WASHINGTON TAX UPDATE
|
|
- Amber Dixon
- 5 years ago
- Views:
Transcription
1 WASHINGTON TAX UPDATE DECEMBER 28, 2012 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions and predictions about what is expected to happen. Tax Look Inside Tax Planning Tip of the Week IRS Courts What s New from the IRS What s New from the Courts It Bears Repeating Tax Laughs Congress
2 tax planning tip of the week Know the rules for deducting charitable donations Do you expect to itemize your deductions on your 2012 return? Because of the fiscal cliff conundrum, your decision about year-end charitable contributions may be more complicated than usual. If you have decided to delay your charitable donation until 2013, your deduction may be able to offset income otherwise taxed in a higher rate bracket than would a gift made in On the other hand, ongoing tax negotiations may lead to a decrease in the value of itemized deductions to higher-income taxpayers. If you have made 2012 year-end charitable contributions, here are some points to keep in mind as you complete your tax return: Monetary donations To deduct any charitable donation of money, regardless of amount, you must have a bank record, like a canceled check, a credit card statement or a written communication from the charity showing the name of the charity and the date and amount of the contribution.
3 Donations of money include those made in cash or by check, through an electronic funds transfer, with a credit card and through payroll deduction. For payroll deductions, you should retain a pay stub or other document furnished by your employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity. Additionally, for each contribution of $250 or more, you must obtain an acknowledgment from the charity. Donations of clothing and household items To be deductible, clothing and household items donated to charity generally must be in good used condition or better. Items worth more than $500 must be reported on Form 8283, Noncash Charitable Contributions. In some cases, they require an appraisal (see a more detailed explanation below). Donations of appreciated property No gain is recognized when you donate appreciated property to a charity, but the fair market value of the property is deductible. As a result, you generally achieve a greater tax savings than a sale of the property followed by a gift of the tax planning tip of the week
4 tax planning tip of the week proceeds. However, you do not recognize a loss when property with a basis in excess of its fair market value is donated to charity. In that case, you should consider a sale of the loss property to recognize a deductible loss before donating the cash proceeds to the charity. These rules apply to gifts of property only if a gain from the sale would have resulted in long-term capital gain income. A charitable deduction for short-term capital gain or ordinary income property is limited to your basis. General guidelines Contributions are deductible in the year made. Donations charged to a credit card before the end of 2012 count for 2012, even if the credit card bill is paid in Checks count for 2012 as long as they are mailed in Only donations to qualified U.S. organizations are tax-deductible. Exempt Organizations Select Check, a searchable online database available on the IRS website, lists most organizations that are qualified to receive deductible contributions. Churches, synagogues, temples, mosques and government agencies are eligible to receive deductible donations, even if they are not listed in the database.
5 For all donations of property, get a receipt from the charity, if possible that includes the name of the charity, the date of contribution and a reasonably detailed description of the donated property. If you leave the donation at a charity s unattended drop site, keep a written record of the donation that includes this information. Also note the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more. The deduction for a motor vehicle, boat or airplane worth more than $500 is usually limited to the gross proceeds when the charity sells the item. The charity should provide you with Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, to attach to your tax return. If the amount of your deduction for all noncash contributions is over $500, a properly completed Form 8283 must be submitted with your tax return. You are required to attach an appraisal to your tax return for any noncash charitable contributions in excess of $5,000. A qualified appraisal must be performed and signed by a qualified appraiser. In addition, the appraisal must be made not more than 60 days before the date the appraised property is contributed to a charitable organization, and not later than the time your tax return is due. tax planning tip of the week
6 what s new from the IRS Modify doesn t mean satisfy an installment sales obligation The IRS has privately ruled that the modification of an installment sales obligation by deferring the maturity date, substituting a new obligor and altering the interest rate did not result in a disposition or satisfaction of the installment obligation that would trigger gain or loss. The tax law provides that income from an installment sale is taken into account under the installment method. That is, a portion of the total gross profit from an installment sale is included in income in each year in which the seller receives payment. If an installment obligation is satisfied at other than its face value or distributed, transmitted, sold, or otherwise disposed of, gain or loss is recognized at that time. In previous published rulings, the IRS has held that: The modification of the terms of a purchaser s note by deferring the dates of payment of principal by five years and increasing the annual interest rate from 6 percent to 7 percent was not a disposition or satisfaction of an installment obligation. (Rev. Rul ) The substitution of obligors, deeds of trust and promissory notes, without
