Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed.
Did you know that you are required to withdraw from your qualified retirement plans and traditional IRAs after reaching age 70 ½? Essentially, the tax law requires you to tap into your retirement assets — and begin paying taxes on them — whether you want to or not.
The IRS has issued its cost-of-living adjustments for 2016. Inflation remains low, so many amounts are the same as last year, and those that did increase did so only modestly. Nonetheless, it’s helpful to know the 2016 amounts as you evaluate which 2015 year-end tax planning strategies to implement. This article provides an overview of 2016 amounts related to individual income taxes, the alternative minimum tax, education- and child-related tax breaks, retirement plans, and gift and estate taxes.
The Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans. It eliminates two strategies that many married couples have used to maximize Social Security benefits. This article explains how the two strategies worked under previous law and details how the budget act changed them.
Year-end tax planning this year will be just as complicated as it was last year because of uncertainty surrounding many expired tax breaks for individuals and businesses. Tax legislation signed into law last December extended several expired breaks, but only through the end of 2014. This article reviews expired tax breaks that Congress may revive later this year and details tax-saving strategies currently available to individuals and businesses.
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, was signed into law on July 31. In addition to providing continued funding for federal transportation projects, the law includes several tax-related provisions which will affect businesses and individuals alike. This highway fund law changes the due dates for several types of federal returns.
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, was signed into law on July 31. In addition to providing continued funding for federal transportation projects, the law includes several tax-related provisions which will affect businesses and individuals alike. This highway fund law changes the due dates for several types of federal returns.
The use of convertible virtual currencies -- including Bitcoin -- appears to be on the upswing. In addition to announcements that Bitcoin will be accepted by some high-profile companies such as Overstock.com, Microsoft, and PayPal, 80,000 other firms have reportedly jumped on the bandwagon. The trend has not taken root in most of mainstream America, but many people think that day may be coming.
When the TPEA was signed into law, much ado was made about the so-called fast-track trade authority the act gives the President. Little attention was paid to Section 806 of the act, which increases by as much as 150% the potential penalties for taxpayers who err in their information reporting to the IRS or payees. This article details Sec. 806 of the TPEA and explains how taxpayers can reduce the risk of penalties.
The California Franchise Tax Board is looking to attract new businesses to the California and help existing ones grow through The California Competes Tax Credit. It is an income or franchise tax credit available to businesses that come to California or stay and grow in California. Tax credit agreements will be negotiated by the Governor's Office of Business and Economic Development (GO-Biz) and approved by a statutorily created “California Competes Tax Credit Committee.” The committee consists of the Director of GO-Biz
