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Tax Impact Newsletter

Tax Tips

These brief tips discuss the fact that the IRS now views the unexpected birth of a child an “unforeseen circumstance” when it applies to the home sale exclusion, detail the new parameters the IRS has established for making a late election for estate planning portability and explain how children can take advantage of a tax-free Roth IRA.
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Are you using the right accounting method?

Which accounting method should a business use for tax purposes? Many business owners are surprised to learn that they have a choice. True, certain businesses are required to use the accrual method, but many businesses are eligible for the cash method. This article explains the differences between the cash and accrual methods and which might lower a company’s tax bill. A sidebar discusses the tax rules about inventories.
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Two homes in different states may result in multistate taxation

Multistate taxation laws are complex and vary from state to state. But, in a nutshell, if a person is domiciled in a state, that state has the power to tax his or her worldwide income. This article explains the multistate taxation laws and uses a fictional example to help understand them.
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Building an on-off switch into your estate plan

When planning an estate, there can be tension between estate tax planning and income tax planning. Strategies for reducing estate taxes typically focus on removing assets from your estate, while strategies for reducing income taxes typically focus on including assets in your estate. The right strategy for any one person is the one that will produce the greatest tax savings for his or her family. This article details the conflict and explains why an “on-off” switch in an estate plan can be beneficial.
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