This article originally appeared in the AICPA’s The Tax Adviser Published August 01, 2012 There is room for disagreement, if not confusion, over how to report transactions involving life insurance on the tax returns of S corporations. This is largely because federal tax law provides alternative computations of income and
This article originally appeared in the AICPA’s The Tax Adviser. Published August 01, 2012 Generally, anything of value, including payments of tuition and other educational assistance, that an employer provides to an employee is treated as taxable compensation to the employee. However, there are at least four distinct circumstances in
This article originally appeared in the AICPA’s The Tax Adviser. A benefit has only lately received attention after flying under the radar for many years: tax-free receipt of frequent flyer miles. Earlier this year, several news outlets reported that Citibank surprised many of its customers by issuing Forms 1099-MISC, Miscellaneous Income,
Wealthy taxpayers would do well to consider some important year-end planning. 2012 tax law in the estate and gift area presents an interesting opportunity to make gifts by transferring significant wealth to their heirs during lifetime free of current gift tax.
To help minimize the pain U.S. companies will endure when the U.S. moves to the Internal Financial Report Standards (IFRS) in the future, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on several new standards to revise existing U.S. Generally Accepted Accounting Principles (GAAP).
(A lesson in substantiating charitable contributions) Benefits allowed under U.S. tax laws are obtained in a number of ways. For example, an individual filing Form 1040 can obtain a deduction for real estate taxes paid merely by entering the amount paid during the year on Schedule A, Itemized Deductions. While
New Hampshire’s recently-concluded 2012 Legislative Session produced some favorable tax changes for New Hampshire business and Interest and Dividend taxpayers. Following is a brief overview of the results.