IRS Releases Final and Proposed BEAT Regulations
The IRS has issued final and proposed regulations implementing the
base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The
BEAT is a minimum tax that certain large corporations must pay on
cer...
Final and Proposed Regulations Address Foreign Tax Credit
The IRS has issued highly anticipated final regulations on the
significant changes made to the foreign tax credit rules by the Tax
Cuts and Jobs Act (TCJA) ( P.L. 115-97). The final regulations
retain...
Final Regulations on Calculation of UBTI Issued
The IRS has released final regulations that present guidance on how
certain organizations that provide employee benefits must calculate
unrelated business taxable income (UBTI) under Code Sec. 512(a)....
Final Rules Adopted on Changes to Estate Tax Exclusion Amount
The IRS has issued Reg. §20.2010-1(c) to address the effect of the
temporary increase in the basic exclusion amount (BEA) used in
computing estate and gift taxes. In addition, Reg. §20.2010-...
2019 Standard Mileage Rates Released
The IRS released the optional standard mileage rates for 2019. Most
taxpayers may use these rates to compute deductible costs of
operating vehicles for:...
FAQ: How are LLCs taxed?
An LLC (limited liability company) is not a federal tax entity.
LLCs are organized under state law. LLCs are not specifically
mentioned in the Tax Code, and there are no special IRS regulations
govern...
How do I? Get the most from my inherited IRA?
Individual Retirement Accounts (IRAs) are popular retirement
savings vehicles that enable taxpayers to build their nest egg
slowly over the years and enjoy tax benefits as well. But what
happens to th...
New "repair" regulations continue to demand action
More than six months after the IRS issued temporary "repair"
regulations (T.D. 9564), many complex questions remain about their
interpretation and application. These regulations are sweeping in
their ...
Prepare to implement important provisions in the Affordable Care Act
When Congress passed the Patient Protection and Affordable Care Act
and its companion bill, the Health Care and Education
Reconciliation Act (collectively known as the Affordable Care Act)
in 2010, la...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has
almost doubled in the past three years to well over half a million
reported during 2011, according to a recent report by the Treasury
Insp...
Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
How do I? Compute a 'substantial equal periodic payment'
Taxpayers who wish to withdraw funds from a retirement account such
as an IRA before they reach the age of 59 and a half, can do so
without their distributions becoming subject to the additional 10
pe...
Check status of a charity before making a contribution
Americans donate hundreds of millions of dollars every year to
charity. It is important that every donation be used as the donors
intended and that the charity is legitimate. The IRS oversees the
acti...
How Do I? Compute the tax due each year on an annuity
Many more retirees and others wanting guarantee income are looking
into annuities, especially given the recent experience of the
economic downturn. While the basic concept of an annuity is fairly
simp...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
How Do I? Write Off Bad Business Debts
A business with a significant amount of receivables should evaluate
whether some of them may be written off as business bad debts. A
business taxpayer may deduct business bad debts if the receivable
b...
How Do I? Make an in-plan Roth IRA rollover?
In-plan Roth IRA rollovers are a relatively new creation, and as a
result many individuals are not aware of the rules. The Small
Business Jobs Act of 2010 made it possible for participants in
401(k...
How Do I: Substantiate business gifts to clients?
A business can deduct ordinary and necessary expenses paid or
incurred in carrying on any trade or business. The expense must be
reasonable and must be helpful to the business....
Calculating correct withholding and estimated tax
Correctly calculating your estimated tax payments and/or
withholding is even more important as the year end approaches.
Accurate calculations are especially important as third and fourth
quarter payme...
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
accounts...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
How Do I ... Convert a Traditional IRA to a Roth IRA?
People are buzzing about Roth Individual Retirement Accounts
(IRAs). Unlike traditional IRAs, "qualified" distributions from a
Roth IRA are tax-free, provided they are held for five years and
are made...
How Do I? Convert my traditional IRA to a Roth IRA?
Beginning in 2010, the income limitations that have prevented
taxpayers with modified adjusted gross incomes of $100,000 or more
and married taxpayers that filed their returns separately from
converti...
FAQ: What if I owe taxes and can't pay the full amount?
