly designed to encourage retirement savings and to make it easier for employers to offer retirement plans.
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.
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.
This article discusses some specific issues to consider for tax year 2019.
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
This article discusses options available to clients to help pay for their children's or grandchildren’s education.
This column discusses advising clients on the implications for choice-of-entity decisions, charitable
giving strategies, and estate, retirement, and higher education planning.
This article discusses the potential benefit of choosing to include scholarships or grants in income.
This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.
Disciplined planning for realizing gains lessens the potential for unanticipated taxes or ugly year-end surprises.
