Transactional Tax Planning Archives - Page 5 of 6

The Tax Cuts and Jobs Act: Changes for Securities Investors

By Sidney Kess The CPA Journal December 2018 The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions. Favorable tax rates continue to apply to capital gains, and losses continue to be used as offsets

The Tax Cuts and Jobs Act: QBI Deduction Issues for Professionals

By Sidney Kess The CPA Journal December 2018 Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities. Such professionals may be able to cut the effective tax rate on the income from their practices

The Tax Cuts and Jobs Act: Impact on Businesses

By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate the economy and create jobs. The tax cuts are estimated to cost nearly $1.5 trillion. Initially, the

The Tax Cuts and Jobs Act: Impact on Individuals

By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the

Tax Act First Look: The Complex New World Of The Qualified Business Deduction Rule

By Jerald David August The CPA Journal January 2018 Edition IMPLICATIONS FOR PARTNERSHIPS, S CORPORATIONS, AND SOLE PROPRIETORSHIPS President Trump signed the Tax Cuts and Jobs Act (TCJA), H.R. 1, into law on December 22, 2017. The law was passed by Congress two days earlier, on December 20, 2017. In general,

Lifetime Planning with Life Insurance

By Sidney Kess and Edward Mendlowitz CPA Journal December 2017 Issue Life insurance is one of the most important tools in modern financial planning, but it is not always the most appreciated. It has a role to play in virtually all phases of the typical family’s economic life cycle. This

Helping Business Owners Understand Valuation Approaches

By Sidney Kess and Edward Mendlowitz CPA Journal November 2017 Issue Individuals who own businesses frequently need to have the business valued. Sometimes it is for a specific purpose, such as for postsale retirement planning; other times, it might be because of estate tax planning, for the acquisition of shares

Planning and Tax Considerations for Collectibles: Assisting Hobbyists, Dealers, and Investors

By Sidney Kess and Edward Mendlowitz CPA Journal November 2017 Issue Many individuals have substantial investments in collectibles, such as art, stamps, coins, autographs, books, maps, baseball cards, glassware, antiques, gems, jewelry, or wine. The category is broad and does not distinguish between the motive to be a dealer, a

Using Bitcoin To Buy A Sandwich Could Trigger A Tax Bill

Op-Ed By Bryan C. Skarlatos Featured on CNBC Crypto currencies may have been around for less than a decade, but they are proliferating so quickly that our established tax and regulatory systems can’t keep up. And that could create serious tax problems for those who would join the digital currency revolution.

When Should A Taxpayer Know That A Tax Shelter Is Too Good To Be True?

By Bryan C. Skarlatos & Henry Stow Lovejoy Journal of Tax Practice & Procedure June – July 2017 Edition Taxpayers who have underpaid their taxes can avoid accuracy-related penalties under Code Sec. 6662 by demonstrating that they acted with reasonable cause and in good faith. In general, the most important factor in determining