tax practice
ira tax memo: why you really need a protective trust
extract from forthcoming update to practitioner’s guide to ira distribution rules
by seymour goldberg, cpa, mba, jd
the practitioner’s guide to the ira distribution rules under the secure act
editor’s note: as sy goldberg prepares an update to his “practitioner’s guide to the ira distribution rules under the secure act,” he’s uncovering some important nuggets, such as this extract to be found in a section called advantages of trusts as ira beneficiary. this extract, and much more, will be included in the forthcoming update, which is free to purchasers of the current edition.
the use of a protective trust as an ira beneficiary with special provisions when clients have insufficient probate assets and significant ira assets and the estate tax liability is significant.
this means that there may not be a source for payment of estate taxes that are attributable to the ira assets if the beneficiary or beneficiaries of the ira assets do not voluntarily cooperate in reimbursing the personal representative of the estate for the estate taxes attributable to the ira accounts.
closing the tax gap: more data, more compliance?
tax professionals should brace for a new wave of information reporting.
by 卡塔尔世界杯常规比赛时间 research
here’s something the irs has discovered and many tax preparers can probably confirm: while roughly 99 percent of taxes due on wages are paid to the irs, compliance on less visible sources of income is estimated to be just 45 percent.
more: how charlatans, creeps, and ghosts plague the tax profession | grappling with the tax gap | wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
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yes, it seems that americans are more willing to pay what they owe when the irs knows they owe it.
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how charlatans, creeps, and ghosts plague the tax profession
aicpa backs bill to regulate tax practitioners.
by 卡塔尔世界杯常规比赛时间 research
here’s a shocking stat from the treasury department:
“… unregulated preparers who lack the training to provide accurate tax assistance … submit more returns than all other preparers combined.”
more: grappling with the tax gap | wealthiest taxpayers cheat irs out of $400 billion a year | 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
that sounds like trouble in a number of ways:
- unwitting taxpayers may be paying more taxes than they owe.
- taxpayers may be left liable for shoddy or shady tax preparation.
- the irs may be collecting less than it could.
- taxpayers may be left in a lurch when the irs has questions but the preparer has disappeared.
salt: the small business disaster waiting to happen
more highlights: “tax season from hell.” the pandemic pivot. small business outlook. digitally-powered recovery.
by 卡塔尔世界杯常规比赛时间
three years after the notorious “wayfair” decision, accountants say a vast number of small businesses face new and burdensome interstate sales tax measures. but only a few accountants appear ready to help, according to new research by 卡塔尔世界杯常规比赛时间.
more: survey: rough seas ahead for small business
most accountants believe that 98 percent of small businesses – virtually all – are failing to fully comply with all the interstate sales tax issues they may be liable for. and yet, about 71 percent of accountants are falling short of handling all their clients’ sales tax issues, with about 12 percent saying they address “most” issues, 36 percent handling “some,” and 24 percent handling none, according to the new study conducted in conjunction with avalara, the tax management software company.