7 any other changes, was not a satisfaction or disposition of an installment obligation. (Rev. Rul ) The substitution of a new obligor and a change in the rate of interest would not be a satisfaction or disposition of an installment obligation. (Rev. Rul ) In the recent private letter ruling (PLR ), the IRS addressed an individual who sold stock in his employer corporation to the company s employee stock ownership plan (ESOP) in a transaction that qualified for installment sale reporting. As part of the arrangement, the corporation borrowed money from a bank (the bank loan) and lent funds to the ESOP to make the down payment to the former shareholders (the company loan). In addition, the ESOP borrowed funds from the former shareholders in the form of the installment notes to pay the balance of the purchase price (the ESOP loan). In a later year, the payment schedules on the bank loan, the company loan and the ESOP loan were revised to address the company s deteriorating financial condition. As a result, the maturity date of the note was extended, the obligor was changed, and the interest rate altered. The IRS ruled that the modifications would not be a disposition or satisfaction of the installment obligation. The IRS observed that, under the various revenue rulings, modification of an installment obligation by deferring the maturity date, substituting a new obligor and altering the interest rate is not a disposition or satisfaction of an installment obligation. The IRS also said that, when the original installment note is replaced, the substitution of a new promissory note without any other changes is not a disposition of the original installment note. what s new from the IRS
8 what s new from the courts Taxes due for services rendered Owners of limited liability companies should distinguish between payments for services and distributive shares to partners. Clearly establishing the difference may mean lower self-employment taxes. Michael and Lauren Howell were owners of a limited liability company (LLC) that operated as a general partnership for tax purposes. In 2000 and 2001, the LLC reported guaranteed payments of $165,000 and $259,000, respectively, and substantial partnership distributions to Michael and Lauren. The IRS determined that the guaranteed payments were self-employment income and that Lauren owed self-employment taxes. The Tax Court rejected Lauren s argument that she did not owe self-employment taxes because she was a limited partner and did not provide any services to the partnership. The court found that the guaranteed payments were made for services actually rendered to the partnership by Lauren and must be treated
9 as net earnings from self-employment. The LLC s operating agreement indicated that Lauren contributed intellectual property, a business plan and organization design at the LLC s formation. She also provided marketing advice and the use of her credit card, and she executed documents on the LLC s behalf. The court concluded that Lauren provided services and was not merely a passive investor or limited partner, as the couple argued in court. It ruled that Lauren owed self-employment taxes on the guaranteed payments she received from the partnership. Although Lauren s services were relatively minimal, the couple failed to establish how much of the payments were for services. Therefore, the court accepted the IRS s position that all the payments were for services. Self-employment taxes are assessed on net earnings from self-employment. That term includes a partner s distributive share of trade or business income from a partnership of which he or she is a member. The distributive share of a limited partner is not self-employment income, but guaranteed payments that are compensation for services actually rendered to the partnership are self-employment earnings. The court concluded that the payments to the wife were for services and were self-employment income. Because the payments were made for services actually rendered, the court avoided deciding whether Lauren was a limited partner. (Lauren A. and Michael H. Howell v. Commissioner, TC Memo , Nov. 1, 2012)
10 it bears repeating Employers given extension for proper tip reporting In 2012, the IRS updated its rules concerning businesses, like restaurants, whose employees receive tips from customers as part of their compensation. As a general rule, employees who receive tips must pay income tax on the amounts they receive. In addition, employees are supposed to report tips to their employer so the employer can withhold the appropriate amount for income taxes, Social Security taxes and Medicare taxes. Withholding is required at the point in time when a written statement including the tip is provided by the employee to the employer. Last June, the IRS issued Revenue Ruling , which provided guidance for handling service charges and tips. In this ruling, the IRS reiterated its position that a customer payment is a tip only if four conditions are met: 1. The payment is made free of compulsion. 2. The customer has an unrestricted right to determine the amount. 3. The payment is not the subject of negotiation or dictated by employer policy.
11 4. The customer has the right to determine who receives the payment. Revenue Ruling was effective immediately and applicable retroactively. Under limited circumstances with regard to amounts paid before Jan. 1, 2013 that were improperly characterized as tips when they should have been characterized as service charges, the IRS instructed its examiners to apply this rule only to amounts paid on or after Jan. 1, Now the IRS has announced, in Announcement , that it has extended until on or after Jan. 1, 2014, the time to comply with the proper treatment of service charges under Revenue Ruling The extension allows employers an additional year to make their systems compliant with the new rules.
