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Accrued Bonus Deduction: Not Just a 2½ Month Test
For taxpayers using the cash basis accounting method, determining when to deduct accrued bonuses is typically a straightforward matter - the compensation deduction occurs when the bonus is paid.... read more
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Conservation Easements – Extension of Tax Incentives
The American Taxpayer Relief Act of 2012 (The Act) renews the enhanced charitable income tax deduction for qualified conservation easements through 2013. ... read more
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An Introduction to MLPs
With interest rates still at historic lows, the current economic environment presents obstacles for investors seeking an attractive risk-adjusted yield. As an alternative solution, investors should consider an allocation to master limited partnerships (MLPs). ... read more
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Participation in a Foreign Pension Plan
Form 8938 (Statement of Foreign Financial Assets), introduced in 2011 as part of the Foreign Account Tax Compliance Act (FATCA), requires taxpayers to report their foreign assets, subject to minimum values, and indicate where the related income is picked up on their tax return. ... read more
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Help I’m Being Audited! The Many Ways to Pay
As part of our ongoing series covering the audit process, this article focuses on the payment stage of the exam and the courses of action available to taxpayers. Whether an audit is big or small, the fundamental procedures are the same. ... read more
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Certainty in Tax Planning…For Now: The American Taxpayer Relief Act of 2012
Less than 12 hours into the new year, the House of Representatives passed The American Taxpayer Relief Act of 2012 (the Act).... read more
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Cutler v. Franchise Tax Board and FTB Notice 2012-03 – What it Means for Taxpayers
The Franchise Tax Board (FTB) issued FTB Notice 2012-03 (Notice) on December 21, 2012 outlining the procedures the FTB will use to apply the California Court of Appeal’s decision in Cutler v. Franchise Tax Board (2012) 208 Cal.App.4th 1247. ... read more
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