Table of Contents
- Primary Law: New Developments
- IRS News
- Tax Development Commentary
Primary Law: New Developments
Backdoor roth IRA: A tax-saving strategy for some high earners, Mark Friedlich,
Tax professionals are considering offering value-added planning services such as backdoor Roth IRAs to help clients save for retirement without facing income restrictions, enabling tax-free growth and withdrawals, although the Secure 2.0 Act of 2022 has introduced changes that may impact their attractiveness.
LLC tax and reporting requirements,
An LLC, while recognized as a “pass-through” entity for federal income tax purposes, still requires tax considerations, such as filing an information report, potential liability for other taxes, and adhering to various state and local tax regulations.
How does tax impact Family Office philanthropy?, Mike Linter and Greg Limb
An LLC, while recognized as a “pass-through” entity for federal income tax purposes, still requires tax considerations, such as filing an information report, potential liability for other taxes, and adhering to various state and local tax regulations.
Workouts and Remediation of Student Housing Project Bonds, Carl McCarthy,
Universities increasingly utilize off-balance sheet financing for student housing, but ongoing financial pressures in the sector necessitate bondholders, trustees, and credit enhancement providers to explore remedies and workout strategies for potential defaults.
IRS News
The IRS urges business taxpayers to plan for tax-saving opportunities and reporting changes in 2023, highlighting expanded clean energy credits, assistance with student loan payments, and adjustments to 1099-K rules.
The IRS is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which provide eligible organizations with funding to offer free federal tax return preparation assistance.
Florida storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments, as the IRS offers relief to areas designated by FEMA due to tornadoes, severe storms, and flooding that occurred in April.
Tax Development Commentary
Cash Only: What To Know If You’re Planning To Ditch Your Bank, Kelly Phillips Erb,
Amid concerns about the banking system, some Americans are considering cash alternatives to traditional banks, but living outside the banking system requires careful record-keeping and adherence to tax and cash reporting requirements.
How Insurance Bad Faith Recoveries Are Taxed, Robert W. Wood
Insurance bad faith lawsuit recoveries present complex tax treatment challenges, with various factors such as the nature of the underlying dispute, compensation adequacy, and policy premium payment determining the taxability of the recovered amount.
Startups, Other R&D-Heavy Companies May Face Significantly Higher Tax Costs in 2022,
The Tax Cuts and Jobs Act introduces changes to the deductibility of research and experimentation expenses and the utilization of net operating loss carry forwards, potentially increasing tax liabilities for companies and affecting small business stock eligibility requirements.
Posted by, Benjamin Cunningham, Associate Editor, Wealth Strategies Journal
Wealth Strategies Journal 