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Tax professionals have a lot to digest following the traditional Thanksgiving feast. As you read this issue of Focus on Tax, Congress could be continuing what has already been a big year for tax changes. Here are eight recent legislative developments that merit your awareness as the holiday season reaches full speed:
- Health Care Savings Accounts and other Medicare-related tax benefits
- Energy tax incentives
- Military tax relief
- Tax shelter penalties and increased enforcement
- Pension reform
- Foreign sales corporation repeal
- Treasury/IRS appropriations; and
- Ongoing state and federal tax issues such as taxation of internet sales
CCH's editors offer a quick review of how these areas could be changed with some provisions retroactive to the 2003 tax year. Click here to read the full eight-page copy of the Year-End Tax Legislation Update. |
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One of the biggest challenges in preparing for the tax season is knowing what's new while maintaining a solid grip on the basics that all tax preparers have to know. It's an even bigger challenge when junior staff need to be trained and prepared for the rush of tax season. 1040 Preparation by noted tax experts and educators, Sidney Kess, J.D. and CPA, Ben Eisenberg and Barbara Weltman, J.D., covers every line, every issue, top to bottom on the 1040 return, and highlights the new rules brought about by Congress and the IRS in 2003. Sure, seasoned tax pros know the basics, but pitfalls often come in the simplest of details. For example, many returns are needlessly subjected to scrutiny when the preparer fails to submit all the required forms and schedules. While this is a common mistake, it's one you don't want your staff to make. Click here to read the full, 18-page introductory chapter on Tax Fundamentals for the Average Taxpayer from 1040 Preparation, including review questions and answers to help you and your staff start getting prepared for the coming tax season. |
To order 1040 Preparation (2004 Edition), click here.
Click here for a full detailed Table of Contents from 1040 Preparation. |
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Tax savvy retirement planning today is vastly more complicated for small business owners. While opportunities abound with choices such as SEPs, SIMPLE and even one-person 401(k) plans, limitations are everywhere that give each choice it's own pitfalls and danger areas. A business owner with no employees should put a one-person 401(k) or "solo 401(k)" plan on his or her list of choices because of the potential to make far larger tax deferred contributions, according to CCH Tax Analyst Nicholas J. Kaster, J.D. He outlines the changes under EGTRRA in 2001, and shows how a business owner in the right circumstances could grow their tax-deferred retirement nest egg far quicker with a one-person 401(k) compared to using a SEP or SIMPLE plan. Still, the one-person 401(k) is not for everyone. Businesses that are likely to add employees could bring on a world of complications, expense and burdensome compliance activities by choosing the 401(k) route. Get the full six-page article story the CCH Standard Federal Reporter by clicking here. |
Click here for information on the CCH Standard Federal Tax Reporter. |
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In light of the transitory nature of estate taxes, with phaseout, repeal and reinstatement of the tax in the coming years, estate planners have much to do in making sure clients' wealth preservation and inheritance strategies remain secure. Tax changes of 2001 and 2003 make understanding the nuances of estate planning more critical now than ever. Reduced capital gains rates, reduced taxes on dividends, and the many other changes of 2003 can have an effect on estate plans crafted in light of the 2001 EGTRRA changes. Now is the time to take another look at estate plans and retool as necessary. The Estate Planning Strategies chapter of Top Tax Issues of 2004 Course will help start that thinking process. Click here to access the full copy of this 17-page chapter. |
To order Top Tax Issues of 2004 Course, click here. |
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Many investors look to LLCs as part of a broad tax planning strategy. Losses within a limited liability company can give members the chance to offset other taxable income. But there are some catches. Five key limitations stand between the savvy investor gaining pass-through loss advantages on a personal income tax return: basis; at-risk limitations; passive loss rules; related-party transactions; and anti-abuse rules. Knowing and understanding these limitations can create an opportunity to take full advantage of any losses an LLC generates, says author David J. Cartano, J.D. and LL.M. Chapter 13 of Federal and State Taxation of Limited Liability Companies provides a roadmap of the loss limitation rules for LLCs. Click here to get a free copy of the full text of the 12-page chapter on LLC loss limitations. |
To order Federal and State Taxation of Limited Liability Companies, click here.
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| Related publications of interest include: |
S Corporations: Tax Practice and Analysis (2nd Edition)
Partnerships and LLCs: Tax Practice and Analysis
Journal of Passthrough Entities |
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