Monthly Archive: October 2015

10 Best States for Taxes on Retirees

Retirees have special concerns when evaluating state tax policies: Are Social Security benefits taxed? Does the state impose its own estate tax? Are there property tax breaks for seniors? The answers can greatly affect the financial well-being of someone living…
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A Tax Strategy for Real Estate Sales

By Allison DeLuca, CPA, Melville, N.Y. October 1, 2015 The U.S. real estate market has always attracted the attention of investors and developers worldwide and even more so recently because of a number of factors including increased financing channels…
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IRS Announces Progress in Collaborative Fight Against Tax Return Identity Theft

By Sally P. Schreiber, J.D. October 20, 2015 An IRS-led coalition is making progress in the fight against tax-return identity theft the agency announced on Tuesday (IR-2015-117, FS-2015-23). IRS Commissioner John Koskinen called the collaborative effort an ?unprecedented partnership ……
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Retirement Plan Limits for the Tax Year 2016

On October 21, 2015, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. Here are the highlights: 2016 Plan Limits

In 2016, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

IR-2015-119, Oct. 21, 2015 WASHINGTON ? For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about…
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Employee or Independent Contractor?: The Worker Classification Dilemma

By Susan C. Allen, CPA/CITP, CGMA, Durham, N.C. October 1, 2015 The worker classification issue persists due to the inherent tug-of-war between workers, who tend to prefer employee status, and payers/businesses, which often prefer to classify their workers as…
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Deducting Expenses for Sporting Events Under an Accountable Plan

By David J. Holets, CPA, Indianapolis September 1, 2015 Most employers take advantage of the accountable plan rules to deduct travel and entertainment expenses. Amounts received by an employee under an accountable plan are deductible by the employer without any…
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Don?t let clients overlook these key estate planning issues

Clients dragging their heels? Let them know why estate planning is so important. By Patricia M. Annino, J.D. October 12, 2015 Clients tend not to want to deal with estate planning until they absolutely have to. In my 30 years…
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Tax Planning Businesses Can Do Before Year End

By Sally P. Schreiber, J.D. Printed by The Tax Adviser October 8, 2015 At the end of every year, it seems, taxpayers wait anxiously for Congress to enact extensions of popular business tax breaks, and every year Congress waits to…
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SpaceX Executes Back-to-Back Launches in Roughly 48 Hours
Elon Musk’s SpaceX on Sunday successfully executed the second of two unmanned missions within a roughly 48-hour period in a high-water mark for the company’s operational prowess.
The $1.5 Trillion Business Tax Change Flying Under the Radar
House Republicans are proposing eliminating the deduction that companies get for interest they pay on debt, a move that would alter modern finance. Yet the plan has gotten relatively little public attention or lobbying pressure.
Ahead of Fed Stress Test Results, Banks Have Less to Fear
The Federal Reserve on Wednesday will release the final results of this year’s bank stress tests. Officials made the tests easier for some banks this year, and for the next time around they are preparing to further change the exams in fundamental ways.
How Earthquakes Are Rattling a Farm Town Atop One of the World's Richest Gas Troves
To limit earthquakes, the Dutch government has for years been imposing increasingly strict production limits at Groningen, Europe’s biggest gas field, and is now proposing another 10% cut.
Facebook Is Going Hollywood, Seeking Scripted TV Programming
Facebook is talking to Hollywood studios and agencies about producing TV-quality shows with an eye toward launching original programming by late summer, people familiar with the matter said.