12 tax laughs It s just a friendly visit In the United Kingdom, anyone under the age of 75 who watches or records live broadcast television transmissions is required to purchase an annual television license. The license fee is classified as a tax, and evasion is a criminal offense. The current annual fee is ($236.60) for color and ($79.68) for black and white. Income from the license is primarily used to fund the television, radio and online services of the BBC. Blind owners of television sets get a 50 percent discount. The law states a valid license is required to watch or record a television program on any device as it is being broadcast. Devices include televisions, computers, mobile phones, game consoles, digital boxes and Blu-ray/DVD/VHS. services, no license is required. You do not need a license if you do not use any of these devices to watch or record television programs as they are being shown. For example, if you use your television only to watch DVDs or play video games, or you watch only catch up If you get fed up with television and decide you are not going to watch it any more, you can cancel your license. If you change your mind and decide you want to
13 watch your favorite shows again, you must buy a new license or risk a 1,000 fine. The licensing website advises, As it is our duty to ensure that everyone in the UK who needs a licence has one, we may visit your address to check that no licence is required. It s unfortunately necessary to do this, as when we make contact on these visits, almost one in five people are found to need a TV Licence. Please be assured that this is a routine visit, and will take no more than a few minutes. If we find during the visit that you do in fact need a licence, you ll need to pay the full licence fee, and you could risk prosecution and a fine of up to 1,000. On my income tax 1040 it says Check this box if you are blind. I wanted to put a check mark about three inches away. Tom Lehrer
14 Courts Tax IRS Congress The technical information in this newsletter is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the information contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS CPAmerica International
WASHINGTON TAX UPDATE
WASHINGTON TAX UPDATE JUNE 27, 2012 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions
More informationMidyear Tax Planning Letter
Midyear Tax Planning Letter 2015 Introduction Tax planning for 2015 is a venture in uncertainty. Last December, Congress passed legislation extending a number of expired tax provisions. Unfortunately,
More informationYear-End Tax Planning Letter
Year-End Tax Planning Letter 2014 The country s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with
More informationChallenging Charitable Contributions
PRESENTED AT 5 th Annual Higher Education Taxation Institute June 4 6, 2017 Austin, Texas Challenging Charitable Contributions Joseph R. Irvine Sean P. Scally Mike Sorrells Note: A portion of this paper
More informationWASHINGTON TAX UPDATE
WASHINGTON TAX UPDATE SEPTEMBER 21, 2011 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions
More information2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
INTRODUCTION 2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS As the end of 2013 approaches, it s time to consider planning moves that could reduce your 2013 taxes. Year-end planning is particularly important
More informationV e h i c l e Donation,
This publication is referenced in an endnote at the Bradford Tax Institute. CLICK HERE to go to the home page. Tax Exempt and Government Entities EXEMPT ORGANIZATIONS A Donor s Guide to V e h i c l e Donation,
More informationYear-End Tax Planning Letter
2013 Year-End Tax Planning Letter 54 North Country Road Miller Place, NY 11764 (877) 474-3747 or (631) 474-9400 www.ceschinipllc.com Introduction Tax planning is inherently complex, with the most powerful
More informationCharitable Donations
Andrea Hyson, CPA Dear Client: Happy holidays! Thank you for helping me build out my business this year. I am still accepting new clients, so if you know anyone who needs accounting services, please send
More informationYear-End Planning 2017
Wealth Management Year-End Planning Executive Summary As we approach the end of, it is time to review traditional year-end planning decisions. We are aware of the significant changes in the tax code currently
More informationCHARITABLE GIFTS - IMPROVING FINANCIAL & TAX REPORTING
CHARITABLE GIFTS - IMPROVING FINANCIAL & TAX REPORTING Joyce A. Dulworth, CPA Partner jdulworth@bkd.com Daniel J. Waninger, CPA Director dwaninger@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire
More information2018 Year-End Tax Planning Tips
2018 Year-End Tax Planning Tips It s Never Too Early to Start Planning As the end of another year approaches, it s time to start thinking about ideas which may help lower your tax bill. When discussing
More informationIMPACT. November/December last-minute tax-planning ideas. Need a financial backup plan? Why you should consider a SLAT
tax November/December 2015 IMPACT 5 last-minute tax-planning ideas Need a financial backup plan? Why you should consider a SLAT Solving the play-or-pay conundrum Tax Tips Passive foreign investment company,
More informationWASHINGTON TAX UPDATE
WASHINGTON TAX UPDATE OCTOBER 10, 2012 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions
More informationTax Impact. Accelerating depreciation deductions A cost segregation study may reduce taxes. How basis planning can result in significant tax savings
Tax Impact September/October 2016 Accelerating depreciation deductions A cost segregation study may reduce taxes How basis planning can result in significant tax savings Watch out for the alternative minimum
More informationTax Exempt Organizations From Start to Finish
KATHERINE MEYERS COHEN May 9, 2014 Tax Exempt Organizations From Start to Finish Handling Contributions and Tax Deductions Types of Gifts Advising Clients on Accepting Money and Property Responsibility
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format
2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2016 www.cordascocpa.com INTRODUCTION 2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS It s that time of year again.