If you have completed your tax return and you owe more money that
you can afford to pay in full, do not worry, you have many options.
While it is in your best interest to pay off as much of your tax
l...
FAQ: How does a 60-day loan from an IRA work?
Many taxpayers are looking for additional sources of cash during
these tough economic times. For many individuals, their Individual
Retirement Account (IRA) is one source of cash. You can withdraw
("b...
FAQ: Are website development costs for my business deductible?
Like the Internet itself, the correct deductibility of a business's
website development costs is still in its formative stages. What is
fairly clear, however, is that it is highly unlikely that any si...
FAQ: What is a Spousal IRA?
If you file a joint return and your taxable income is less than
that of your spouse, the "spousal" IRA rules may allow you to
contribute up to $5,000 in 2009 (or $6,000 if you are 50 or older)
to an i...
FAQ...Must I file a joint return if I'm married?
Just because you're married doesn't mean you have to file a joint
return. This is a common misconception along with thinking that
"married filing separately" applies to couples who are separated or
se...
How do I?…Set up a SEP
As a business owner you have likely heard about the tax advantages
of setting up a retirement plan for you and your employees. Many
small business owners, however, have also heard some of the horror
...
FAQ….Can a married couple own a sole proprietorship?
Q. My husband and I are thinking of starting a business. Can we
operate it as a sole proprietorship? A. No. When two or more people
own a business and share in the profits, they are partners. Only...
Making gifts to minors: How generosity can help ease your tax bill
Making gifts is a useful, and often overlooked, tax strategy.
However, when thinking about whether to make a gift, or gifts, to
your children or other minors, the tax consequences must be
evaluated ve...
Estate planning for retirement plan assets
Throughout all of our lives, we have been told that if we don't
want to work all of our life, we must plan ahead and save for
retirement. We have also been urged to seek professional guidance
to help ...
How do I? Compute my net worth
How much am I really worth? This is a question that has run through
most of our minds at one time or another. However, if you aren't an
accountant or mathematician, it may seem like an impossible numb...
Client FAQ - Gifts to employees
Q: The holidays are approaching and I would like to consider giving
gifts of appreciation to my employees. What kinds of gifts can I
give my employees that they would not have to declare as income on
...
Tax aspects of divorce and separation
When it comes to legal separation or divorce, there are many
complex situations to address. A divorcing couple faces many
important decisions and issues regarding alimony, child support,
and the fair ...
How Do I?... Compute financial ratios
How quickly could you convert your assets to cash if necessary? Do
you have a quantitative way to evaluate management's effectiveness?
Knowing your business' key financial ratios can provide valuabl...
Client FAQ: Buy or lease equipment?
Q. I've just started my own business and am having a hard time
deciding whether I should buy or lease the equipment I need before
I open my doors. What are some of the things I should consider when
m...
Control your company's travel expenses
As a business owner, you may dread reviewing the travel expense
reports from your employees returning from business trips. Airfare,
hotel and other costs for even a short trip can add up quickly.
How...
Internal controls and the small business owner
As you open the doors of your new business, the last thing on your
mind may be the potential for loss of profits through employee
oversight or theft - especially if you are the only employee.
However,...
Client FAQ: Starting a new business
Q. My company recently downsized its workforce and eliminated my
position. I thought this would be a good opportunity to start my
own consulting business in the same industry. What are some of the
t...
Is early retirement for you?
You're 57 years old and as part of an early retirement package,
you've just been offered a large cash bonus and salary
continuation, along with a lump sum payment from the company
retirement plan and ...
Your vacation home: Personal residence or rental property?
The benefits of owning a vacation home can go beyond rest and
relaxation. Understanding the special rules related to the tax
treatment of vacation homes can not only help you with your tax
planning, b...
Client FAQ - Documentation for charitable contributions
I have a car that I would like to donate to my church. Can I just
claim the amount shown as the value of the car per the Kelly Blue
Book (about $6,500) on Schedule A of Form 1040?...
Choosing the type of legal entity for your new business
The decision to start your own business comes with many other
important decisions. One of the first tasks you will encounter is
choosing the legal form of your new business. There are quite a few
choi...
Newsletters
Gary R. Zeigler, P.C.
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