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The 2003 Jobs and Growth Tax Act changes enacted earlier this summer give some unprecedented tax planning opportunities for all sorts of taxpayers. Marriage penalty relief, increased child tax credits, additional first-year expensing for businesses, and many other changes mean you can help your clients save money on this year's taxes. For example, the new laws make the shifting of income among family members potentially more valuable than ever, particularly when capital gains or dividend income are involved. CCH's Learning Center course on the 2003 Tax Act by noted tax experts Sidney Kess, J.D., LLM., CPA and Barbara Weltman, J.D. shows how a parent holding stock with a gain can give the stock to a child and shift that gain into the 10% tax bracket. This is one of many planning strategies highlighted in this CCH Learning Center course that is being offered free to our Focus on Tax readers, complete with CPE credit. To take this insightful web-based course, click here.
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Related Titles to this Article: |
Individual Income Tax Refresher Course
Passthrough Entities Refresher Course
Corporate Income Tax Refresher Course |
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Deferred compensation plans are popular to minimize taxes and provide better compensation packages to top-paid executives and others with high earnings, including sports stars. But such plans require careful work in advance and an understanding of both the current laws and the case law that has molded how the IRS views such plans. In the new edition of the U.S. Master Compensation Tax Guide, authors Dennis R. Lassila, Ph D., CPA and Bob G. Kilpatrick, Ph.D., CPA walk readers through the many circumstances that can surround nonqualified deferred compensation plans and show how both the written regulations and the case law work together to set the rules. With the top tax rates now reduced under recent legislation, these plans are more attractive than ever. For a free 72-page chapter from the U.S. Master Compensation Tax Guide, click here. For a detailed table of contents from the book, click here. |
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Related Titles to this Article: |
Retirement Benefits Tax Guide
Wealth Management
Financial and Estate Planning Guide |
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The 2003 tax changes mean major relief for taxpayers with long-term capital gains. These changes also make it essential to carefully consider how transactions can be structured to move ordinary income into the realm of long-term capital gains, according to Stephen L. Owen, J.D. of Piper Rudnick LLP, in a recent issue of the Journal of Passthrough Entities. For example, a business that owns a tract of land might consider ways to make its sale a long-term capital gain through a true lease if the property has been held less than a year. Even transactions that took place before May 6, 2003 effective date could be eligible for partial treatment under the new law if installment payments are involved, Owen notes. S corps and other passthrough entities that own portions of C corps can also use the new law for careful tax planning. With dividends taxed the same as long-term capital gains, it's wise to look at potential transactions with an eye toward creating a dividend. Click here for a full copy of this three-page article. |
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Related Titles to this Article: |
Tax Legislation Seminar Presentation Kit
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Leased equipment is common in many business, particularly transport businesses. But when leased equipment is mobile and moving across state lines, the headaches can be outrageous for lessors. States like Oregon, South Carolina and others have adopted a nexus theory based on mere economic presence. If your equipment is used in states like this—with or without your knowledge—you may be required to file returns and pay apportioned taxes to those states. State statutes and recent court cases paint a complex picture of leased equipment nexus issues, according to John Amato, J.D. and Donna Fiammetta, CPA in Equipment Leasing: State Income and Franchise Tax Considerations. Some states have rejected the reasoning used by courts in Oregon, while others embrace it. Careful planning is a must when equipment is mobile, the authors note. Stationary property almost always creates nexus, but the issues are far more subtle, and potentially more expensive, when equipment such as railcars, truck trailers and other mobile machinery are involved. To read this 12-page chapter on nexus issues for leased equipment from this book, click here. For a detailed table of contents from the book, click here. |
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Related Titles to this Article: |
State Income Tax Alert
U.S. Master Depreciation Guide
Sales and Use Tax Nexus: Practical Insights and Strategies
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There are many new opportunities for tax planning under the 2003 Jobs and Growth Tax Reconciliation Act. Income shifting among family members, first-year expensing for equipment purchases, and dozens of other changes mean you could help your clients get some nice breaks on their 2003 taxes. CCH has prepared a quick-study web-based Learning Center course on tax changes and it includes one hour of CPE credit. Click here to test drive the CCH Learning Center and take this course with CPE credit for free! |
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CCH ClientRelate |
CCH ClientRelate is an innovative productivity tool that combines the power of CCH® Tax Research NetWork™ and the strength of ProSystem fx® Tax. ClientRelate will help you enhance your client relationships, by quickly and efficiently analyzing the client information stored in your ProSystem fx® Tax data.
- Identify specific clients that are affected by new tax law developments.
- Pinpoint clients that may benefit from additional services.
- Identify new service areas you might introduce into your practice.
Click here to see a flash demo of CCH ClientRelate. |
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Spotlight
Products:
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CCH Learning Center |
Superior content only CCH can provide, combined with the speed and power of CCH® Tax Research NetWork™. |
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U.S. Master Compensation Guide |
Unravels the complexity and explains in clear and concise language this critical area. No other book, at any price, covers the compensation tax topic in such a comprehensive yet clear, guidebook fashion. |
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Wealth Management |
This brand-new book will help financial planners, accountants, lawyers, brokers and portfolio managers who are looking to serve high net worth and high-income individuals. |
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Journal of Passthrough Entities |
With each information-packed issue, subscribers receive unparalleled expert analyses, proven strategies and practical insights. |
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Equipment Leasing: State Income and Franchise Tax Considerations |
This brand-new reference explains the state tax rules and considerations involved in equipment leasing. |
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State Income Tax Alert |
This newsletter features late-breaking income tax news with related case material and interviews with well-known income tax practictioners who provide "how to" information. |
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CCH ClientRelate |
CCH ClientRelate combines the strenth of CCH Tax Research NetWork with your ProSystem fx data. |
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