More informationTax-cutting time is ticking away. Review options for accelerating income. Dear Clients and Friends,
Dear Clients and Friends, Taxes are going to be a major issue for the rest of 2012 and for much of 2013. On January 1, 2013, the country faces what Federal Reserve Chairman Ben Bernanke has called a fiscal
More informationCharitable Gifts and Deductions
ENGAGE FINANCIAL GROUP 11622 North Michigan Road Suite 100 Zionsville, IN 46077 317-794-3800 ReachUs@EngageFinGroup.com www.engagefingroup.com Charitable Gifts and Deductions Page 1 of 8, see disclaimer
More informationWASHINGTON TAX UPDATE
WASHINGTON TAX UPDATE August 1, 2012 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions
More information2017 Mid-Year Tax Planning
To Our Clients and Friends: 2017 Mid-Year Tax Planning As we write this letter, the federal income tax rates for this year are still the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The
More informationTime Investment Gains and Losses
To Our Clients and Friends: The federal income tax rates for 2015 are the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. However, the rate bracket beginning and ending points are increased
More informationESTATE PLANNING 1 / 11
2 STARTING A BUSINES RETIREMENT STRATEGIE OPERATING A BUSINES MARRIAG INVESTING TAX SMAR ESTATE PLANNIN 3 What happens to my money and assets after I die? No matter what your age or income, you need to
More informationTax Impact. How to claim research payroll tax credits. Restricted stock: Should you pay tax now or later?
Tax Impact November/December 2017 How to claim research payroll tax credits Restricted stock: Should you pay tax now or later? To file or not to file What you need to know about filing gift and estate
More informationLeverage Standard Deduction by Bunching Deductible Expenditures
July 15, 2013 To Our Clients and Friends: For most individuals, the ordinary federal income tax rates for 2013 will be the same as last year: 10%, 15%, 25%, 28%, 33%, and 35%. However, the fiscal cliff
More informationIndividual Noncash Charitable Contributions, 2003
by Janette Wilson and Michael Strudler 58 58 T ax Year 2003 was the first year detailed information was collected from Individual Income tax returns with noncash charitable contributions greater than $500.
More informationWASHINGTON TAX UPDATE
WASHINGTON TAX UPDATE FEBRUARY 22, 2012 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions
More informationCharitable Planning CLIENT GUIDE
Charitable Planning CLIENT GUIDE CHARITABLE PLANNING Giving to charity can provide many benefits and opportunities, both to the charity and to you. The charity, benefits from a donation that can help further
More informationGiving Today to Guarantee Tomorrow: A Lesson in Charitable Giving
Giving Today to Guarantee Tomorrow: A Lesson in Charitable Giving A careful review of the various ways to structure charitable gifts can help make your gifts more meaningful, both to you and to the charities
More informationMake Standard Deduction Worth More by Bunching Deductible Expenditures
We've already seen one major new tax law this year (the fourth one in a 13-month period), and stay tuned, because we will almost certainly see more before year-end. Despite confusion created by these repetitive
More informationTax reform and charitable giving
The Tax Cuts and Jobs Act, a widely anticipated overhaul to the tax code, was signed into law in December 2017. While the charitable tax deduction remains intact, other changes may influence when and how
More information2018 Year-End Tax Planning for Individuals
2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for
More informationBefore we get to specific suggestions, here are two important considerations to keep in mind.
