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This semiannual update surveys recent federal tax developments involving individuals. It summarizes notable cases, rulings, and guidance on a variety of topics issued during the six months ending April 2023. [...]

March 1, 2024 RELATED March 1, 2024 PTETs: Orchestrating ASC 740 compliance February 17, 2024 On Form 1099-K delays, Werfel says IRS must protect taxpayer rights February 8, 2024 Auto [...]

This update surveys recent federal tax developments involving individuals. It summarizes notable cases, rulings, and guidance on a variety of topics issued during the 12 months ending October 2022. The [...]

This semiannual update surveys recent federal tax developments involving individuals. It summarizes notable cases, rulings, and guidance on a variety of topics issued during the six months ending December 2021. [...]

This semiannual update surveys recent federal tax developments involving individuals. It summarizes notable cases, rulings, and guidance on a variety of topics issued during the six months ending June 2021 [...]

The SECURE Act was passed in December 2019 and effective in 2020. Although it did good things, like increasing the RMD age to 72 (now 73) and allowing those over [...]

This article is a semiannual review of recent developments in the area of individual federal taxation. It covers cases, rulings, and guidance on a variety of topics issued during the [...]

The year 2010 started out to be the 'year without an estate tax,' hut Congress began tinkering with the it before the year was over. Portability was added for estates [...]

When a client passes away, CPAs aren't always informed soon enough to do some planning, but there are some opportunities we can share with the family before that time comes. [...]

Many clients are concerned about upcoming estate tax changes. Now is the time to use planning to avoid shrinkage in assets due to estate taxes. At the same time, there's [...]

How States Treat the Taxation of Trusts trUStS are taxed by a state based on residency, determined by either: 1. Contact with the decedent; 2. Contact with the trust grantor; [...]

When the Further Consolidated Appropriations Act 2020 was signed into law on Dec. 20, the Setting Every Community Up for Retirement Enhancement (SECURE) Act provision received most of the news [...]

Miscellaneous itemized deductions were limited by IRC Sec. 67(a) to the amount that exceeds 2 percent of adjusted gross income (AGI). The Tax Cuts and Jobs Act (TCJA) suspended deductions [...]

you may have heard some colleagues say the increased estate tax exemptions mean estate planning is no longer relevant. Or that only the top 1 percent or 2 percent of [...]

The latest round or estate tax law changes are 'permanent,' but can our clients avoid estate planning? First, let's look at what has happened. veil discuss whether the law change [...]

What's so Special about 2012 sifts? A number of things. To start, the exemption from the actual payment of lax is the highest in history: $120.000. Nexy. the lax rate [...]

While similar to a traditional IRA, a Roth IRA distinguishes itself in that contributions aren't tax deductible and may be made after age 70.5; distributions of earnings are tax free [...]

the family home and retirement plans are often the two largest assets a couple getting divorced must divide. The general rule is that there are no income tax consequences when [...]

Higher education costs are escalating and families are trying their best to keep up with them. This article will discuss various strategies to help fund this important expenditure. The Protecting [...]

One example would be intellectual property. The creator ol intellectual properly may have ordinary income associated with the sale of that properly or an extremely low tax basis. The beneficiary [...]

Many CPAs are getting questions from clients contemplating early distributions from their retirement plans or IRAs. If they have not yet attained age 59 1/2 they face penalties (10 percent [...]

When dealing with retirement plans, 70.5 is the magic age when new rules apply: Retirement distributions must begin no later than the Required Beginning Date generally April 1 after the [...]

In January 2010 we were faced with a world without an estate tax. Most 'experts' expected Congress to re-enact the federal estate tax as it applied in 2009. The world [...]

One of the highest penalties imposed by the Internal Revenue Code usually applies to the elderly. If an individual fails to take out the Required Minimum Distribution (RMD) from a [...]

The IRS has issued a series of private letter rulings (LTRs 200317041, 200317043, 200317044) this year that make it difficult to use 'separate share' trusts. A separate share trust is [...]

Trying to fund a bypass trust can be problematic if clients only have a residence and a large retirement plan as their major assets. On the surface, a residence isn't [...]

Many of the individuals in California who have invested money in retirement assets for a number of years are considering converting an existing individual retirement account (IRA) or taking the required minimum distributions to a Roth IRA. Tax practitioners who evaluate the taxation of these retirement distributions under California non-conformity tax laws can reduce the amount of taxes their clients must pay on such distributions. Basis for such calculations arise when a federal deduction exceeds the allowable California deduction for retirement contributions. For example, taxpayers who have made for federal purposes the maximum IRA contributions allowable by law each year will have California basis in their IRAs., Our clients have been putting money into retirement assets for a number of years. Now many clients are taking required minimum distributions or contemplating the rollover of an existing Individual [...]

The 2001 Tax Act exempts qualified plan loans to owner from the prohibited transactions rules. Previously, these loans could subject the plan to excise taxes or plan disqualification. Sole proprietors, [...]