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A taxpayer reaches age 70, and the decision is simple: start taking the minimum distribution using the joint life-expectancy table with the spouse if he or she is married, or, [...]

Real estate professionals are defined as taxpayers who conduct over 50% of their personal services in real estate activities in which they materially participate and where they spend at least 750 hours of time under Sec. 469(c)(7)(B) of the Omnibus Budget Reconciliation Act of 1993. Only those activities where the taxpayer materially participates qualify for exclusion, with the term material participation having the same meaning as its definition under the general passive activity rules. The activities cannot be grouped with any other activity in gauging the hours of service performed within any one activity. Individuals who wish to claim exclusion under Sec 469 rules must be able to substantiate their position., The 1993 Budget Reconciliation Act contained a provision that excludes certain rental real estate activities of real estate professionals from the passive activity rules. You may be surprised to find [...]

The Franchise Tax Board has relaxed its rules on installment agreements and offers in compromise in line with its efforts to strike a balance between its desire to become more responsive to taxpayers' concerns and the need to protect the public interest. Under its new policy, the Board will collaborate with taxpayers in developing a mutually acceptable plan that will facilitate taxpayer compliance. With regard to installment agreements, taxpayers with a liability of under $10,000 and a good payment history will not be required to submit a financial statement and will be given three years in which to pay their liability. As for offers in compromise, the FTB will now try to negotiate OIC applications rather than rejecting them outright.

Provides information on the recalculation method, an option picked up by individual retirement account (IRA) that yields the minimum amount of distribution, in the United States. Requirements of a trust as beneficiary; How to be qualified as a QTIP trust as a beneficiary; Choosing the right custodian.