To Our Clients and Friends As we get closer to the end of yet another year, it s time to tie up the loose ends and implement tax saving strategies. With the fate of many of the long favored tax breaks
More informationWhat s Inside. March Puny Payouts. Deducting Charitable Gifts. 3 Tax-Efficient IRA Withdrawals. 6 Cybersecurity for Business Owners
Certified Public Accountants Management Consultants 1455 Research Blvd, Suite 510, Rockville, Maryland 20850 Phone: 301-762-7755, Fax 301-762-4688 E-mail: admin@rosenbloomcpa.com Web: www.rosenbloomcpas.com
More information2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
November 28, 2016 2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION It s that time of year again. Time to focus on year-end planning strategies. Year-end planning is particularly important
More informationYear-end Tax Planning Letter
December 2011 Year-end Tax Planning Letter To Our Clients and Friends: As we approach year end, it s again time to focus on last-minute tax planning changes that you might want to consider to benefit you
More informationFinancial Intelligence
Financial Intelligence Volume 13 Issue 1 Estate Planning Part 2: Planning for Distribution of Assets by Brent Yanagida, CFP, EA In our second of a two part series on Estate Planning, we summarize how the
More informationNOVEMBER (New Due Dates) 2016 Returns Due in 2017
NOVEMBER 2016 EARLIER DUE DATES FOR 2016 RETURNS The filing due dates for all Forms W-2 and Forms 1099-MISC for non-employee compensation have been moved up to January 31, 2017. Reducing the time available
More information2018 Options and Opportunities: Charitable Giving and the New Tax Rules
2018 Options and Opportunities: Charitable Giving and the New Tax Rules Page 1 Single filers (2018 2025): Joint filers (2018 2025): Page 2 In 2017, the standard deduction combined with the personal exemption
More informationIMPACT. March/April Could the NIIT apply to the sale of your home? Why a private annuity is a powerful estate planning tool
tax March/April 2014 IMPACT Could the NIIT apply to the sale of your home? Why a private annuity is a powerful estate planning tool Material participation key to deducting LLC and LLP losses Tax Tips The
More informationComprehensive Charitable Planning
CLIENT GUIDE Advanced Markets Comprehensive Charitable Planning John Hancock Life Insurance Company (U.S.A.) (John Hancock) John Hancock Life Insurance Company of New York (John Hancock) LIFE-5175 1/17
More informationPlanning Under the New Tax Rules
Planning Under the New Tax Rules PLANNING UNDER THE NEW TAX RULES Businesses, both large and small, as well as individuals, face a markedly different tax landscape following passage of the Tax Cuts and
More informationMidyear Tax Planning Letter
Midyear Tax Planning Letter 2014 The first half of 2014 has produced little in the way of major tax legislation, but tax planning opportunities still exist. This midyear tax planning letter focuses on
More information2017 Year-end Tax Planning Letter
To Our Clients and Friends: 2017 Year-end Tax Planning Letter As we get closer to the end of yet another year, it s time to tie up the loose ends and implement tax saving strategies. This has been an interesting
More informationEXPAT TAX HANDBOOK. Tax Considerations For Remote Workers Living Abroad
EXPAT TAX HANDBOOK Tax Considerations For Remote Workers Living Abroad Tax Year 2017 Expat Tax Handbook Tax Considerations for Remote Workers Living Abroad Table of Contents: Introduction / 3 U.S. Federal
More information*Brackets adjusted for inflation in future years Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationWILLMS, S.C. MEMORANDUM
WILLMS, S.C. LAW FIRM MEMORANDUM TO: FROM: Clients and Friends of Willms, S.C. Maureen L. O Leary DATE: January 6, 2011 RE: Income Tax Provisions of the 2010 Tax Act In addition to the important estate
More informationProposed Reduction to Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock
In This Issue 1 Proposed Reduction to Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock 2 Minimizing Exposure to Five Possible Taxes 4 Decedent Transferred Partnership Interests,
More informationDear Client: Basic Numbers You Need to Know
Dear Client: As 2013 draws to a close, there is still time to reduce your 2013 tax bill and plan ahead for 2014. This letter highlights several potential tax-saving opportunities for you to consider. I
More informationConstruction. Industry Advisor. Summer Looking for a succession strategy? Consider an ESOP. Public works projects
Construction Industry Advisor Summer 2014 Looking for a succession strategy? Consider an ESOP Public works projects Here s what you need to know Accounting for change orders Why you need to handle them
More information(Un)Reasonable Compensation and S Corporations
(Un)Reasonable Compensation and S Corporations By Stephen D. Kirkland, CPA, CMC, CFC, CFF Atlantic Executive Consulting Group, LLC When shareholders take funds out of their S corporations, they need to
More informationClient Tax Letter Tax Saving and Planning Strategies from your Trusted Business Advisor
Client Tax Letter Tax Saving and Planning Strategies from your Trusted Business Advisor sm More Certainty for Year-End Tax Planning Recently, year-end tax planning has been challenging. Many tax code provisions
More informationEstate Planning. Insight on. Saving for college is also good for your estate plan. Will your estate plan benefit from a trust protector?
