Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million [...]
If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much [...]
Maybe. The following types of executive compensation could be subject to the health care act’s 0.9% additional Medicare tax: Fair market value (FMV) of restricted stock once the stock is no [...]
If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any [...]
Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: Contributions are typically pretax, reducing your modified [...]
Originally published in Accounting Today for the Web CPA, Washington, D.C. By Michael Cohn (September 26, 2013) The Internal Revenue Service has set the per diem rates that taxpayers [...]
Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with [...]
The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code. These sections require amounts paid to acquire, produce or [...]
Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may [...]
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to [...]
Social Security traps to avoid (For full story visit msn.com) When the time comes for you to collect Social Security, make sure you know the ins and outs of this [...]
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying [...]
October 15th Deadline Remains in Effect for Taxpayers Who Requested a Six-month Extension to File Tax Return Article courtesy of IRS Newswire Special Edition- October 8, 2013 The Internal Revenue [...]
Giving to charity may make you feel good and help you lower your tax bill. Here are some tips to help ensure your contributions pay off on your tax return. [...]
Originally printed online by the Journal of Accountancy October 1, 2013 By Alistair M. Nevius, J.D. The failure of Congress to agree on a continuing spending resolution on Monday led [...]