December

    The Tax Adviser December 2012 

    Articles

    Reporting Trust and Estate Distributions to Foreign Beneficiaries (Part I)
    Lawrence H. McNamara Jr.

    Individual Tax Update
    Karl L. Fava, Edward A. Gershman, Janet C. Hagy, Jonathan Horn, Daniel T. Moore, Annette Nellen, Dennis Newman, Teri E. Newman, Kenneth L. Rubin, and Amy M. Vega

    Pension Rescue and the Fair Market Value of a Permanent Life Insurance Policy
    David K. Smucker

    Compensation and Benefits Update: Implementing the New Health Plan Laws
    Deborah Walker and Stephen LaGarde

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    The Mobile Workforce Bill Addressing Road Warrior Compliance

    Article The Mobile Workforce State Income Tax Simplification Act is a congressional effort to set uniform standards on the states’ taxation of nonresident employee income and employer withholding on such income.
    Published on December 01, 2012

    Compensation and Benefits Update Implementing the New Health Plan Laws

    Article This article focuses on guidance released and changes to the rules for group health plans as a result of the Patient Protection and Affordable Care Act.
    Published on December 01, 2012

    Crop Insurance Proceeds Appropriate Tax Planning Strategies

    Article The severe drought experienced by much of the United States this year, especially in agricultural regions, is expected to produce a record number of crop insurance claims.
    Published on December 01, 2012

    Top 10 Steps of Succession Planning for a Privately Held Business

    Article Succession planning for the privately held business results in an orderly transfer of the ownership and management of the business to the next generation in a tax-efficient manner.
    Published on December 01, 2012

    Tax and Financial Planning in 2012 Betting on the House

    Article This column reminds advisers of those tips that may be beneficial regardless of what tax changes are put in place in 2013.
    Published on December 01, 2012

    Who Can or Must File a Form 1099-C

    Article With taxpayers and businesses defaulting on credit and loans, tax advisers may consider whether their clients should issue a Form 1099-C for a bad debt.
    Published on December 01, 2012

    Reporting Trust and Estate Distributions to Foreign Beneficiaries (Part I)

    Article This article explains the procedures and tax compliance issues that fiduciaries face before domestic trust or estate distributions are paid or allocated to foreign beneficiaries.
    Published on December 01, 2012

    Pension Rescue and the Fair Market Value of a Permanent Life Insurance Policy

    Article “Pension rescue” is a sales concept used to help sell life insurance. The problem with pension rescue is that it is based on a valuation of the life insurance policy that may not hold up to IRS scrutiny.
    Published on December 01, 2012

    Transferring Client Data Securely

    Article It is critical for CPAs to maintain control over the transfer of data to assure that their clients’ confidential information is not compromised.
    Published on December 01, 2012

    Organizational and Startup Costs for Single-Member LLCs

    Article Despite the widespread use of single-member LLCs, some confusion still exists regarding the tax treatment of the initial expenditures to form and operate this type of entity.
    Published on December 01, 2012

    Advising Clients Amid Constitutional Challenges to the Defense of Marriage Act

    Article Recent court decisions provide an opportunity and responsibility for tax practitioners to assist their clients in same-sex marriages with protecting their rights to federal and state tax refunds as well as providing additional advice regarding income and gift and estate tax planning in light of DOMA’s uncertain future.
    Published on December 01, 2012

    Receipt of Form 1099-C May Not Signal Taxable COD Income

    Article It is up to the taxpayer and his or her advisers to correctly identify the appropriate year in which to recognize COD income based on the date it is clear the debt will not be repaid.
    Published on December 01, 2012

    Debt Discharge Under Sec. 108 Partnerships vs. S Corps.

    Article As tax liability for COD income gives many taxpayers an unpleasant surprise in today’s economy, its tax treatment continues to be a focal point for tax professionals in tax planning and preparation.
    Published on December 01, 2012

    Nonrefundable Milestone Fees Do Not Qualify as Success-Based

    Article A business can expense 70% of “success-based fees,” meaning amounts that are contingent on the successful closing of a covered transaction. It is important to remember this safe-harbor election can apply to both sides of the transaction.
    Published on December 01, 2012

    Prop. Regs. Provide Guidance on Meals and Entertainment Expenditures

    Article Proposed regulations clarify the definition of a reimbursement or other expense allowance arrangement and provide guidance on the applicability of the Sec. 274(e)(3) exception under various circumstances including employer/employee, two-party, and multiparty arrangements.
    Published on December 01, 2012

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