Insight on Estate Planning Year End 2014 Saving for college is also good for your estate plan Will your estate plan benefit from a trust protector? Charitable deductions Substantiate them or lose them
More informationInstructions for Form 8283
Instructions for Form 8283 (Rev. December 2006) Noncash Charitable Contributions Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise
More informationHowell v. Commissioner TC Memo
CLICK HERE to return to the home page Howell v. Commissioner TC Memo 2012-303 MARVEL, Judge MEMORANDUM FINDINGS OF FACT AND OPINION Respondent mailed to petitioners a notice of deficiency dated December
More informationThis publication is one of a series of practicals that
PRACTICAL WAR TAX RESISTANCE #1 Controlling Federal Income Tax Withholding This publication is one of a series of practicals that offer ideas, tips, and information for individuals who want to cut off
More informationFrom: James G. Muir. Sierra Group, Ltd Canyon Oaks Trail Suite 3 Milford MI
What the New Tax Law Means to You Volume 7, Issue 1 The law passed to deal with the socalled fiscal cliff included revisions to estate, gift and generationskipping transfer ( GST ) tax laws and income
More informationTime is running out to make important planning moves before the year s end, so don t delay.
2015 Year-end tax planning Time is running out to make important planning moves before the year s end, so don t delay. The changes in various tax provisions brought about with the 2012 Tax Act continue
More informationYEAR-END TAX PLANNING LETTER
YEAR-END TAX PLANNING LETTER SUBMITTED BY Huntsville I Pensacola www.anglincpa.com Dear Clients and Friends, As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for
More information2017 Year-End Tax Planning
& C O M PA N Y, L L C, C PA s 2017 Year-End Tax Planning 1101 Wootton Parkway, Suite 400 Rockville, MD 20852 Phone: (301) 260-0809 Fax: (202) 204-6322 950 North Washington, St Suite 238 Alexandria, VA
More informationHelpful Information for Filing 2018 Income Taxes and Proactive Tax Planning for 2019
Helpful Information for Filing 2018 Income Taxes and Proactive Tax Planning for 2019 Tax planning should always be a key focus when reviewing your personal financial situation. One of our goals as financial
More informationHASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS
HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS George K. Hashem, CPA Tyler W. Simms, CPA December 2, 2014 Dear Client: As 2014 draws to a close, there is still time to reduce your 2014 tax bill and
More informationWhat the New Tax Laws Mean to You
What the New Tax Laws Mean to You The American Taxpayer Relief Act of 2012 and other 2013 tax provisions January 2013 White Paper AN OVERVIEW OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012 AND OTHER 2013
More informationChecklist To Cut Your 2018 Taxes
PAGE 1 275 Madison Avenue, 6 th Floor, New York, NY 10016 Ph 212.327.2103 www.knsscpa.com Checklist To Cut Your 2018 Taxes It's not too late to cut your 2018 tax bill. Prior to Dec. 31 st : Increase your
More informationIndividual Noncash Contributions, 2004
by Janette Wilson and Michael Strudler F orm 8283, Noncash Charitable Contributions, is the form used by individual taxpayers when the amount of taxpayer deductions for all noncash on, Itemized Deductions,
More informationCHARITABLE GIFTS OF LIFE INSURANCE
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY (NORTHWESTERN MUTUAL) CHARITABLE GIFTS OF LIFE INSURANCE in brief 22-4346 (0715) Why Life Insurance? LEVERAGE The greatest advantage of a gift of life insurance
More informationCharitable Contributions
Charitable Contributions Substantiation and Disclosure Requirements INTERNAL REVENUE SERVICE Tax Exempt and Government Entities Exempt Organizations Are you an organization that receives contributions
More informationComprehensive Charitable Planning
Advanced Markets Client Guide Comprehensive Charitable Planning Charitable gifts that preserve personal wealth. Comprehensive Charitable Planning Giving to charity can provide many benefits and opportunities,
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format
2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2017 www.cordascocpa.com 2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS UPDATED NOVEMBER 1, 2007 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION Time again to begin formulating your year-end tax strategies. As in the past,
More informationAdd this tool to your strategic disposition toolbox the Bargain Sale
Add this tool to your strategic disposition toolbox the Bargain Sale By Mattias Graff In 1917, The U.S. Congress passed into law and into the IRS code, what is currently known as, Section 170. This section
More informationInstructions for Form 8283 (Rev. December 2005)
Instructions for Form 8283 (Rev. December 2005) Noncash Charitable Contributions General Instructions Department of the Treasury Internal Revenue Service if the amount allocated to each partner or shareholder
More informationCharitable Contributions. Substantiation and Disclosure Requirements
Charitable Contributions Substantiation and Disclosure Requirements 1 Are you an organization that receives contributions of $250 or more? or Are you an organization that provides goods or services to
More informationAbout Seiler LLP. Trust & Estate Insights 2017 Seiler LLP. All rights reserved.
