Form 8960 Prep - Computing the New 3.8% NIIT on Form 1040 (February 27, 2014)
Listen to a podcast from Bob Keebler covering Form 8960, “Net Investment Income Tax for Individuals, Estates and Trusts” line-by-line with examples. Bob also provides an overview of the NIIT and FAQs on the new tax (regrouping of passive and non-passive activities, real estate investments and the NIIT, limitations for NIIT, and more). Download the slides.
The Mathematics of Portability (February 27, 2014)
Listen to a podcast from Bob Keebler covering the basics of portability, key mathematical concepts, critical issues and concepts, how to maximize tax savings using portability, advantages/disadvantages, a mathematical comparison of different estate planning strategies and more. Download the slides.
Relief for Missed Portability Elections (January 31, 2014)
In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31, 2014. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Download the slides.
Q&A on Net Investment Income Tax for Individuals (January 31, 2014)
In this podcast, Bob Keebler and Jonathan Horn address unanswered attendee questions from the Implementation of the 3.8% Net Investment Income Tax on Individuals webcast. If you missed the webcast, a recording will be available at aicpa.org/pfp/webseminars.
Interview with David Kirk and Adrienne Mikolashek (January 10, 2014)
Bob Keebler interviews David Kirk and Adrienne Mikolshek, part of the team who wrote the net investment income tax regulations, to help members understand the new Form 8960, Net Investment Income Tax for Individuals, Estates, and Trusts and the draft instructions. Download the accompanying slides.
Form 8960: Draft Instructions (January 10, 2014)
Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates, and Trusts, to help members understand key elements they need to know for tax season. Download the accompanying slides.
Understanding the 3.8% NIIT and Its Effects (December 17, 2013)
In this podcast, Bob Keebler discusses the impact of the regulations on net investment income tax. Download the slides and related charts, Understanding the Net Investment Income Tax and Applying the 3.8% Net Investment Income Tax.
3.8% Net Investment Income Tax Final Regulations (November 26, 2013)
In this podcast, Bob Keebler discusses the final and new proposed regulations on net investment income tax. Download the slides.
Year-End Planning Series (October 3, 2013)
In this podcast series, Bob Keebler covers the top 25 financial planning ideas to address with your clients before year-end. Note that the planning ideas presented in this series are also relavant to 2014 planning.
Critical Provisions in President's FY 2014 Budget Proposal (April 12, 2013)
This podcast from Bob Keebler summarizes the provisions affecting wealthy clients in President Obama’s recently released fiscal year 2014 budget proposal. Even though these provisions may not be enacted, it will help you have intelligent conversations with your clients, know what the President’s legislative agenda for this year is, and begin planning for some of the estate and tax provisions that may eventually be enacted.
Key 2013 Tax Planning Considerations after ATRA (January 30, 2013)
Under ATRA 2012 Estate Fiscal Year Election is Crucial (January 11, 2013)
In this “60 Second Planner” audio clip from Leimberg Information Services, Inc., Bob Keebler shares an important income tax and capital gain planning pointer for 2012 estates. For deaths occurring before November 30, 2012, these estates should elect a fiscal year ending on November 30, 2012 (with the following fiscal year beginning December 1, 2012). With this election, these estates would not be subject to the tax increases under the American Taxpayer Relief Act nor the 3.8% net investment income tax because both taxes only apply to years beginning on or after January 1, 2013. Listen to this short clip to learn more!
Resolution of the Fiscal Cliff-Part 1 | Resolution of the Fiscal Cliff-Part 2 | Resolution of the Fiscal Cliff-Part 3 (January 4, 2013)
Sample letters for new and existing clients highlighting planning opportunities post-ATRA and NIIT.
Individual and small business owner versions of client letters focusing on key tax law changes
PowerPoint presentation with speaker notes to use during client meetings
Forefield video explains how the tax-planning landscape has changed for high-income taxpayers
Forefield Advisor (free access to PFP/PFS members) includes extensive-content written by CPAs, attorneys and other experts on planning strategies, new relevant laws, etc. that are articulated in client terms
Forefield Alert: Provisions in the American Taxpayer Relief Act of 2012
Client letters covering the American Taxpayer Relief Act for your individual or small business clients
(available in the AICPA’s Tax Practitioner’s Toolkit)
|Bronze Edition of the Tax Rate Evaluator: A Graphical Calculator for Tax Planning After ATRA is available to PFP Section members and CPA/PFS credential holders. Learn more about the bronze edition and compare to the for sale gold edition.
Tax Rate Evaluator: A Graphical Calculator for Tax Planning After ATRA. The goal of this enhanced software is to allow the tax adviser to see trends and opportunities without necessarily using a calculator (PTX1307M). AICPA member price: $159; PFP members save 10% off of this price.
We are pleased to share with you a recent article published by Leimberg Information Services, Inc. titled "Gain Harvesting in 2013 & 2014" which discusses the importance of developing a gain harvesting strategy. The article is reproduced courtesy of LISI (Leimberg Information Services, Inc.).
Tax Planning Opportunities After ATRA: Tools, Tips, and Tactics for the AICPA (PTX1306M). This product includes in-depth write-ups on the top 25 tax planning strategies after ATRA. AICPA member price: $69; PFP members save 10% off of this price.
NIIT – Complete Calculator and Draft Form
Excel spreadsheet that allows you to input the necessary income and expenses for filling out the DRAFT versions of Form 8959 (the 0.9% Additional Medicare Tax Form) and Form 8960 (the 3.8% Net Investment Income Tax Form). These inputs are then transferred directly to the corresponding IRS Form and the tax calculations are done for you. Additionally, it allows you to illustrate to your clients the substantial effect the NIIT may have on them. Once the effect of the NIIT on your client is known, proper tax planning can begin.
NEW Dealing with the 23.8% Tax on Trust Capital Gains: 21 Ways (and Counting) to have a Trust’s Capital Gain Taxed to the Beneficiary: This article reviews the new 3.8% NIIT and how it applies to trusts and beneficiaries, as well as how a trust’s capital gains can be taxed to the beneficiary.
The CPA's Guide to Financial and Estate Planning
The 4-volume, 1,000 page guide, exclusively available to PFP/PFS members, covering estate, tax, retirement, investment and risk management planning has been updated for ATRA and NIIT.
Articles covering planning after ATRA from the Planner newsletter: Jan/Feb 2013 | March/April 2013 | May/June 2013 | July/August 2013
Roth Conversion Planning
Additional resources on Net Investment Income Tax