IRS Launches Free File (Jan. 13, 2020)

In IR-2020-6, the IRS announced its free file program. It's announcement reads as follows: Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens today at IRS.gov/freefile for the 2020 tax filing season. Taxpayers whose adjusted gross income was $69,000 or less in 2019 – … Continue reading IRS Launches Free File (Jan. 13, 2020)

IRS Updated Audit Guide: Structured Settlements

The IRS has updated its Audit Techniques Guide that addresses excise tax on structured settlement factoring transactions. Audit Guides focus on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, industry terminology and other information. To see the updated Structured Settlement Audit Guide click here.

IRS: Updated Audit Techniques Guide: Real Estate Foreclosures, Short Sales and Cancellation of Debt

The IRS has updated its Audit Techniques Guide that addresses the tax consequences for real estate property that is disposed of through foreclosure, short sale, deed in lieu of foreclosure and abandonments. Audit Guides focus on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, … Continue reading IRS: Updated Audit Techniques Guide: Real Estate Foreclosures, Short Sales and Cancellation of Debt

Higher Education Savings and Planning: Tax and Nontax Considerations by Philip Manns and Timothy M. Todd (Nov. 6, 2019)

Philip Manns and Timothy Todd have made their paper, Higher Education Savings and Planning: Tax and Nontax Considerations, available for download. This article was published as a part of the Texas A&M Law Review. The abstract of this article, available on SSRN, reads as follows: Funding higher education is among the critical financial decisions made … Continue reading Higher Education Savings and Planning: Tax and Nontax Considerations by Philip Manns and Timothy M. Todd (Nov. 6, 2019)

Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy by Enrico Moretti and Daniel J. Wilson (Oct. 21, 2019)

Enrico Moretti and Daniel Wilson have made their paper, Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy, available for download. This article was published as a working paper for the National Bureau of Economic Research. The abstract of this article, available on SSRN, reads as follows: We study the effect of state-level … Continue reading Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy by Enrico Moretti and Daniel J. Wilson (Oct. 21, 2019)

Proposed regulations: Updated life expectancy, distribution period tables for retirement plans (Nov. 8, 2019)

The U.S. Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-132210-18) to update the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts (IRAs) and annuities, and certain other tax-favored employer-provided retirement arrangements. The proposed regulations [PDF 432 KB] … Continue reading Proposed regulations: Updated life expectancy, distribution period tables for retirement plans (Nov. 8, 2019)

Troy K. Lewis et al., The Taxation of Collectibles, The AICPA Tax Adviser (Nov. 1, 2019)

Troy K. Lewis, CPA, CGMA; Brian C. Spilker, CPA (inactive), Ph.D.; and Kamri S. Call, have published their article, The Taxation of Collectibles in The AICPA Tax Adviser (Nov. 1, 2019). The Abstract is as follows: The tax rate on collectibles is 28%, higher than on other capital gains. Find out what property is defined … Continue reading Troy K. Lewis et al., The Taxation of Collectibles, The AICPA Tax Adviser (Nov. 1, 2019)