2017 About Seiler LLP For 60 years, Seiler LLP has provided advisory, tax and accounting services to some of the world s most affluent individuals, families, privately-held businesses and non-profit organizations.
More informationTHE DESIGN, FUNDING, ADMINISTRATION & REPAIR OF GRATS, QPRTS & SALES TO IDGTS
THE DESIGN, FUNDING, ADMINISTRATION & REPAIR OF GRATS, QPRTS & SALES TO IDGTS The Estate Planning Council of Greater Miami October 20, 2016 Louis Nostro, Esquire Nostro Jones, P.A. Miami, Florida lnostro@nostrojones.com
More informationThe. Estate Planner. The Power to Preserve. FAQs about donating real estate. The Roth IRA: Is it time to convert? It s INTENTIONALLY defective?
The Estate Planner September/October 2009 FAQs about donating real estate The Roth IRA: Is it time to convert? It s INTENTIONALLY defective? How an IDGT can benefit your estate plan Estate Planning Red
More informationBusiness Interests: Planning Considerations
Business Interests: Planning Considerations Business owners have unusual opportunities when it comes to making gifts to The First Church of Christ, Scientist. They have the flexibility of giving from their
More informationThe. Estate Planner. A well-defined strategy Use a defined-value clause to limit gift tax exposure. Take the lead. Super trustee to the rescue
The Estate Planner November/December 2007 A well-defined strategy Use a defined-value clause to limit gift tax exposure Take the lead Minimize or even eliminate estate taxes with a T-CLAT Super trustee
More informationCynthia Dawkins: And now Gail Patterson from the National Office will introduce our third speaker.
Wi$e Up Teleconference Call February 28, 2007 Tax Saving Strategies Speaker 3 Jeff Schnepper Cynthia Dawkins: And now Gail Patterson from the National Office will introduce our third speaker. Gail? Gail
More informationTHE CORPORATE INCOME TAX
3 C H A P T E R THE CORPORATE INCOME TAX LEARNING OBJECTIVES After studying this chapter, you should be able to 1 Apply the requirements for selecting tax years and accounting methods to various types
More informationTax Reform and Its Impact on Nonprofits
Wednesday, April 11, 2018 Tax Reform and Its Impact on Nonprofits Jeff Chapman Mike Engle Chris Hoyt Corey Ziegler Presented by Tax Reform and Its Impact on Nonprofits Welcome Dana Knapp Luann Feehan Presented
More informationAttention: The IRS is Revising Publication 4303, A Donor s Guide to Car Donations
Attention: The IRS is Revising Publication 4303, A Donor s Guide to Car Donations The IRS is in the process of revising Publication 4303 dated August 2004. This version does not include the tax law changes
More informationYear-end planning under the new tax law
16830 Ventura Boulevard, Suite 400, Encino, California 91436 Tel 818.783.7140 310.284.8267 Fax 818.783.3706 www.fbco.com Smart tax, business and planning ideas from your Trusted Business Advisor SM November
More information1031 Exchange Overview - A Layman s View March 2016
1031 Exchange Overview - A Layman s View March 2016 NOTE: This paper is a basic overview of IRC section 1031 tax deferred exchanges. It is not intended to be a guide to such an exchange, as it may omit
More informationJUNE 2017 RETAINING RISK
JUNE 2017 RETAINING RISK Because purchasing insurance is an effective way of spreading loss among those at risk, it should be purchased by those whose lives would be significantly adversely affected by
More informationINCOME TAX DEDUCTIONS FOR CHARITABLE BEQUESTS OF IRD
INCOME TAX DEDUCTIONS FOR CHARITABLE BEQUESTS OF IRD Will an estate or trust get a charitable income tax deduction when income in respect of a decedent is donated to a charity? TABLE OF CONTENTS Christopher
More information2016 Charitable Giving Review
