1. Articles in category: Estate and Tax Planning

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    1. 72% of Small Businesses Don't Have Succession Plan

      72% of Small Businesses Don't Have Succession Plan

      There may be nothing more certain than death and taxes, but Americans like to push thoughts of that first topic away. Perhaps that's why almost three-fourths of U.S. small businesses don't have a succession plan and most small business owners don't have a will. That's according to the 2017 Make-A-Will-Month survey by Rocket Lawyer, an online provider of legal services.

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    2. Key Performance Indicators (KPIs) You Should Track for Your Small Business | FreshBooks Blog

      Key Performance Indicators (KPIs) You Should Track for Your Small Business | FreshBooks Blog

      Key Performance Indicators (KPIs) can keep you on track and let you know whether your efforts are paying off. KPIs will also help you determine if you’re spending too much time on something that’s not worth it and prioritize your tasks accordingly. A 2016 survey by Geckoboard found that nearly half of small and medium-sized business owners have failed to identify any Key Performance Indicators (KPIs).

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    3. How Will the Potential Drop in the U.S. Corporate Income Tax Rate Impact Financial Statements?

      How Will the Potential Drop in the U.S. Corporate Income Tax Rate Impact Financial Statements?

      After the recent failure by the Republicans in the House to build the necessary backing for healthcare reform, House Republicans and the President have said they will be turning their focus to tax reform, with a goal of having markup legislation by August. With the likelihood of a drop in the corporate tax rate and a possible Border Adjustment Tax (“BAT”), prudent tax department leaders and CFOs will need to stay on top of pending legislation.

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    4. Report Looks at Major Tax Changes of 2016 | CPA Practice Advisor

      Thomson Reuters has released a special report, 2016 Practical Tax Law Changes, which highlights notable legislative and regulatory tax developments over the past year and the potential impact on individuals and businesses. In 2016, the courts and the IRS made several important rulings related to various topics, including capital gains, IRAs, and mortgage interest limitations.

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    5. CFOs Say Cyber Security Fuels Tech Growth, While Tax Rates Hinder It

      CFOs Say Cyber Security Fuels Tech Growth, While Tax Rates Hinder It

      Cybersecurity will be one of the biggest growth engines for the technology sector in 2016, right alongside personal technology. According to BDO USA, LLP's 2016 Technology Outlook Survey, which polls 100 technology company CFOs, one in four tech CFOs view cybersecurity concerns as the primary driver of industry growth this year, outflanked only by consumer demand for innovative personal technology, selected by one in three CFOs as the most important factor driving industry growth.

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    6. Year-End Tax Tips for Businesses

      The National Society of Accountants is offering some year-end tax tips for businesses, courtesy of Wolters Kluwer Tax & Accounting US. Consider several general strategies, such as use of traditional timing techniques for income and deductions and the role of the tax extenders, as well as strategies targeted to your particular business. As in past years, planning is uncertain because of the Affordable Care Act and the expiration of many popular but temporary tax breaks.

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    7. Year-End Insights for State and Local Taxes | CPA Practice Advisor

      Year-End Insights for State and Local Taxes | CPA Practice Advisor

      Usually, taxpayers who itemize their deductions can write off most of the state and local taxes they pay in 2015, providing an opportunity to lower their federal income tax bill. In fact, you might even accelerate payments so you can increase your current deduction. But one year-end tax planning strategy remains in limbo: Until Congress moves to reinstate the alternative deduction for state sales taxes – if it ever does -- this option is not available.

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    8. Thomson Reuters Projects Inflation-Adjusted 2016 Income Tax Rates

      Thomson Reuters Projects Inflation-Adjusted 2016 Income Tax Rates

      Thomson Reuters is forecasting the tax rates for next year and predicting they will be adjusted upward in line with modest inflation. The report, Projected 2016 Inflation-Adjusted Tax Brackets and Other Key Figures, demonstrates that, despite modest inflation in the past year, tax brackets will be adjusted upward in 2016, easing the tax burden slightly for many taxpayers. The adjustments prevent the loss of tax benefits due solely to inflation.

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    9. Keeping the Business in the Family

      Keeping the Business in the Family

      The fate of a family business can be tricky when the owner is no longer able to remain at the helm. Is there an obvious successor? Is there a succession plan in place? Encouraging your clients to think about succession planning for their businesses is difficult; none of us want to think about the day we can no longer work. However, when the business is a closely held family business, the discussion as to whether to leave the business in the family is often more emotional.

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    10. The Power Of Non-Cash Gifts

      Survey after survey shows that donors rarely cite tax advantages as their most important reason for giving. That is good. It means your donors give because they care about your mission. It is still in the best interests of your donor to maximize the tax benefit of their gifts whenever possible. Likewise, it is in the best interests of the nonprofit and donors for staff to help donors develop strategies to do so.

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    11. Georgia Tax Tribunal Opinion Highlights Need for Sales Tax Planning!

      On February 11, 2015 the Georgia Tax Tribunal issued one of the most interesting Georgia rulings during the past decade. In the case of Inglett & Stubbs  vs Commissioner of Revenue, the Tribunal held against the taxpayer on two separate issues. First, the Tribunal reaffirmed that contractors are consumers of the materials they purchase and are not generally retailers allowed to purchase items for resale.

