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Named One of
America’s Top 25 Accounting Firms
by Inside Public Accounting
Take advantage of these limited-time
offers
Several tax-planning opportunities are set to expire at the end of 2007.
Here are a few to look at before it’s too late to act:
Charitable donations from an IRA. This year, if you’re age 701⁄2
or older, you can transfer up to $100,000 tax-free directly from your
traditional IRA (or, in some cases, a Roth IRA) to a qualified charity.
Consider this opportunity if your charitable deductions are reduced by
adjusted gross income (AGI) limits.
Sales tax deduction. You can deduct sales tax or state and local
income taxes, whichever is higher, on your 2007 return. If you’re
planning to buy a “big ticket” item, such as a boat or mobile home, you
may want to do so this year to take advantage of the sales tax
deduction.
Conservation easements. This year, the charitable deduction limit
for qualified conservation easements is 50% of AGI (up from 30%). And
you can carry over excess deductions for 15 years (up from five years).
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Uncertainty principles
Accounting for income taxes under FIN 48
Last year, the Financial
Accounting Standards Board (FASB) issued controversial new
guidelines on the treatment of uncertain tax positions for
financial statement purposes. FASB Interpretation No. 48
(FIN 48) Accounting for Uncertainty in Income Taxes, applies
for fiscal years beginning after Dec. 15, 2006. It applies
to public and private companies that prepare financial
statements in accordance with Generally Accepted Accounting
Principles (GAAP). This article reviews the need for
affected organizations to review their tax positions,
evaluate the level of uncertainty and account for any
uncertainty in their financial statements.
Read more
Tax tips
News items briefly discussed
are statistical sampling methods for the Section 199
manufacturers’ deduction, education costs, health and
education exclusion trusts and the capital gains tax.
Read more
Shopping for tax savings
As the holiday season
approaches, your thoughts may naturally turn to giving.
Without some planning, though, you could inadvertently add
the IRS to your gift list. It’s easy to overlook year end
tax planning, especially if you expect a refund next April.
But, if you’re like most people, income taxes are one of
your largest annual expenses, so it pays to review ways to
reduce your bill. This article looks at a few strategies,
including shifting income, examining your stock portfolio
and reviewing the alternative minimum tax (AMT).
Read more
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Limited partnerships?
Estate planning opportunities for unmarried couples
Estate planning is important for all families, but for
unmarried couples it’s an absolute necessity. If you’re
married and you die without a will or living trust, your
state’s succession laws will provide for your wealth to
be divided among your surviving spouse, children or
other family members. But if you’re unmarried and wish
to leave assets to a life partner, you must have a plan.
This article explores strategies including the annual
gift tax exclusion, powers of attorney and the grantor
retained income trust.
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