Green, How To Avoid Taxes On Wash Sale Losses

Green describes how many securities traders face significant taxation of phantom income due to "wash sale losses disallowed" on the form 1099-B. Reportedly, traders are often unprepared to handle such situations because many brokers do not disclose wash sale losses during the year. Green's article outlines "how to deal with WS loss adjustments and how … Continue reading Green, How To Avoid Taxes On Wash Sale Losses

Resolving Tax Debts is Easy: It’s All About the Process

By Eric L. Green, Esq. Taxpayers often become frustrated and scared when dealing with the IRS on a back tax debt.In reality, however, resolving a tax debt is reasonably straightforward and can save taxpayers from unnecessary distress. A statutory lien is normally issued after tax returns are filed and payments must be arranged by the … Continue reading Resolving Tax Debts is Easy: It’s All About the Process

Erb, Charitable Donation Deductions Plummet After Tax Reform

Erb describes how recent IRS data documents only 12 million taxpayers claiming the charitable donation deduction during the 2018 tax year; the deductions totaled $102.7 billion. Meanwhile, during the 2017 tax year, more than 33 million taxpayers claimed the charitable total deduction, leading to a total of $160 billion claimed. According to Erb, this gap … Continue reading Erb, Charitable Donation Deductions Plummet After Tax Reform

PLR 201935005: Decedents IRA Not Inherited IRA

In PLR 201935005, the IRS ruled that a decedent’s IRA inherited by the surviving spouse (taxpayer) is not inherited IRA under Code Sec. 408(d)(3)(C). The taxpayer was the sole beneficiary of the decedent’s IRA and had an unlimited right to withdraw amounts from it. The custodian of the decedent’s IRA retitled it pursuant to a court … Continue reading PLR 201935005: Decedents IRA Not Inherited IRA

The Virtual Family Office and Personal Financial Planning

By Susan M. Tillery Many consumers, as well as professional advisers, continue to think of personal financial planning as a tool to gather assets under management (AUM) or to sell products; however, CPA personal financial planners have developed a fee-for service model which offers integrated personal financial planning without AUM or product sales.  This model embodies … Continue reading The Virtual Family Office and Personal Financial Planning

KPMG report: James B. Sowell + James G. Tod, The “Wyden bill”—a new approach to taxing carried interest (Aug. 26, 2019)

James B. Sowell + James G. Tod, in their report, The “Wyden bill”—a new approach to taxing carried interest (Aug. 26, 2019), note that Senator Ron Wyden, the ranking minority member on the Senate Finance Committee, introduced a bill that represents a dramatic departure from the previously proposed approaches for the taxation of carried interest. … Continue reading KPMG report: James B. Sowell + James G. Tod, The “Wyden bill”—a new approach to taxing carried interest (Aug. 26, 2019)

Baptiste, Impact of S corp shareholder agreements in M&A transactions (AICPA)

Baptiste describes recent activity in the merger-and-acquisition market for private companies and how transactions in the market have been structured as sales of stocks. Reportedly, sellers prefer this format because "they receive capital gain treatment on the entire transaction" while buyers "have been reluctant to purchase stock, as they do not receive a basis step-upon the … Continue reading Baptiste, Impact of S corp shareholder agreements in M&A transactions (AICPA)