|
Read Previous Issue
|
|
Just before Christmas, President Bush signed the Tax Relief and Health Care Act of 2006, which retroactively restores some popular expired tax cuts to the beginning of 2006. These include the deduction for state and local sales taxes, the higher education tuition deduction, the teacher’s classroom expense deduction and the research tax credit. The new law also enhances some important incentives, bolsters Health Savings Accounts, extends some expiring energy credits and includes miscellaneous tax relief, including a refundable credit worth up to 20 percent to certain taxpayers with long-term unused AMT credits who have AMT income from incentive stock options.
|
| Related publications of interest include: |
|
|
Was this article useful?
Send us your comments: CCH-FocusOnTax@cch.com |
|
|
The CCH Financial and Estate Planning Advisory Board met recently to discuss current planning issues and practice trends. Topics included estate planning and drafting, retirement planning, insurance, investments and trusts services. The panel, moderated by nationally recognized tax authority, Sid Kess, devoted a lot of their attention to the Pension Protection Act of 2006 and the impact it will have on retirement planning and strategies in the years to come.
|
Related publications of interest include: |
|
|
Was this article useful?
Send us your comments: CCH-FocusOnTax@cch.com |
|
|
The Top Federal Tax Issues for 2007 CPE Course book provides insights and guidance into the areas most likely to impact tax practitioners in the year ahead. Module One of this book covers Choice of Entity, Like-Kind Exchanges and the rules governing the election of the Section 179 expensing deduction. Get insights into each of these important areas from this 113-page module. You can also go online to CCH’s Testing Center at http://www.cchtestingcenter.com/ to earn CPE credit by taking the Final Exam Quizzer for this portion of the Course.
|
|
Related publications of interest include: |
|
|
|
|
“Unreasonably low” compensation paid to S corporation shareholder-employees has become a significant issue. S corporations often attempt to eliminate or minimize employment taxes by making a tax-free distribution to shareholder-employees instead of paying them salary. The IRS is giving increased audit scrutiny to this issue and will reclassify an S corporation distribution as salary subject to employment taxes when the S corporation pays the shareholder receiving the distribution no or an “unreasonably low” salary. There is considerable uncertainty as to what constitutes an “unreasonably low” salary and practitioners are not adequately informed of the developing law in this area. Timothy R. Koski’s article in Taxes—The Tax Magazine examines what is “unreasonably low” compensation paid to S corporation shareholders.
|
|
Related publications of interest include: |
|
|
|
|
FIN 48 addresses the accounting for uncertainty in income taxes, including state and local income taxes, recognized in an enterprise’s financial statements. Complicated issues will arise in this area for enterprises with complex legal structures and operations in numerous jurisdictions, since compliance with state and local income tax laws for these companies can be an extraordinary undertaking. Brian Ertmer and Robert Sash highlight some of the difficult issues an enterprise may face when applying FIN 48 to its state and local income tax positions in a column in the Journal of State Taxation.
|
|
Related publications of interest include: |
|
|
|
|
|
|
|
|
|
|
|
Spotlight
Products:
|
|
|
|
Provides one source for understanding the tax changes made by the Tax Relief and Health Care Act of 2006 and the Tax Increase Prevention and Reconciliation Act of 2005, including full text of added, amended, or repealed Code sections, along with CCH’s expert explanation. |
|
|
|
|
CCH's 1040 Preparation and Planning Guide is the premier professional guide to preparing individual income tax returns--plus you can use the Guide to get valuable CPE credits* while preparing for the coming tax return season. It is a product that includes both print and CD audio; a guide to both tax preparation and planning; and a source for both quick reference and CPE credits. |
|
|
|
|
Is the ideal quick-answer tool for busy tax practitioners who prepare partnership tax returns and the partner's Schedule K-1. Updated annually, 1065 Express Answers is a spiral-bound resource that helps practitioners prepare Form 1065 tax returns quickly, easily and accurately. |
|
|
|
|
Does not merely compile the transfer tax and trust laws, it explains how to use or work with and apply those laws to meet client needs. |
|
|
|
|
The ideal quick-answer tool for busy tax practitioners who prepare S corporation tax returns. Updated annually, 1120S Express Answers is a spiral-bound resource that helps practitioners prepare Form 1120S tax returns quickly, easily and accurately. |
|
|
|
|
Provides guidance on the application of FASB Statement No. 109, Accounting for Income Taxes, as amended. It also provides interpretations of the various amendments to Statement 109 since 1992, including the guidance contained in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109, which was issued by the FASB in July of 2006. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
your
CCH
Representative
for
complete
information
on
CCH
products,
Order
Online
or
call
1
888
CCH
REPS. |
|
