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For many people, their IRA is their largest asset. But whether you choose your spouse or your child as beneficiary could mean a big difference in distributions since large, tax-deferred benefits result from keeping funds in the IRA account for as long as possible. Philip Fink examines various IRA withdrawal scenarios and the impact on the ultimate payout in his article in the Journal of Retirement Planning.
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Schedule K is the heart of the S corporation tax return. It is used to translate the conduit theory into practice. A CCH CPE course teaches you how to identify income items, tax credits and credit recapture subject to pass-through treatment. Module 3 (Chapters 6-12) from the 1120S Preparation and Planning Guide (2007), by Sid Kess and Barbara Weltman, includes vital new information, such as an increase in the Code Sec. 179 limitation of the first-year expense deduction for property placed in service during the year.
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Americans are living longer, increasing the possibility of a need for long-term care. Yet some 40 percent of long-term care patients have not even reached retirement age. All this means your estate planning had better include long-term care insurance if you want to maintain your quality of life through retirement. Steve Fox explains the benefits of long-term care insurance in preserving your estate in his detailed article in the Journal of Practical Estate Planning.
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Code Sec. 165(a) allows as a deduction any loss sustained during the tax year and not compensated for by insurance or otherwise. Included in the Code Sec. 165(c) list of allowed losses is a loss due to theft. An article in Taxes - The Tax Magazine, by Charles E. Price and Leonard G. Weld, reviews the general rules for theft loss deduction by individuals and examines some of the more intricate issues such as criminal intent, theft versus bad debt, mysterious disappearance, and special classifications that may negate a theft loss deduction.
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New Jersey's controversial corporate income tax throwout rule is being challenged by the multinational company Pfizer. Under New Jersey's throwout, if a taxpayer makes sales into a state where it is not subject to income tax, those sales are removed from the denominator, thereby increasing New Jersey tax. Experts detail the unconstitutionality of the rule and predict its demise in a feature article in State Income Tax Alert.
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The AICPA Certified Information Technology Professional (CITP) credential is a Certified Public Accountant recognized for their technology expertise and unique ability to bridge the gap between business and technology. Unlike other certifications that recognize only a narrow scope of skills, the CITP credential recognizes technical expertise across a wide range of business-technology practice areas. See what's new and different with CITP today!
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