by apexcpas | Jul 4, 2018 | Tax Planning
Your parents always told you there is no such thing as a free lunch. In Vermont, the tax collectors apparently decided there was no such thing as a free toothbrush either. As reported by WPTZ News in Burlington, Vt., the state legislature had to rein in aggressive tax...
by apexcpas | Jul 4, 2018 | Tax Planning
In a case that trounces any semblance of fairness, the Tax Court has denied more than $4 million in charitable contribution deductions claimed by a couple who had undervalued the contribution. Joseph Mohamed is a real estate broker, a certified real estate appraiser...
by apexcpas | Jul 4, 2018 | Tax Planning
In a recent case, the Tax Court allowed a gift tax annual exclusion for gifts of interests in a family limited partnership. The gift tax annual exclusion is available only for gifts of present interest, not for gifts of future interest. A present interest is an...
by apexcpas | Jul 4, 2018 | Tax Planning
You may be familiar with Roth IRAs, but do you know that some employer-sponsored retirement savings accounts, like 401(k) plans, also offer a Roth alternative? Few people choose that option because they have to pay tax currently on the amount that goes into the Roth...
by apexcpas | Jul 4, 2018 | Tax Planning
For plan years beginning after Dec. 31, 2012, salary reduction contributions to health flexible spending arrangements will have a statutory annual limit of $2,500. Prior to the Pension Protection Act of 2006, no statutory limit existed for the amount of salary...