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    12. Expired Tax Provisions Most Likely to Be Extended

      Tax extenders—temporary tax provisions that are reinstated by Congress on a regular basis—have been a recurring part of the tax arena for years. Most of the current group up for debate expired at the end of 2013, and their eventual extension will be retroactive. But even though they’ve been known since the end of last year, and there is general bipartisan agreement that they need to be acted on, there is no guarantee as to when they will be passed.

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    13. Business Owners Need to Keep a Close Eye on Potential U.S. Tax Changes

      Business Owners Need to Keep a Close Eye on Potential U.S. Tax Changes

      While talk of reforming the U.S. tax structure has been going on for decades, there has been a lot of work done on the issue at the committee level recently in Congress, and it’s getting the attention of small business owners around the country. As accountants, you are likely getting questions from your small business clients on the subject, asking for more information about what changes could be on the horizon.

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    14. Tax Planning is a Critical Factor in Financial Planning

      Tax Planning is a Critical Factor in Financial Planning

      Congratulations on making it through another tax season! From those long hours, including rigorous reviews and meetings with clients, you’ve gained unique insight into their lives—insight into their incomes, spending habits, investments and life events. Income tax planning and estate planning elements have become a more critical part of overall personal financial planning with the enactment of the American Taxpayer Relief Act of 2012 and the Net Investment Income Tax.

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    15. Congress Examines Tax Complexity for Small Businesses

      Congress Examines Tax Complexity for Small Businesses

      “If you talk with small business owners often, as members of the committee do, you know that individually they may be affected by one particular part of the tax law or another,” said committee chairman Rep. Sam Graves, R-Mo. “But taken together, small business owners consistently tell us that they are impacted by higher taxes, new taxes, increasing tax code complexity, uncertainty and the additional time required to resolve issues with the Internal Revenue Service.

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    16. Reduce Taxes through Proper Investment Placement

      Reduce Taxes through Proper Investment Placement

      Investments come in many forms and can fall anywhere on the spectrum of tax efficiency. Portfolios should be structured according to the tax efficiency of particular investments, as well as to an investor’s unique set of circumstances. Depending upon the availability of taxable and tax deferred investment account balances, the most tax efficient investments should be placed in taxable accounts, and the least tax efficient investments should be placed in tax deferred accounts.

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    17. Depletion Deductions for Landowners Receiving Gas Royalties

      Depletion Deductions for Landowners Receiving Gas Royalties

      It is filing season and landowners receiving natural gas royalty payments may be shocked by their tax liability if they have not been planning with their CPAs. Landowners who sign a lease with a gas company own a royalty interest. When royalty income is received, the landowner is entitled to depletion. Similar to depreciation, depletion is the cost recovery of a natural resource and, in the case of royalty owners, natural gas.

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    18. 8 Common 1031 Property Exchange Mistakes | CPA Practice Advisor

      A 1031 exchange is a frequently-used practice of swapping one business or investment asset for another in order to defer recognition of capital gains or losses, but it doesn't always mitigate taxes and there are very specific rules and conditions that apply. There are also many potentially costly mistakes that tax professionals and investors should be wary of. If a client of yours, like many investors, makes one of these common mistakes, they could end up paying a significant penalty.

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    19. Executors Personally Liable for Estate s Unpaid Taxes

      Executors Personally Liable for Estate s Unpaid Taxes

      The U.S. District Court for the District of Maryland has held a pair of family estate executors liable for the unpaid taxes of the estate. During her lifetime, Carol Shriner failed to file federal income tax returns for 1997 and 2000 through 2003. She died on June 3, 2004. In May 2005, her estate filed tax returns on her behalf reporting taxes due, and the IRS assessed liabilities.

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    20. Tax Break for Roth IRA Conversion Attracted 10% of High Earners

      Tax Break for Roth IRA Conversion Attracted 10% of High Earners

      (Bloomberg) Congress dangled an incentive for high-income Americans to convert their tax-deferred individual retirement accounts into post-tax plans. Their response was overwhelming. Conversions from regular IRAs to Roth retirement accounts increased more than nine times in 2010, rising to $64.8 billion from $6.8 billion in 2009, according to data released yesterday by the Internal Revenue Service. That marked the first time Roth conversions were greater than contributions.

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    21. Act Now to Take Advantage of Next Year s Tax Changes

      Act Now to Take Advantage of Next Year s Tax Changes

      Unlike last year, tax planning for 2013 is not hampered by uncertainties over a looming fiscal cliff. Unfortunately, there is always some uncertainty and a few expiring provisions to warrant special attention by taxpayers. Managing income taxes at year end involves techniques designed to address three issues: • Accelerating or deferring income: If a taxpayer expects to be in the same or a lower tax bracket next year, it's best to defer as much income as possible until after the yearend.

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    22. Tax Planning after the Tax Extension

      Tax Planning after the Tax Extension

      Now that the October 15 filing deadline is out of the way for all those many taxpayers who had to file an extension due to the delayed tax season, there are a number of tax planning options for next year. Greg Rosica, a tax partner at Ernst & Young and a contributing author to the Ernst & Young Tax Guide, noted that many people are busy after they receive their K-1s that they may have received within the last few weeks in time for the deadline.

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    1-24 of 36 1 2 »
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