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America’s Top 25 Accounting Firms
by Inside Public Accounting
Give and take: Recent tax law changes
to donations are a mixed bag
The Pension Protection Act of 2006 (PPA) contains several provisions
that affect charitable donations. Some, like the one allowing direct
gifts from an IRA, make charitable giving easier. But others tighten
restrictions on charitable deductions. Here’s a sampling:
- A deduction is now available for
donations of used clothing or household items (such as furniture and
appliances) only if they’re in “good” condition. There’s an exception
for single items worth more than $500, provided you file a “qualified
appraisal” with your tax return.
- Cash contributions, no matter how small,
must be substantiated by bank records or receipts to be eligible for the
deduction.
- The benefits of donating fractional
interests in artwork and other collectibles have been reduced.
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Tax Tips
Take advantage of revitalized tax benefits
This section presents brief notes on the Tax Relief and
Health Care Act of 2006), capital gains and like-kind
exchanges.
Read more
How to minimize taxes when
giving away your retirement savings
If your hard work and good
fortune enable you to share some of your wealth with
charities, it’s important to consider the tax implications.
After all, the less you pay in taxes, the more you have left
to support the causes you care about. An effective
charitable giving strategy is to donate tax-deferred
retirement plan assets, such as traditional IRAs or 401(k)
accounts. Why? Because retirement plan assets left directly
to charity escape both federal income and estate taxes.
(Keep in mind that not all states follow the federal law.)
And recent developments have made it easier than ever to
leverage your retirement savings to make tax-efficient
gifts. This article reviews how you can maximize retirement
plan donations.
Read more
Dating games
Backdating stock options can ensnare public - and closely
held - companies
It’s been about a year since
the stock option backdating scandal became almost daily
fodder for financial pages across the United States. Today,
well over 100 of the country’s largest corporations are
under investigation for illegal backdating, and scores of
executives and directors have been forced to resign.
Although public companies continue to grab the headlines,
even closely held companies are getting caught in the
backdating trap. This article looks at why businesses
backdate and how improper backdating can be problematic.
Read more
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3 tax-wise strategies for
sharing your wealth
Is your net worth large
enough that estate and gift taxes are a concern? If so,
there are several estate planning techniques that allow
you to minimize taxes and preserve more of your wealth
for your loved ones. This article discusses three tools:
irrevocable life insurance trusts, qualified personal
residence trusts and charitable remainder trusts.
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