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)

Rosenberg v. Commissioner: IRA distribution, made after a couple divorced, taxable & subject to the 10% additional tax

The Tax Court, in Rosenberg v. Commissioner, T.C. Memo 2019-124, held that an IRA distribution, made after a couple divorced, was taxable and subject to the 10% additional tax because there was no exception to the 10% additional tax applicable and because there was no equitable exception to the distribution being taxable. To see full opinion, click, … Continue reading Rosenberg v. Commissioner: IRA distribution, made after a couple divorced, taxable & subject to the 10% additional tax

KPMG Report: Nonresident state income tax withholding, cross-border business travelers (Oct. 1, 2019)

According to KPMG, the role of U.S.-based cross-border business traveler is growing with today’s increasingly mobile business environment. Consequently, the ability of multistate employers and their third-party providers to proactively manage the overall compliance issues associated with domestic, state-to-state, and short-term travel is vital to bringing together both business and regulatory demands. Add to the … Continue reading KPMG Report: Nonresident state income tax withholding, cross-border business travelers (Oct. 1, 2019)

Successfully Moving to a Zero or Low Tax State

By Mark Klein & Dan Kelly If you have ever moved, you know it’s not easy!  The same can be said about changing your domicile.  Tax Departments are aggressive and thorough in their pursuit of taxpayers who claim to move, and taxpayers who are not focused on the most important actions, primary factors, and who do not … Continue reading Successfully Moving to a Zero or Low Tax State

Reichert, Taxpayer allowed a deduction under claim of right, J. Accountancy (Sept. 1, 2019)

Charles J. Reichert, has published his article, Taxpayer allowed a deduction under claim of right in Mihelick v Commissioner (11th Circuit June 18, 2019), in the Journal of Accountancy (Sept. 1, 2019). His articles discusses an eleventh circuit case where a divorced spouse was allowed to deduct her indirect repayment of an amount previously included … Continue reading Reichert, Taxpayer allowed a deduction under claim of right, J. Accountancy (Sept. 1, 2019)

Cooper, Red States, Blue States: Lessons from the State Death Tax Credit and the ‘SALT’ Deduction, The Tax Lawyer (2020)

Jeffrey A. Cooper, Quinnipiac University School of Law, has made available for download his article, Cooper, Red States, Blue States: Lessons from the State Death Tax Credit and the 'SALT' Deduction, published in the Tax Lawyer. The Abstract is as follows: Since 1861, every version of the federal income tax has included a deduction for … Continue reading Cooper, Red States, Blue States: Lessons from the State Death Tax Credit and the ‘SALT’ Deduction, The Tax Lawyer (2020)