IRS Alarms AICPA & 17 Other Tax TidBits

Court Victory over IRS for Independent Tax Preparers Is Final
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IRS Alarms AICPA With Voluntary Certification of Tax Preparer Program

After its tax return preparer regulation program failed in court, IRS Commissioner John Koskinen alarmed the AICPA by commenting that the IRS should consider a voluntary certification program for tax return preparers. The AICPA expressed its “deep concerns” about such a program in a letter to Koskinen.
While Koskinen believes it is important to...

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Use Heath Savings Accounts to Reduce Medical Care Costs

By: Julie Welch, CPA/PFS, CFP | Health Savings Accounts (HSAs) are similar to individual retirement accounts (IRAs) for medical expenses. Both individuals and employers can contribute to HSAs for eligible individuals.

If you are eligible, you can make deductible contributions to an HSA that is administered by a financial institution or insurance...

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Advising Clients About Social Security Disability

By: Jerry Love, CPA/PFS, ABV, CVA, CFP According to the Social Security Administration’s Fact Sheet in February of 2013, 25% of the 25-year-olds today will become disabled before they retire. Further, according to the US Census Bureau survey in 2011, approximately 12% of the US population is classified as disabled. Of this...

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LLC and FLP: A Swiss Army Knife of Planning Options

By: Martin M. Shenkman, CPA, MBA, PFS, AEP, JD | LLCs are ubiquitous in tax and business planning for clients. They have become the default answer to questions like “how to I organize my new business,” or “I’m buying a rental property, how should I do it.” However, LLCs are an incredibly flexible planning tool, a veritable Swiss...

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Net Investment Income Tax for Trusts and Estates

By: Sidney Kess, CPA, J.D., LL.M. | There is a 3.8% additional Medicare tax imposed on trusts and estates that have net investment income over a threshold amount (Code Sec. 1411). This tax is called the net investment income (NII) tax. Final regulations issued in November of 2013 and corrected last month provide some guidance for fiduciaries...

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