2016 Charitable Giving Review SUMMARY TABLE OF CONTENTS With the end of the year approaching rapidly, Morgan Stanley Global Impact Funding Trust, Inc. ( Morgan Stanley GIFT ) would like to take this opportunity
More informationClient Letter: Year-End Tax Planning for 2018 (Individuals)
Client Letter: Year-End Tax Planning for 2018 (Individuals) Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2018 tax bill. Unlike
More informationOnce upon a time, a large fiscal cliff was
September October 2012 Anti-Deferral and Anti-Tax Avoi dance By Peter A. Glicklich and Abraham Leitner Tax Planning to Mitigate the Fiscal Cliff Including Retrospective Elections INTERNATIONAL TAX JOURNAL
More informationWASHINGTON TAX UPDATE
WASHINGTON TAX UPDATE MAY 16, 2012 Welcome to Washington Tax Update, where you will find useful information about taxes, including current events in our nation s capital, as well as informed opinions and
More informationTax Law Snapshot for Individuals 2014 Filing Season
Tax Law Snapshot for Individuals 2014 Filing Season (480) 776-3358 1237 S. Val Vista Dr. Suite 206 Mesa, AZ 85204-6401 (480) 323-2474 fax kboudreau@bcsbs.net Taxes Contract Financial Management Financial
More informationCross Purchase (Crisscross) Buy-Sell Agreement
One Resource Group 13548 Zubrick Road Roanoke, IN 46783 888-467-6755 Life_Sales@ORGCorp.com Cross Purchase (Crisscross) Buy-Sell Agreement Page 1 of 9, see disclaimer on final page Cross Purchase (Crisscross)
More information2016 YEAR- END TAX AND WEALTH TRANSFER PLANNING
Insights on... WEALTH PLANNING 2016 YEAR- END TAX AND WEALTH TRANSFER PLANNING Proactive year-end planning Suzanne L. Shier, Wealth Planning Practice Executive and Chief Tax Strategist/Tax Counsel October
More information2017 Year-End Tax Planning for Individuals
2017 Year-End Tax Planning for Individuals As 2017 draws to a close, there is still time to reduce your 2017 tax bill and plan ahead for 2018. This letter highlights several potential tax-saving opportunities
More informationS Corporation Tax Compliance Challenges
S Corporation Tax Compliance Challenges William C. Staley, Attorney Strafford CPE/CLE Webinar and Teleconference April 1, 2010 William C. Staley, Business and Tax Attorney Law Office of William C. Staley
More informationNew US Withholding on Sales of US Partnership Interests by Non-US Partners
FEATURED ARTICLES ISSUE 288 MAY 17, 2018 New US Withholding on Sales of US Partnership Interests by Non-US Partners by Christie Galinski, Chapman and Cutler LLP Under 1991 US guidance, if a non-us partner
More informationHOW INDIVIDUALS CAN SAVE TAXES FOR 2017 BEFORE YEAR-END
Monday, October 30, 2017 Copyright 2017 @ Green & Company, Inc. 1 HOW INDIVIDUALS CAN SAVE TAXES FOR 2017 BEFORE YEAR-END Nov. 9, 2017 @ 12:00 pm EST (Interactive Brokers Webinar) Monday, October 30, 2017
More informationPLANNING FOR HIGHER MEDICARE TAXES. New taxes go into effect in 2013 // Act before year-end to reposition assets
PLANNING FOR HIGHER MEDICARE TAXES New taxes go into effect in 2013 // Act before year-end to reposition assets KEY TAKEAWAYS In 2013, high-income taxpayers will face an additional 0.9% Medicare tax on
More informationfocus Make noncash donations when cash flow is a problem Growing up Not ready to retire? Act soon to take advantage of hiring incentives year end 2010
focus year end 2010 Make noncash donations when cash flow is a problem Growing up Morphing a ma and pa shop into a professional family business Not ready to retire? Sign up at age 65 for Medicare if you
More informationCharitable Contributions: Acknowledgements, Appraisals and the IRS s Strict Rules
Charitable Contributions: Acknowledgements, Appraisals and the IRS s Strict Rules W. Roderick Gagné gagner@pepperlaw.com Lisa B. Petkun petkunl@pepperlaw.com UPON AUDIT, IF A TAXPAYER DOES NOT HAVE A CONTEMPORANEOUS
More information