Bidding farewell to US citizenship: Understanding the exit tax
Sep 1, 2024 · The total exit tax is computed by adding amounts due for each type of asset above as follows: $26,800 (markto- market) + $185,000 (specified taxdeferred accounts) + $90,000 …
Planning opportunities: Sec. 179 expensing vs. bonus depreciation
Dec 1, 2024 · Editors: Brian Hagene, CPA, CGMA, and Mark G. Cook, CPA, CGMA. Sec. 179 expensing and bonus depreciation provide significant tax savings opportunities for taxpayers …
The Sec. 645 election to treat a trust as part of the estate
May 1, 2024 · A Sec. 645 election can streamline tax reporting and offer other tax advantages when a client with a living revocable trust dies. Read about the requirements for making a Sec. …
Advising S corporation clients on reasonable compensation - The …
Oct 1, 2024 · Contributors. Niyati Hemani, CPA, is founder of Hemani Financial Solutions LLC in Spokane, Wash., and a Chartered Accountant (India).Arthur Auerbach, CPA, CGMA, is an …
Tax consequences of employer gifts to employees - The Tax Adviser
Apr 1, 2024 · Tax consequences of employer gifts to employees By Karen Field, J.D., Washington D.C., and Nicole Kelley, CPA, MST, McLean, Va.
Avoiding passive loss limitations on rental real estate losses
Jul 1, 2024 · Strategies for using the $25,000 offset for rental real estate losses can include keeping income within its phaseout range and contributing the loss activity to a closely held C …
The Tax Adviser
FEATURED ARTICLES Profits interests: The most tax-efficient equity grant to employees. Granting employees a “profits interest” is one way that limited liability companies and other …
Current developments in S corporations - The Tax Adviser
Jul 1, 2024 · Fourteen sections of the Internal Revenue Code are central to the taxation of Subchapter S corporations and their shareholders. 1 Over the 12-month period ending March …
IRS penalties, abatements, and other relief - The Tax Adviser
Jul 1, 2024 · Tax tip: Counting penalty months. Penalty months are counted based on the latest return due date. If that date falls on day N of the month, the period subject to the penalty …
Income taxation of trusts and estates after tax reform
May 1, 2018 · Application of Sec. 641(b): Generally, under Sec. 641(b), the taxable income of an estate or trust is computed in the same manner as for an individual.This means that many of …