Jan 1, 2024 · The SECURE 2.0 Act 1 is an extensive piece of retirement plan legislation passed on Dec. 29, 2022. Its stated goals are to expand and increase retirement savings and to simplify and clarify retirement plan rules. Its passage affects virtually all forms of retirement plans and increases conformity across different types of plans.

Sep 1, 2014 · Shareholders recognize a taxable dividend to the extent a distribution is paid out of corporate earnings and profits. If the distribution exceeds E&P, the excess reduces the shareholder's stock basis. Any amount in excess of the shareholder's stock basis is capital gain.

Jul 1, 2021 · Editor: Christine M. Turgeon, CPA. During the normal course of business, a taxpayer may find itself the recipient or payer of a settlement or judgment as a result of litigation or arbitration.

Oct 1, 2021 · Taxpayers generally must capitalize amounts paid to improve a unit of property. A unit of property is improved if the cost is made for (1) a betterment to the unit of property; (2) a restoration of the unit of property; or (3) an adaptation of the unit of property to a new or different use (Regs. Sec. 1.263(a)-3(d)).

Jan 1, 2014 · This two-part article provides a comprehensive review of the rules for determining the taxability of an S corporation’s distributions to its recipient shareholders. Part I provides an overview of the intent of Sec. 1368 and the related regulations, the shareholder- and corporate-level attributes that drive a distribution’s taxability, and the rules for determining the tax consequences of ...

May 1, 2019 · Editor: Kevin D. Anderson, CPA, J.D. Many companies find stock-based compensation is a great way to attract and retain key employees. Over the past year, many employers focused primarily on changes from the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97.

Jun 1, 2023 · A single-member limited liability company can adopt a variety of tax classifications to fulfill desired business purposes, besides conferring limited liability protection on its owner.

Apr 1, 2020 · A limited liability company can elect to be classified as a corporation and elect S status by following the procedures discussed here.

Sep 1, 2021 · Qualified improvement property (QIP) is any improvement that is Sec. 1250 property made by the taxpayer to an interior portion of a nonresidential building placed in service after the date the building was placed in service.

Jan 1, 2018 · Editor: Valrie Chambers, CPA, Ph.D. CPAs have become familiar with the electronic filing requirements and filing Form 8879, IRS efile Signature Authorization, especially since the IRS has mandated e-filing for almost all tax practitioners.This requirement, in effect, has added one more step to the tax preparation process for practitioners.